The Residential Real Estate Transactions market in North America is experiencing significant growth and development. Customer preferences in the market are shifting towards larger homes with more outdoor space. This is likely due to the increased importance of home as a result of the COVID-19 pandemic, with people spending more time at home and prioritizing comfort and space. Additionally, there is a growing demand for homes in suburban areas, as people look to move away from densely populated urban centers in search of more space and a quieter lifestyle. Trends in the market include a surge in demand for single-family homes, as opposed to multi-family properties such as apartments or condominiums. This is driven by the desire for more privacy and the ability to have control over one's living space. Another trend is the rise of virtual home tours and online listings, as technology becomes increasingly integrated into the real estate industry. This allows buyers to view and explore properties from the comfort of their own homes, making the home-buying process more convenient and accessible. Local special circumstances in North America include the impact of low interest rates on the real estate market. With interest rates at historic lows, borrowing costs are lower, making it more affordable for buyers to finance the purchase of a home. This has contributed to increased demand and activity in the residential real estate market. Additionally, there is a limited supply of homes available for sale in many areas, leading to increased competition among buyers and driving up prices. Underlying macroeconomic factors that are driving the development of the Residential Real Estate Transactions market in North America include a strong economy and job market. Despite the challenges posed by the COVID-19 pandemic, the North American economy has shown resilience and is recovering at a steady pace. This has boosted consumer confidence and purchasing power, leading to increased demand for homes. Additionally, government stimulus measures and low interest rates have provided further support to the real estate market. Overall, the Residential Real Estate Transactions market in North America is experiencing growth and development driven by shifting customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. As the market continues to evolve, it is important for industry players to adapt to these changes and seize the opportunities they present.
Data coverage:
Figures are based on total and average revenue of residential real estate transactions (sales).Modeling approach:
Market size is determined by a bottom-up approach. We use national statistics, international organizations, and industry associations to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country specific industry associations such as GDP, price level index, household wealth, household size, number of renter and owner households, housing consumer spending per capita.Forecasts:
We use a variety of forecasting techniques, depending on the behavior of the market, for instance, exponential trend smoothing. The main drivers are GDP per capita, population, number of renter and owner households, price level index, housing consumer spending per capita.Additional Notes:
Data is modeled using current exchange rates. The market is updated twice per year in case market dynamics change. The impacts of the Russia-Ukraine war considered at a country-specific level.
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