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U.S. Real Estate Sector Analysis

UpdatedJan 07, 2026
DataAggregated Company Financials
Companies289
  • 7D0.1%
  • 3M-0.5%
  • 1Y2.6%
  • YTD1.1%

The Real Estate industry has stayed flat over the last week. In line with that, the industry has also been flat over the past 12 months. As for the next few years, earnings are expected to grow by 11% per annum.

Sector Valuation and Performance

Has the U.S. Real Estate Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 07 Jan 2026US$1.5tUS$339.2bUS$32.2b29.4x46.9x4.5x
Fri, 05 Dec 2025US$1.5tUS$338.2bUS$32.8b29.1x47x4.6x
Sun, 02 Nov 2025US$1.5tUS$336.9bUS$31.9b27.2x47.6x4.5x
Tue, 30 Sep 2025US$1.5tUS$331.7bUS$30.9b28.5x49.8x4.6x
Thu, 28 Aug 2025US$1.5tUS$331.5bUS$30.9b29.8x49.9x4.7x
Sat, 26 Jul 2025US$1.5tUS$326.4bUS$30.1b30.3x50.7x4.7x
Mon, 23 Jun 2025US$1.5tUS$326.1bUS$29.8b29.9x50.1x4.6x
Wed, 21 May 2025US$1.5tUS$326.5bUS$29.8b28.4x50.9x4.6x
Fri, 18 Apr 2025US$1.4tUS$321.6bUS$28.7b29.9x50.1x4.5x
Sun, 16 Mar 2025US$1.5tUS$319.9bUS$28.8b31.3x52.5x4.7x
Tue, 11 Feb 2025US$1.6tUS$320.7bUS$28.1b31.7x55.9x4.9x
Thu, 09 Jan 2025US$1.5tUS$320.0bUS$27.4b30.7x54.7x4.7x
Sat, 07 Dec 2024US$1.6tUS$320.0bUS$27.4b34.4x59.5x5.1x
Mon, 04 Nov 2024US$1.6tUS$317.5bUS$26.9b33.7x59.1x5x
Wed, 02 Oct 2024US$1.7tUS$315.7bUS$27.2b34.1x61x5.2x
Fri, 30 Aug 2024US$1.6tUS$314.7bUS$27.1b34x58.6x5x
Sun, 28 Jul 2024US$1.5tUS$311.7bUS$26.7b32.7x56.4x4.8x
Tue, 25 Jun 2024US$1.4tUS$306.5bUS$27.7b30.7x50.2x4.5x
Thu, 23 May 2024US$1.4tUS$306.9bUS$27.9b30.4x50.4x4.6x
Sat, 20 Apr 2024US$1.3tUS$306.6bUS$28.0b29x46.7x4.3x
Mon, 18 Mar 2024US$1.4tUS$306.1bUS$28.2b29.2x49.7x4.6x
Wed, 14 Feb 2024US$1.4tUS$306.5bUS$26.6b29.9x51x4.4x
Fri, 12 Jan 2024US$1.5tUS$323.0bUS$26.6b30.7x56.3x4.6x
Sun, 10 Dec 2023US$1.4tUS$323.1bUS$26.5b29.7x52.7x4.3x
Tue, 07 Nov 2023US$1.3tUS$323.9bUS$28.0b27.5x47.5x4.1x
Thu, 05 Oct 2023US$1.3tUS$325.2bUS$31.5b26.4x41.1x4x
Sat, 02 Sep 2023US$1.4tUS$319.6bUS$27.6b29.2x49.3x4.3x
Mon, 31 Jul 2023US$1.4tUS$326.3bUS$34.3b27.4x41.7x4.4x
Wed, 28 Jun 2023US$1.4tUS$322.8bUS$34.0b23.9x41.6x4.4x
Fri, 26 May 2023US$1.3tUS$314.8bUS$35.5b22.9x36.2x4.1x
Sun, 23 Apr 2023US$1.3tUS$316.8bUS$36.9b24.4x36.4x4.2x
Tue, 21 Mar 2023US$175.4bUS$137.5bUS$2.1b15x82.5x1.3x
Thu, 16 Feb 2023US$1.5tUS$312.2bUS$42.5b25.4x34.4x4.7x
Sat, 14 Jan 2023US$1.4tUS$311.5bUS$45.1b24.5x31.5x4.6x
Price to Earnings Ratio

31.5x


Total Market Cap: US$1.4tTotal Earnings: US$45.1bTotal Revenue: US$311.5bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Real Estate Sector Price to Earnings3Y Average 49.1x202420252026
Current Industry PE
  • Investors are relatively neutral on the American Real Estate industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 49.1x.
  • The industry is trading close to its 3-year average PS ratio of 4.5x.
Past Earnings Growth
  • The earnings for companies in the Real Estate industry have declined 11% per year over the last three years.
  • Meanwhile revenues for these companies have grown 2.9% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Industry Trends

Which industries have driven the changes within the U.S. Real Estate sector?

US Market1.04%
Real Estate0.12%
Real Estate1.78%
Specialized REITs1.08%
Office REITs0.90%
Hotel and Resort REITs0.19%
Retail REITs-0.13%
REITS-0.53%
Health Care REITs-0.88%
Industrial REITs-0.99%
Residential REITs-1.01%
Industry PE
  • Investors are most optimistic about the Health Care REITs industry which is trading above its 3-year average PE ratio of 326x.
    • Analysts are expecting annual earnings growth of 28.1%, which is lower than the prior year's growth of 33.0% per year.
Forecasted Growth
  • Analysts are most optimistic on the Real Estate industry, expecting annual earnings growth of 30% over the next 5 years.
  • This is better than its past earnings growth rate of 16% per year.
  • In contrast, the Office REITs industry is expected to see its earnings decline by 13% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
EQIX EquinixUS$788.062.4%
+US$1.8b		-16.2%PB5.5x
BEKE KE HoldingsUS$17.389.7%
+US$1.8b		2.3%PE40.6x
PSA Public StorageUS$270.323.5%
+US$1.6b		-9.3%PB9.6x
CBRE CBRE GroupUS$166.922.2%
+US$1.1b		29.8%PE39.8x
OPEN Opendoor TechnologiesUS$6.9318.7%
+US$1.0b		330.4%PS1.4x

Latest News

PLD
US$127.46
Prologis
7D
-1.2%
1Y
19.6%
SBAC
US$188.12
SBA Communications
7D
-3.4%
1Y
-4.0%

SBAC: Verizon Agreement And Leasing Strength Will Support Future Cash Flows

Analysts have trimmed their price targets and our fair value estimate for SBA Communications to about $232.50, reflecting slightly higher discount rates and updated sector views after recent legal and carrier spending reviews across the tower group. Analyst Commentary Recent Street research on SBA Communications points to a more cautious stance on valuation, even as some operational data and contract wins support the underlying tower business.
WELL
US$185.66
Welltower
7D
-1.2%
1Y
49.4%
FRMI
US$9.50
Fermi
7D
17.4%
1Y
n/a
EXR
US$135.46
Extra Space Storage
7D
3.0%
1Y
-8.7%
BEKE
US$17.38
KE Holdings
7D
9.7%
1Y
2.3%

BEKE: Share Repurchases And Higher Future P/E Will Likely Reward Shareholders

Analysts have adjusted their price target for KE Holdings to US$25.28. This reflects updated views on discount rates, revenue growth expectations, profit margins, and the future P/E multiple.
VTR
US$76.14
Ventas
7D
-3.4%
1Y
33.4%
ZG
US$65.88
Zillow Group
7D
-5.0%
1Y
-5.4%
CCI
US$87.13
Crown Castle
7D
-2.2%
1Y
-0.4%

CCI: Tower-Only Pivot And Cost Cuts Will Drive Future Cash Flow

Analysts have modestly reduced their price target on Crown Castle by about $1 to roughly $113 per share, reflecting slightly lower fair value estimates along with expectations for higher discount rates, weaker revenue growth, and softer profit margins, even as they highlight operational improvements and the strategic benefits of a tower only focus. Analyst Commentary Street research points to a more balanced view on Crown Castle, with recent target cuts reflecting legal and macro risks while operational progress and the tower only pivot underpin a more constructive stance on the shares.
VICI
US$27.85
VICI Properties
7D
-1.7%
1Y
-4.8%

VICI: Future Returns Will Hinge On Caesars Regional Lease Resilience

The analyst price target for VICI Properties has been modestly reduced by about $0.25 per share, as analysts factor in slightly higher discounting, muted new gaming investment opportunities, and potential rent pressure on key regional leases despite stable margins and revenue growth expectations. Analyst Commentary Recent research updates present a mixed but generally constructive view on VICI Properties, with modest target changes reflecting evolving expectations for regional gaming fundamentals, lease durability, and the company’s ability to deploy capital into attractive net lease opportunities.
ESS
US$256.61
Essex Property Trust
7D
-2.8%
1Y
-5.0%

ESS: West Coast Cash Flows Will Offset Margin Pressure Amid Neutral Outlook

Analysts have trimmed their fair value estimate for Essex Property Trust by approximately $2 to about $283 per share. This reflects slightly higher discount rate assumptions and more cautious expectations around margins, despite modestly stronger projected revenue growth, and is in line with recent price target reductions and rating downgrades on the stock.
PSA
US$270.32
Public Storage
7D
3.5%
1Y
-9.3%

PSA Multiple Expansion Will Be Driven By Stronger Net Operating Income Trends

Analysts have trimmed their average price target for Public Storage to about $319 from roughly $326, citing slightly lower revenue growth assumptions, offset by modestly higher profit margins and improving net operating income trends that still support potential multiple expansion. Analyst Commentary Street research updates reflect a nuanced backdrop for Public Storage, with modestly revised price targets balancing improving fundamentals against macro and housing related headwinds.
JLL
US$350.54
Jones Lang LaSalle
7D
3.4%
1Y
40.7%

JLL: Margin Expansion And Capital Returns Will Drive Upside Potential

Analysts have raised their fair value estimate for Jones Lang LaSalle to $431 from $378, citing a continuing but moderating recovery in U.S. real estate brokerage activity and slightly improved long term profit margin expectations, despite more tempered revenue growth assumptions. Analyst Commentary Bullish analysts point to the recent price target increases as evidence that confidence in Jones Lang LaSalle’s earnings power and balance sheet resilience is building, even as the pace of recovery in U.S. real estate brokerage normalizes.
CBRE
US$166.92
CBRE Group
7D
2.2%
1Y
29.8%

CBRE: Gradual Brokerage Recovery And Buybacks Will Drive Future Upside

Analysts raised their price target on CBRE Group by about $2 to approximately $183 per share, citing a steadily improving real estate brokerage environment and slightly higher valuation multiples, despite only modest adjustments to growth and profitability assumptions. Analyst Commentary Recent commentary from bullish analysts frames the higher price targets as a reflection of a steady, if moderating, recovery in U.S. real estate brokerage activity, with the current valuation seen as reasonable relative to CBRE Group's execution and cash generation profile.
EQIX
US$788.06
Equinix
7D
2.4%
1Y
-16.2%
OPEN
US$6.93
Opendoor Technologies
7D
18.7%
1Y
330.4%

OPEN: Offensive Home Buying Shift Will Drive Higher Long-Term Earnings Power

Analysts have raised their fair value estimate for Opendoor Technologies from about $2.00 to roughly $8.00 per share, citing expectations for faster revenue growth and a higher future earnings multiple, despite lingering concerns over the risks of its more aggressive, capital intensive strategy. Analyst Commentary Recent analyst commentary highlights a growing willingness among bullish analysts to look past near term volatility and focus on Opendoor Technologies' potential to scale its platform efficiently.