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U.S. Real Estate Sector Analysis

UpdatedDec 27, 2025
DataAggregated Company Financials
Companies287
  • 7D1.0%
  • 3M-2.2%
  • 1Y0.5%
  • YTD0.3%

Over the last 7 days, the Real Estate industry has risen 1.0%, driven by gains in American Tower and Digital Realty Trust of 2.3% and 3.3%, respectively. In the same time, Fermi was down 9.7%. Overall in the last year, the industry is flat. As for the next few years, earnings are expected to grow by 12% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 28 Dec 2025US$1.5tUS$339.2bUS$32.2b29x47.3x4.5x
Tue, 25 Nov 2025US$1.5tUS$338.1bUS$32.8b28.9x46.6x4.5x
Thu, 23 Oct 2025US$1.6tUS$332.0bUS$30.8b29.3x50.6x4.7x
Sat, 20 Sep 2025US$1.5tUS$331.7bUS$30.9b29.2x50.2x4.7x
Mon, 18 Aug 2025US$1.5tUS$331.3bUS$30.9b28.7x48.6x4.5x
Wed, 16 Jul 2025US$1.5tUS$325.8bUS$29.9b30.2x50.4x4.6x
Fri, 13 Jun 2025US$1.5tUS$326.3bUS$29.9b29.4x50.4x4.6x
Sun, 11 May 2025US$1.5tUS$325.3bUS$29.8b28.8x50.1x4.6x
Tue, 08 Apr 2025US$1.4tUS$321.4bUS$28.7b28.1x49.3x4.4x
Thu, 06 Mar 2025US$1.6tUS$325.7bUS$30.0b32.8x53.7x5x
Sat, 01 Feb 2025US$1.6tUS$320.1bUS$27.7b31.9x56.1x4.9x
Mon, 30 Dec 2024US$1.5tUS$320.0bUS$27.4b31.9x55.5x4.8x
Wed, 27 Nov 2024US$1.6tUS$320.1bUS$27.4b35.5x59.1x5.1x
Fri, 25 Oct 2024US$1.6tUS$316.0bUS$27.0b34.3x60.6x5.2x
Sun, 22 Sep 2024US$1.6tUS$315.6bUS$27.2b33.7x60.5x5.2x
Tue, 20 Aug 2024US$1.5tUS$314.6bUS$27.2b33.2x56.5x4.9x
Thu, 18 Jul 2024US$1.5tUS$305.7bUS$27.1b32.9x54.6x4.8x
Sat, 15 Jun 2024US$1.4tUS$306.6bUS$27.7b30.6x50.3x4.6x
Mon, 13 May 2024US$1.4tUS$308.2bUS$27.8b31x49.7x4.5x
Wed, 10 Apr 2024US$1.4tUS$306.7bUS$27.8b30.6x50.7x4.6x
Fri, 08 Mar 2024US$1.4tUS$305.6bUS$28.2b29.9x50.5x4.7x
Sun, 04 Feb 2024US$1.5tUS$323.7bUS$26.9b29.5x53.9x4.5x
Tue, 02 Jan 2024US$1.5tUS$323.1bUS$26.6b30.9x56.9x4.7x
Thu, 30 Nov 2023US$1.4tUS$323.1bUS$26.5b28.3x52.2x4.3x
Sat, 28 Oct 2023US$1.2tUS$326.1bUS$30.3b24.9x40.6x3.8x
Mon, 25 Sep 2023US$1.3tUS$325.2bUS$31.5b27x42x4.1x
Wed, 23 Aug 2023US$1.4tUS$323.2bUS$31.2b28.4x43.7x4.2x
Fri, 21 Jul 2023US$1.4tUS$326.6bUS$34.7b25.7x41.6x4.4x
Sun, 18 Jun 2023US$1.4tUS$314.0bUS$35.5b24.3x38.5x4.4x
Tue, 16 May 2023US$1.3tUS$314.4bUS$34.8b23.4x38.5x4.3x
Thu, 13 Apr 2023US$1.3tUS$315.9bUS$38.1b24.3x35.4x4.3x
Sat, 11 Mar 2023US$1.3tUS$315.3bUS$38.0b23.3x34.7x4.2x
Mon, 06 Feb 2023US$1.5tUS$311.5bUS$43.6b26.2x34x4.8x
Wed, 04 Jan 2023US$1.3tUS$311.1bUS$45.2b23.2x29.4x4.3x
Price to Earnings Ratio

29.4x


Total Market Cap: US$1.3tTotal Earnings: US$45.2bTotal Revenue: US$311.1bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Real Estate Sector Price to Earnings3Y Average 48.9x20242025
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 48.9x.
  • 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 Market1.24%
Real Estate1.05%
Residential REITs2.06%
Specialized REITs1.22%
Health Care REITs1.04%
Retail REITs1.00%
Real Estate0.87%
Industrial REITs0.68%
Office REITs0.52%
REITS-0.45%
Hotel and Resort REITs-0.74%
Industry PE
  • Investors are most optimistic about the Health Care REITs industry which is trading above its 3-year average PE ratio of 324x.
    • Analysts expect its future annual earnings growth (31.4%) to be largely in line with prior year's earnings growth.
Forecasted Growth
  • Analysts are most optimistic on the Real Estate industry, expecting annual earnings growth of 33% 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 11% 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$176.412.3%
+US$1.9b		-3.0%PB20.9x
DLR Digital Realty TrustUS$155.013.3%
+US$1.7b		-13.0%PB2.4x
PLD PrologisUS$128.711.2%
+US$1.4b		22.3%PB2.3x
WELL WelltowerUS$187.861.0%
+US$1.3b		50.3%PB3.3x
CCI Crown CastleUS$88.282.5%
+US$949.3m		-2.5%PS6x

Latest News

DHC
US$4.80
Diversified Healthcare Trust
7D
-6.6%
1Y
121.2%

DHC: Sector Upgrade Will Test Revenue Outlook Against Execution Risks

Analysts have raised their price target on Diversified Healthcare Trust from $3.00 to $5.00 per share, citing a lower perceived discount rate and an improved revenue growth outlook that more than offset slightly softer margin expectations. Analyst Commentary Following the recent price target increase, Bearish analysts are emphasizing that the new valuation already embeds a substantial portion of the anticipated recovery in fundamentals.
CCI
US$88.28
Crown Castle
7D
2.5%
1Y
-2.5%

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.
EPRT
US$29.69
Essential Properties Realty Trust
7D
-2.4%
1Y
-5.3%
LAMR
US$126.55
Lamar Advertising
7D
-0.6%
1Y
3.8%

LAMR: Political And World Cup Tailwinds Will Shape Resilient But Balanced Outlook

Lamar Advertising's analyst price target has inched higher by $1 to $128, as analysts point to the out of home channel's resilient momentum, a favorable 2026 sector backdrop, and expected cyclical tailwinds from political advertising and global sporting events. Analyst Commentary Recent commentary from JPMorgan highlights both supportive and cautionary factors for Lamar Advertising's valuation and growth outlook, shaping a nuanced risk reward profile at current levels.
CSGP
US$67.01
CoStar Group
7D
2.7%
1Y
-7.2%

CSGP: Rival Partnership Disruptions Will Drive Future Competitive And Share Price Upside

Analysts have modestly lowered their price target on CoStar Group to $60.00 from $70.00, citing a slightly improved competitive outlook from potential disruption to rival partnerships, while maintaining a cautious stance overall. Analyst Commentary Analysts see recent legal and competitive developments in the U.S. online real estate market as incrementally supportive of CoStar's long term positioning, but not yet strong enough to offset concerns about valuation and execution risks.
REXR
US$39.44
Rexford Industrial Realty
7D
-4.2%
1Y
1.9%
AMT
US$176.41
American Tower
7D
2.3%
1Y
-3.0%
DLR
US$155.01
Digital Realty Trust
7D
3.3%
1Y
-13.0%

DLR: Record AI Demand Pipeline Will Drive Future Upside Despite Power Constraints

Analysts have modestly trimmed their price target on Digital Realty Trust to about $198 from roughly $199, reflecting a slightly higher discount rate and marginally lower growth and margin assumptions, even as they point to attractive valuation, stable data center demand, and a record demand pipeline supporting long-term, predictable growth. Analyst Commentary Recent Street research reflects a generally constructive stance on Digital Realty Trust, with bullish analysts highlighting improving fundamentals and an increasingly supportive demand backdrop for data centers, while more cautious views focus on execution risk and the sustainability of growth at current valuation levels.
PLD
US$128.71
Prologis
7D
1.2%
1Y
22.3%

PLD: Earnings Guidance And Industrial Leasing Fundamentals Will Shape Future Returns

Analysts have nudged their price target for Prologis modestly higher, with fair value rising from approximately $131.30 to $131.90. This reflects slightly faster revenue growth, resilient profit margins, and a series of upward target revisions following a strong Q3 earnings season for U.S. REITs. Analyst Commentary Recent Street research reflects a generally constructive view on Prologis, with multiple upward adjustments to price targets following Q3 results and updated forecasts.
CBRE
US$164.71
CBRE Group
7D
1.9%
1Y
26.1%

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.
WELL
US$187.86
Welltower
7D
1.0%
1Y
50.3%

WELL: Expanded Equity Capacity Will Support Prospective UK Senior Care Acquisition

Analysts have lifted their price target on Welltower materially, from approximately $208 to $251 per share, citing expectations for slightly faster revenue growth, stronger profit margins, and a modestly lower future P/E multiple despite a higher discount rate. What's in the News Filed a new at-the-market follow-on equity shelf for up to $7.5 billion of common stock, expanding financial flexibility for future investments and debt reduction (regulatory filing).
OPEN
US$6.01
Opendoor Technologies
7D
-5.5%
1Y
259.9%

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.
SPG
US$187.71
Simon Property Group
7D
1.5%
1Y
9.1%

SPG: Future Performance Will Reflect Redevelopment Progress And Measured Premium Mall Expansion

Analysts have nudged their consolidated price target for Simon Property Group modestly higher, with multiple firms lifting estimates in the roughly $6 to $10 per share range to reflect strong Q3 REIT earnings, updated sector models, and improved expectations following recent capital markets activity and transactions. Analyst Commentary Recent Street research reflects a generally constructive outlook on Simon Property Group, with several bullish analysts lifting price targets into the high $180s to low $200s range as they refresh sector models following Q3 results and capital markets activity.
LHAI
US$7.23
Linkhome Holdings
7D
-43.5%
1Y
n/a
JOE
US$58.82
St. Joe
7D
-4.0%
1Y
31.4%

Earnings Not Telling The Story For The St. Joe Company (NYSE:JOE) After Shares Rise 25%

Nov 11
Earnings Not Telling The Story For The St. Joe Company (NYSE:JOE) After Shares Rise 25%
FRMI
US$7.62
Fermi
7D
-9.7%
1Y
n/a