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U.S. Real Estate Sector Analysis

UpdatedJan 08, 2026
DataAggregated Company Financials
Companies289
  • 7D0.09%
  • 3M-1.3%
  • 1Y1.1%
  • YTD0.08%

Over the last 7 days, the Real Estate industry has remained flat, although notably CBRE Group gained 3.4%. In line with that, the industry has also been flat over the past 12 months. Looking forward, 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
Fri, 09 Jan 2026US$1.5tUS$339.2bUS$32.2b28.9x47.3x4.5x
Sun, 07 Dec 2025US$1.5tUS$338.2bUS$32.8b28.8x46.8x4.5x
Tue, 04 Nov 2025US$1.5tUS$336.9bUS$31.9b27.4x47.6x4.5x
Thu, 02 Oct 2025US$1.5tUS$331.8bUS$30.9b28.6x49.8x4.6x
Sat, 30 Aug 2025US$1.5tUS$331.6bUS$30.9b30.1x49.9x4.6x
Mon, 28 Jul 2025US$1.5tUS$326.4bUS$30.1b30.3x50.8x4.7x
Wed, 25 Jun 2025US$1.5tUS$326.1bUS$29.7b29.8x50.8x4.6x
Fri, 23 May 2025US$1.5tUS$326.6bUS$29.8b27.4x49.2x4.5x
Sun, 20 Apr 2025US$1.5tUS$321.6bUS$28.7b29.9x50.8x4.5x
Tue, 18 Mar 2025US$1.5tUS$319.9bUS$28.9b32.1x52.3x4.7x
Thu, 13 Feb 2025US$1.6tUS$321.3bUS$27.9b32.5x56.6x4.9x
Sat, 11 Jan 2025US$1.5tUS$320.0bUS$27.4b29.9x54.8x4.7x
Mon, 09 Dec 2024US$1.6tUS$320.0bUS$27.4b34.4x59.5x5.1x
Wed, 06 Nov 2024US$1.6tUS$318.1bUS$27.3b34.6x58.9x5x
Fri, 04 Oct 2024US$1.6tUS$314.7bUS$26.6b33.5x61.4x5.2x
Sun, 01 Sep 2024US$1.6tUS$314.8bUS$27.1b34.3x58.9x5.1x
Tue, 30 Jul 2024US$1.5tUS$311.7bUS$25.9b32.8x58.3x4.8x
Thu, 27 Jun 2024US$1.4tUS$306.5bUS$27.7b30.4x49.9x4.5x
Sat, 25 May 2024US$1.4tUS$306.4bUS$27.6b30.6x49.4x4.5x
Mon, 22 Apr 2024US$1.3tUS$306.8bUS$28.0b29.2x46.9x4.3x
Wed, 20 Mar 2024US$1.4tUS$306.1bUS$28.2b28.9x49.7x4.6x
Fri, 16 Feb 2024US$1.4tUS$307.7bUS$27.2b30.8x50.3x4.4x
Sun, 14 Jan 2024US$1.5tUS$323.0bUS$26.6b31.3x56.1x4.6x
Tue, 12 Dec 2023US$1.4tUS$323.1bUS$26.5b29.7x54x4.4x
Thu, 09 Nov 2023US$1.3tUS$324.1bUS$27.3b27.2x47.9x4x
Sat, 07 Oct 2023US$1.3tUS$325.2bUS$31.5b26.3x40.7x3.9x
Mon, 04 Sep 2023US$1.4tUS$319.6bUS$27.6b29.2x49.3x4.3x
Wed, 02 Aug 2023US$1.4tUS$326.2bUS$34.1b27.4x42.5x4.4x
Fri, 30 Jun 2023US$1.4tUS$322.8bUS$34.0b24.2x42x4.4x
Sun, 28 May 2023US$1.3tUS$314.8bUS$35.5b23.2x36.5x4.1x
Tue, 25 Apr 2023US$1.3tUS$316.8bUS$37.0b24.3x36.2x4.2x
Thu, 23 Mar 2023US$172.7bUS$137.5bUS$2.1b14.4x81.2x1.3x
Sat, 18 Feb 2023US$1.4tUS$306.7bUS$41.4b24.9x34.9x4.7x
Mon, 16 Jan 2023US$1.4tUS$311.5bUS$45.0b24.5x31.6x4.6x
Price to Earnings Ratio

31.6x


Total Market Cap: US$1.4tTotal Earnings: US$45.0bTotal 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 Market1.52%
Real Estate0.088%
REITS1.79%
Real Estate1.07%
Health Care REITs0.69%
Office REITs0.41%
Hotel and Resort REITs0.39%
Retail REITs0.32%
Industrial REITs0.081%
Specialized REITs-0.027%
Residential REITs-2.09%
Industry PE
  • Investors are most optimistic about the Health Care REITs industry which is trading above its 3-year average PE ratio of 327x.
    • Analysts are expecting annual earnings growth of 28.5%, 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
PSA Public StorageUS$271.124.5%
+US$2.0b		-8.2%PB9.6x
BEKE KE HoldingsUS$17.329.9%
+US$1.8b		4.2%PE40.4x
O Realty IncomeUS$58.293.4%
+US$1.8b		11.0%PB1.4x
EQIX EquinixUS$781.882.1%
+US$1.5b		-17.8%PB5.4x
CBRE CBRE GroupUS$165.963.2%
+US$1.5b		27.9%PE39.6x

Latest News

COMP
US$12.26
Compass
7D
16.0%
1Y
119.3%
CSGP
US$61.36
CoStar Group
7D
-8.7%
1Y
-14.0%
IRM
US$87.32
Iron Mountain
7D
5.3%
1Y
-15.1%

IRM: Short Seller Accounting Allegations Will Drive Bearish Repricing Ahead

Analysts have lifted their Iron Mountain price target to US$123 from US$122, citing updated company modeling and confidence that recent short-seller concerns are already well understood and unlikely to alter the long term growth narrative. Analyst Commentary Recent research comments around Iron Mountain have centered on how much weight to place on the short report and what it means for long term execution and growth risks.
SBAC
US$181.36
SBA Communications
7D
-6.2%
1Y
-9.2%
DLR
US$152.93
Digital Realty Trust
7D
-1.2%
1Y
-15.4%
EXR
US$136.35
Extra Space Storage
7D
4.7%
1Y
-7.9%
BEKE
US$17.32
KE Holdings
7D
9.9%
1Y
4.2%

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.
INVH
US$26.64
Invitation Homes
7D
-4.1%
1Y
-13.1%

INVH: Softer Near Term Rent Trends Will Set Up Stronger 2026 Demand

Analysts have trimmed their fair value estimate for Invitation Homes slightly to about $34.48, in line with recent Street price target cuts of US$3 at Oppenheimer and US$1 at Evercore ISI, as they factor in a more conservative near term outlook for rent, occupancy, and blended rate growth. Analyst Commentary Recent research updates point to a more cautious stance in the near term, even as analysts maintain generally constructive views on Invitation Homes over a longer horizon.
VTR
US$75.08
Ventas
7D
-3.0%
1Y
28.8%
CCI
US$84.52
Crown Castle
7D
-4.9%
1Y
-3.4%

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.
PSA
US$271.12
Public Storage
7D
4.5%
1Y
-8.2%

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.
O
US$58.29
Realty Income
7D
3.4%
1Y
11.0%

O: Higher Dividend And Stable Net Lease Cash Flows Will Support Future Returns

The analyst price target for Realty Income has nudged higher to about $63.35 from roughly $63.38, as analysts balance modestly stronger revenue growth expectations against a slightly higher discount rate and mixed recent target moves clustered around the $60 to $63 range. Analyst Commentary Recent research updates show a mix of optimism and caution around Realty Income, with price targets converging near the low 60 dollar range and ratings generally anchored around market-perform views.
ELME
US$2.77
Elme Communities
7D
-84.1%
1Y
-81.1%

ELME: Liquidation Payout And Asset Sales Will Reshape Future Cash Returns

Analysts have raised their price target on Elme Communities from 13 dollars to 18 dollars, citing a lower discount rate and still-solid profit margins despite sharply reduced revenue growth expectations and a much higher projected future P E multiple. What's in the News Board of Trustees approved a special liquidating distribution of $14.67 per share, payable January 7, 2026 to shareholders of record on December 22, 2025 (company announcement) Company is implementing workforce reductions following the sale of 19 multifamily assets and adoption of a plan of sale and liquidation, with headcount reduced to about 117 employees as of November 14, 2025 (company filing) Reported real estate impairment charges totaling approximately $111.7 million for the year ended September 30, 2025 (company disclosure) Reported no share repurchases from July 1 to September 30, 2025 under the buyback program announced in October 2023 (company disclosure) Scheduled a special or extraordinary shareholders meeting for October 30, 2025, to be held via online portal meetnow.global/m9fjr5r (company notice) Valuation Changes The fair value target increased from 13 dollars to 18.00 dollars, indicating a materially higher implied equity valuation.
AMT
US$170.33
American Tower
7D
-3.0%
1Y
-4.9%
CBRE
US$165.96
CBRE Group
7D
3.2%
1Y
27.9%

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$781.88
Equinix
7D
2.1%
1Y
-17.8%