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U.S. Real Estate Sector Analysis

UpdatedMar 26, 2026
DataAggregated Company Financials
Companies270
  • 7D-3.3%
  • 3M-1.1%
  • 1Y-2.5%
  • YTD-0.4%

Over the last 7 days, the Real Estate industry has dropped 3.3%, driven by a pullback from Welltower of 6.0%. Over the last year, the industry has been flat overall. Looking forward, earnings are forecast to grow by 9.3% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 26 Mar 2026US$1.5tUS$333.3bUS$35.1b27.3x42.9x4.5x
Sat, 21 Feb 2026US$1.6tUS$335.2bUS$33.8b30.2x47.4x4.8x
Mon, 19 Jan 2026US$1.6tUS$333.2bUS$32.5b29.9x48.4x4.7x
Wed, 17 Dec 2025US$1.5tUS$338.2bUS$32.8b28.8x46.5x4.5x
Fri, 14 Nov 2025US$1.5tUS$338.7bUS$32.7b28.6x47.1x4.5x
Sun, 12 Oct 2025US$1.5tUS$331.8bUS$31.0b27.7x48.4x4.5x
Tue, 09 Sep 2025US$1.6tUS$331.6bUS$30.9b29.7x50.3x4.7x
Thu, 07 Aug 2025US$1.5tUS$331.7bUS$31.0b28.8x48.6x4.5x
Sat, 05 Jul 2025US$1.5tUS$325.8bUS$29.9b29.9x50.2x4.6x
Mon, 02 Jun 2025US$1.5tUS$326.3bUS$29.9b28.9x50x4.6x
Wed, 30 Apr 2025US$1.5tUS$323.7bUS$28.2b29.1x52.3x4.6x
Fri, 28 Mar 2025US$1.5tUS$321.5bUS$29.0b29.9x52.6x4.7x
Sun, 23 Feb 2025US$1.6tUS$324.6bUS$27.3b31.6x57.8x4.9x
Tue, 21 Jan 2025US$1.5tUS$319.9bUS$27.4b31.9x56x4.8x
Thu, 19 Dec 2024US$1.6tUS$320.0bUS$27.4b31.7x57.7x4.9x
Sat, 16 Nov 2024US$1.6tUS$314.9bUS$27.3b34.2x57.6x5x
Mon, 14 Oct 2024US$1.6tUS$314.7bUS$26.7b33.3x60.4x5.1x
Wed, 11 Sep 2024US$1.6tUS$315.4bUS$27.1b33.9x59.4x5.1x
Fri, 09 Aug 2024US$1.5tUS$314.6bUS$27.7b32x54.5x4.8x
Sun, 07 Jul 2024US$1.4tUS$305.7bUS$27.1b30.8x51.4x4.5x
Tue, 04 Jun 2024US$1.4tUS$306.4bUS$27.5b31.1x50.7x4.5x
Thu, 02 May 2024US$1.3tUS$307.9bUS$28.6b29.7x46.4x4.3x
Sat, 30 Mar 2024US$1.4tUS$306.8bUS$27.9b31.1x51.3x4.7x
Mon, 26 Feb 2024US$1.4tUS$305.3bUS$27.4b29.1x51x4.6x
Wed, 24 Jan 2024US$1.5tUS$323.3bUS$26.7b30.9x55.2x4.6x
Fri, 22 Dec 2023US$1.5tUS$323.1bUS$26.5b31x56.2x4.6x
Sun, 19 Nov 2023US$1.4tUS$323.0bUS$26.5b28.4x51.3x4.2x
Tue, 17 Oct 2023US$1.3tUS$325.2bUS$31.5b26.5x41.6x4x
Thu, 14 Sep 2023US$1.4tUS$324.0bUS$31.7b28.3x43.5x4.3x
Sat, 12 Aug 2023US$1.4tUS$322.8bUS$31.5b29.9x45.2x4.4x
Mon, 10 Jul 2023US$1.4tUS$325.1bUS$34.4b24.5x40.9x4.3x
Wed, 07 Jun 2023US$1.3tUS$314.7bUS$35.5b24.5x37.8x4.3x
Fri, 05 May 2023US$1.3tUS$316.9bUS$35.5b23.3x37.5x4.2x
Sun, 02 Apr 2023US$1.4tUS$316.0bUS$38.4b24.3x35.4x4.3x
Price to Earnings Ratio

35.4x


Total Market Cap: US$1.4tTotal Earnings: US$38.4bTotal Revenue: US$316.0bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Real Estate Sector Price to Earnings3Y Average 49.7x202420252026
Current Industry PE
  • Investors are pessimistic on the American Real Estate industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 42.9x which is lower than its 3-year average PE of 49.7x.
  • The industry is trading close to its 3-year average PS ratio of 4.6x.
Past Earnings Growth
  • The earnings for companies in the Real Estate industry have declined 2.9% per year over the last three years.
  • Meanwhile revenues have remained mostly flat.
  • This means that although sales have remained flat, 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-0.15%
Real Estate-3.30%
Hotel and Resort REITs1.45%
Industrial REITs-1.68%
Office REITs-2.01%
Real Estate-2.55%
Residential REITs-2.56%
Specialized REITs-3.33%
REITS-3.44%
Retail REITs-3.89%
Health Care REITs-5.47%
Industry PE
  • Investors are most optimistic about the Health Care REITs industry which is trading above its 3-year average PE ratio of 323x.
    • Analysts are expecting annual earnings growth of 27.6%, which is higher than its past year's earnings growth of 12.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Real Estate industry, expecting annual earnings growth of 28% over the next 5 years.
  • This is better than its past earnings decline of 0.3% per year.
  • In contrast, the Office REITs industry is expected to see its earnings decline by 17% 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
HST Host Hotels & ResortsUS$19.482.2%
+US$282.0m		31.5%PB2x
CBRE CBRE GroupUS$134.750.6%
+US$244.1m		1.6%PE33.8x
WY WeyerhaeuserUS$23.650.9%
+US$158.5m		-19.6%PB1.8x
NMRK Newmark GroupUS$15.042.6%
+US$70.1m		20.5%PE22x
HHH Howard Hughes HoldingsUS$63.871.8%
+US$68.0m		-15.3%PE30.5x

Latest News

O
US$60.06
Realty Income
7D
-4.7%
1Y
6.2%

O: Private Capital JVs And 2026 Acquisition Pipeline Will Drive Forward Outlook

Narrative Update on Realty Income The updated analyst price target for Realty Income shifts from $66.35 to $67.85, reflecting analysts’ refreshed models that incorporate higher P/E assumptions, adjusted discount rates, and ongoing revisions to REIT targets across recent research. Analyst Commentary Recent Street research on Realty Income shows a cluster of higher price targets, but also a split between those who see more room for upside and those who view the current valuation as closer to fair value.
VTR
US$82.70
Ventas
7D
-5.3%
1Y
21.3%

VTR: 2026 Dividend Increase And Earnings Guidance Will Support Bullish P/E Outlook

Analysts now place Ventas' fair value at $92.50, up from $90.90. This reflects updated assumptions around discount rates, revenue growth, profit margins and future P/E levels.
HST
US$19.48
Host Hotels & Resorts
7D
2.2%
1Y
31.5%
HHH
US$63.87
Howard Hughes Holdings
7D
1.8%
1Y
-15.3%

HHH: Higher Margins And Stable Buybacks Will Support Future Compounding

Analysts now maintain their price target for Howard Hughes Holdings at about $95 per share. The updated view reflects small adjustments to inputs such as the discount rate and assumed future P/E, rather than any change in their overall outlook.
TRNO
US$61.66
Terreno Realty
7D
-0.9%
1Y
-3.6%
SPG
US$181.57
Simon Property Group
7D
-4.4%
1Y
7.8%
CBRE
US$134.75
CBRE Group
7D
0.6%
1Y
1.6%
APLE
US$11.97
Apple Hospitality REIT
7D
1.5%
1Y
-9.2%
PEB
US$12.76
Pebblebrook Hotel Trust
7D
4.4%
1Y
21.9%

PEB: Fair Outlook Will Balance Share Buybacks With Earnings Guidance Uncertainty

Analysts now set their fair value estimate for Pebblebrook Hotel Trust at $13.13 per share, compared with the prior $13.16, reflecting updated views on the discount rate, revenue growth, profit margin, and future P/E assumptions. What's in the News Pebblebrook Hotel Trust issued earnings guidance for the first quarter ending March 31, 2026, projecting a net loss in the range of $20.3 million to $16.3 million (Key Developments).
NMRK
US$15.04
Newmark Group
7D
2.6%
1Y
20.5%

NMRK: Sector Weakness Will Set Up Future Repricing On Key Leasing Wins

Newmark Group's updated fair value estimate shifts to $21, down from $24, as analysts trim price targets to $18 to $19 and highlight weaker investor sentiment toward commercial real estate services, even while some still view the shares as attractive after recent volatility. Analyst Commentary Recent research points to a mixed backdrop for Newmark Group, with price targets drifting lower in response to softer sentiment toward commercial real estate services.
SBAC
US$165.15
SBA Communications
7D
-9.8%
1Y
-23.1%

SBAC: Churn Reset And Steady Carrier Activity Will Support Post 2026 Cash Flows

Analysts have trimmed the SBA Communications fair value estimate by about $1 to $224, with slightly higher discount rates and more cautious revenue growth and margin assumptions. This reflects recent price target cuts tied to DISH and EchoStar churn, higher financing costs, expense pressure, and mixed but steady carrier activity commentary.
WELL
US$196.73
Welltower
7D
-6.0%
1Y
31.3%

WELL: 2026 Earnings Outlook And Data Partnership Will Shape Future Income

Analysts have raised their price target on Welltower to $228.10 from $218.80, reflecting updated assumptions that include a slightly lower discount rate, a modest adjustment to revenue growth expectations, firmer profit margin inputs near 14%, and a higher future P/E of about 98x. What's in the News Welltower and Public Storage announced a data science partnership that combines Welltower's capital allocation modeling with Public Storage's operational analytics to support capital deployment and operating decisions across both businesses (Key Developments).
PSA
US$267.63
Public Storage
7D
-3.6%
1Y
-8.2%
WY
US$23.65
Weyerhaeuser
7D
0.9%
1Y
-19.6%

WY: Engineered Wood Products And Buybacks Will Support Long-Term Upside

Analysts kept their Weyerhaeuser price target effectively unchanged at about $31.82. This reflects only minor tweaks to inputs such as the discount rate, revenue growth, profit margin, and future P/E assumptions rather than a shift in their overall view of the stock.
CCI
US$76.96
Crown Castle
7D
-9.4%
1Y
-23.9%

CCI: Refocused Towers And Post 2026 Divestiture Path Will Ultimately Outweigh EchoStar Overhang

The analyst price target for Crown Castle has moved slightly higher to approximately $99 per share, as analysts factor in modestly better margin and revenue assumptions, along with recent initiation and target updates that reflect differing views on the company’s post divestiture trajectory. Analyst Commentary Recent research reflects a mix of optimism and caution around Crown Castle, with views shaped by the planned divestiture of the small cell and fiber businesses and updated tower leasing assumptions.
AMT
US$167.27
American Tower
7D
-7.4%
1Y
-20.4%