The Real Estate Industry Worth $156.2 Billion
The real estate industry in the United States has reached a value of $156.2 billion. It is the third largest real estate market in the world. However, there are many challenges that the industry is facing. These challenges include government neglect, high cost of registering land titles, and corruption.
The real estate industry is estimated to grow at a rate of 5.2% CAGR between 2022 and 2030. This growth is driven by the increasing population and demand for personal household space. In addition, the World Bank estimates that the investment opportunity in high-value projects is over $180 billion.
Real estate prices have increased by 14.8% in the last two years. A rise in demand and a decrease in house loan interest rates are the reasons behind the increase. As a result, more and more buyers are entering the housing market.
Moreover, the government is focusing on developing neglected areas. It is also introducing highways and motorways in these areas.
Nevertheless, the housing shortage in the United States is a major problem that affects the local economy. There is an inventory of over five million homes that are not being sold.
In the United States, the average home prices have been rising for the past four years, but the number of properties being sold isn’t growing as fast. Meanwhile, the number of real estate agents is continuing to grow.
As a result, real estate agents can earn over $90,000 per year. Some agents sell between twenty and thirty homes a year. They are also able to work independently.