The Residential Real Estate Transactions market in United States has been experiencing significant growth in recent years.
Customer preferences: Customers in the United States have shown a strong preference for residential real estate transactions due to several factors. Firstly, owning a home is considered a key part of the American dream, and many individuals strive to achieve this goal. Additionally, the low interest rates offered by banks and financial institutions have made homeownership more affordable and attractive. Furthermore, the desire for stability and security has led many individuals to invest in residential properties as a long-term investment.
Trends in the market: One of the key trends in the residential real estate transactions market in the United States is the increasing demand for single-family homes. This trend can be attributed to changing demographics, as more individuals and families are seeking larger living spaces and yards. Additionally, the COVID-19 pandemic has accelerated this trend, as remote work and the need for more space have become important factors for many homebuyers. Another trend in the market is the rising popularity of urban living. Many young professionals and millennials are choosing to live in urban areas, attracted by the convenience of amenities, job opportunities, and cultural experiences. This has led to increased demand for residential properties in cities, driving up prices in these areas.
Local special circumstances: The United States is a vast country with diverse local real estate markets. While there are general trends in the residential real estate transactions market, there are also unique circumstances in different regions. For example, cities like New York and San Francisco have limited space for new construction, leading to higher prices and increased competition. On the other hand, suburban areas are experiencing a surge in demand as individuals seek more space and a quieter lifestyle.
Underlying macroeconomic factors: Several macroeconomic factors have contributed to the growth of the residential real estate transactions market in the United States. Firstly, the low interest rates set by the Federal Reserve have made borrowing more affordable, encouraging individuals to invest in real estate. Additionally, the strong job market and economic growth have increased consumer confidence and purchasing power, further driving demand for residential properties. In conclusion, the residential real estate transactions market in the United States is experiencing significant growth due to customer preferences for homeownership, trends such as the demand for single-family homes and urban living, local special circumstances in different regions, and underlying macroeconomic factors such as low interest rates and a strong job market.
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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