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U.S. Real Estate Sector Analysis

UpdatedJan 17, 2026
DataAggregated Company Financials
Companies286
  • 7D3.1%
  • 3M1.3%
  • 1Y3.4%
  • YTD4.5%

The Real Estate industry is up 3.1% in the last week, with American Tower up 8.9%. Meanwhile, Opendoor Technologies actually underperformed within the industry, shrinking 8.5% in the last week. This means that the industry has gained 3.4% over the past year. Earnings are forecast to grow by 11% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 18 Jan 2026US$1.6tUS$333.2bUS$32.5b29.9x47.9x4.7x
Tue, 16 Dec 2025US$1.5tUS$338.2bUS$32.8b29.1x46.4x4.5x
Thu, 13 Nov 2025US$1.6tUS$338.1bUS$32.6b29.5x47.5x4.6x
Sat, 11 Oct 2025US$1.5tUS$331.8bUS$31.0b27.7x49x4.6x
Mon, 08 Sep 2025US$1.6tUS$331.6bUS$30.9b29.8x50.3x4.7x
Wed, 06 Aug 2025US$1.5tUS$330.5bUS$31.3b28.9x47.9x4.5x
Fri, 04 Jul 2025US$1.5tUS$325.8bUS$30.1b29.9x49.8x4.6x
Sun, 01 Jun 2025US$1.5tUS$326.3bUS$29.9b28.9x48.7x4.5x
Tue, 29 Apr 2025US$1.5tUS$322.8bUS$28.5b29.4x51.3x4.5x
Thu, 27 Mar 2025US$1.5tUS$321.5bUS$29.0b30.1x52.3x4.7x
Sat, 22 Feb 2025US$1.6tUS$324.6bUS$27.3b31.6x57.8x4.9x
Mon, 20 Jan 2025US$1.5tUS$320.0bUS$27.4b32x56x4.8x
Wed, 18 Dec 2024US$1.6tUS$320.0bUS$27.4b33.4x58x5x
Fri, 15 Nov 2024US$1.6tUS$319.7bUS$27.2b34.2x59.4x5.1x
Sun, 13 Oct 2024US$1.6tUS$314.7bUS$26.7b33.3x60.4x5.1x
Tue, 10 Sep 2024US$1.6tUS$315.4bUS$27.1b33.9x59.4x5.1x
Thu, 08 Aug 2024US$1.5tUS$314.1bUS$27.7b31.9x54.9x4.8x
Sat, 06 Jul 2024US$1.4tUS$305.7bUS$27.1b30.8x51.3x4.5x
Mon, 03 Jun 2024US$1.4tUS$306.4bUS$27.5b31x50.7x4.5x
Wed, 01 May 2024US$1.3tUS$307.3bUS$28.1b29.8x47.2x4.3x
Fri, 29 Mar 2024US$1.4tUS$306.8bUS$28.0b31.1x50.8x4.6x
Sun, 25 Feb 2024US$1.4tUS$306.2bUS$26.8b29.2x52.2x4.6x
Tue, 23 Jan 2024US$1.5tUS$323.2bUS$26.7b30.9x55.2x4.6x
Thu, 21 Dec 2023US$1.5tUS$323.1bUS$26.5b30.9x56.8x4.7x
Sat, 18 Nov 2023US$1.4tUS$323.0bUS$26.5b28.4x51.3x4.2x
Mon, 16 Oct 2023US$1.3tUS$325.2bUS$31.5b26.9x41.3x4x
Wed, 13 Sep 2023US$1.4tUS$324.0bUS$31.7b28.4x44x4.3x
Fri, 11 Aug 2023US$1.4tUS$322.8bUS$31.6b29.8x45x4.4x
Sun, 09 Jul 2023US$1.4tUS$325.1bUS$34.4b24.5x40.9x4.3x
Tue, 06 Jun 2023US$1.3tUS$314.7bUS$35.5b23.9x37.7x4.3x
Thu, 04 May 2023US$1.3tUS$317.2bUS$35.7b23.1x37x4.2x
Sat, 01 Apr 2023US$1.4tUS$315.7bUS$38.2b24.3x35.5x4.3x
Mon, 27 Feb 2023US$1.4tUS$307.9bUS$38.6b24.3x36.1x4.5x
Wed, 25 Jan 2023US$1.4tUS$311.1bUS$44.3b25.4x32.1x4.6x
Price to Earnings Ratio

32.1x


Total Market Cap: US$1.4tTotal Earnings: US$44.3bTotal Revenue: US$311.1bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Real Estate Sector Price to Earnings3Y Average 49.2x202420252026
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 49.2x.
  • 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 9.9% per year over the last three years.
  • Meanwhile revenues for these companies have grown 2.3% 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 Market-0.34%
Real Estate3.13%
Specialized REITs4.68%
REITS4.03%
Real Estate3.25%
Health Care REITs2.99%
Residential REITs2.53%
Retail REITs2.47%
Industrial REITs2.40%
Office REITs-0.01%
Hotel and Resort REITs-0.15%
Industry PE
  • Investors are most optimistic about the Health Care REITs industry which is trading above its 3-year average PE ratio of 329x.
    • Analysts are expecting annual earnings growth of 28.7%, which is lower than the prior year's growth of 33.0% per year.
Forecasted Growth
  • Analysts are most optimistic on the Health Care REITs industry, expecting annual earnings growth of 29% over the next 5 years.
  • This is roughly in line with its past earnings growth rate.
  • In contrast, the Office REITs industry is expected to see its earnings decline by 14% 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
AMT American TowerUS$183.578.9%
+US$7.1b		-3.6%PB21.7x
WELL WelltowerUS$191.382.8%
+US$3.6b		48.0%PB3.4x
PLD PrologisUS$133.212.9%
+US$3.5b		21.7%PB2.4x
CCI Crown CastleUS$90.878.6%
+US$3.1b		-0.2%PS6.2x
O Realty IncomeUS$61.425.6%
+US$3.0b		12.4%PB1.4x

Latest News

SLG
US$48.57
SL Green Realty
7D
-1.7%
1Y
-26.2%
O
US$61.42
Realty Income
7D
5.6%
1Y
12.4%
SHO
US$9.14
Sunstone Hotel Investors
7D
-3.0%
1Y
-22.0%
SKT
US$33.62
Tanger
7D
-1.4%
1Y
1.3%
PLD
US$133.21
Prologis
7D
2.9%
1Y
21.7%
EXR
US$148.87
Extra Space Storage
7D
6.9%
1Y
-1.1%

EXR: Slower Recovery And New Partnership Shape Balanced Future Prospects

The analyst price target for Extra Space Storage has shifted slightly lower to about $151.85 from $154.15, as analysts factor in softer projected revenue growth, a modestly lower profit margin profile, and expectations that its P/E multiple could align more closely with peers following recent sector downgrades and target cuts. Analyst Commentary Recent research reflects a mixed but generally more cautious stance on Extra Space Storage, with target prices trimmed and expectations reset around revenue growth and valuation multiples relative to key peers.
PSA
US$293.89
Public Storage
7D
5.7%
1Y
-0.7%

PSA: Higher Net Operating Income Run Rate Will Drive Future Multiple Expansion

Narrative Update on Public Storage The analyst price target for Public Storage has been trimmed by about $4 to reflect slightly lower modeled fair value, revenue growth, profit margin, and future P/E assumptions, as analysts factor in more muted self storage growth expectations and recent Street price target cuts. Analyst Commentary Recent research on Public Storage and its peers points to a more mixed setup for the self storage group, with price targets coming down but earnings inputs and valuation views staying relatively constructive in some cases.
CCI
US$90.87
Crown Castle
7D
8.6%
1Y
-0.2%

CCI: Tower Focus And Cost Cuts Will Offset Legal And Fiber Uncertainties

Narrative Update Our analyst price target for Crown Castle has been reduced by about $1.70 to $111.50. This change reflects analysts' lower Street targets tied to legal and industry readthroughs in the towers group, as well as ongoing cost and portfolio actions at the company.
MPW
US$5.20
Medical Properties Trust
7D
-4.1%
1Y
27.1%

MPW: Future Returns Will Depend On Execution And Balance Sheet Repair

Analysts have nudged their price targets on Medical Properties Trust higher, with one firm lifting its target to $4.50 from $4.00 as they factor in a slightly higher fair value estimate, a modestly higher discount rate, and updated assumptions for revenue growth, profit margins, and future P/E multiples. Analyst Commentary Recent Street research on Medical Properties Trust has centered on valuation adjustments rather than rating changes, giving you a clearer sense of how cautious or constructive analysts are on the name at current levels.
KRC
US$37.70
Kilroy Realty
7D
-5.4%
1Y
-3.2%

KRC: Capitalized Interest Roll Off In 2026 Will Reshape Cash Flows

Narrative update Analysts have nudged their fair value estimate for Kilroy Realty up from about $51.04 to $53.17, reflecting modestly updated views on 2026 cash flow drivers, capitalized interest roll off, and generally steady operating conditions across office REITs. Analyst Commentary Recent Street research on Kilroy Realty has been fairly balanced, with several firms adjusting price targets while keeping neutral or equal weight stances. For you as an investor, the key takeaway is that expectations are being fine tuned around specific 2026 cash flow items rather than broad shifts in sentiment on the business as a whole.
CSGP
US$65.34
CoStar Group
7D
11.7%
1Y
-11.5%

CSGP: New Buyback And Reduced Rival Pressure Will Drive Future Upside

Analysts have trimmed their price targets on CoStar Group, reducing fair value estimates from about $91.94 to $84.82 as they factor in lower long term guidance, a slightly higher discount rate, slower projected revenue growth, and a lower future P/E multiple, partly offset by a modestly higher expected profit margin and the new $1.5b buyback plan. Analyst Commentary Recent research paints a mixed picture for CoStar Group, with analysts splitting between confidence in the long term and concern about execution risk and valuation after the updated 2026 and medium term outlook.
OPEN
US$6.67
Opendoor Technologies
7D
-8.5%
1Y
363.2%

OPEN: Offensive Home Buying Shift Will Likely Struggle To Justify Faith

Analysts have raised their price target on Opendoor Technologies to about $5 per share. This reflects updated assumptions for revenue growth and a modestly lower future P/E, while cautioning that the company’s more aggressive home buying plans still require investors to take a lot on faith in a low margin, capital intensive model.
WELL
US$191.38
Welltower
7D
2.8%
1Y
48.0%
VNO
US$33.65
Vornado Realty Trust
7D
-2.5%
1Y
-18.6%

VNO: New York Leasing Strength And Share Pullback Will Support Upside Potential

Analysts have adjusted their price target for Vornado Realty Trust to $38, down from $41, citing updated sector-wide REIT assumptions and recent views that the stock's pullback, together with ongoing New York City leasing strength, creates a more balanced risk and reward profile. Analyst Commentary Recent research points to a more balanced outlook on Vornado Realty Trust, with some large firms highlighting both the recent share pullback and the strength of the underlying business as key parts of their reassessment.
REAX
US$3.77
Real Brokerage
7D
-8.5%
1Y
-17.0%
AMT
US$183.57
American Tower
7D
8.9%
1Y
-3.6%