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U.S. Real Estate Sector Analysis

UpdatedMar 07, 2026
DataAggregated Company Financials
Companies276
  • 7D-2.3%
  • 3M3.3%
  • 1Y0.6%
  • YTD5.0%

Over the last 7 days, the Real Estate industry has dropped 2.3%, driven by a pullback from Prologis of 5.6%. Meanwhile, CoStar Group actually outperformed within the industry, gaining 8.4% in the last week. Over the last year, the industry has been flat overall. Looking forward, earnings are forecast to grow by 9.2% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 07 Mar 2026US$1.6tUS$335.6bUS$35.2b28.8x45.6x4.8x
Mon, 02 Feb 2026US$1.5tUS$333.2bUS$31.9b29.1x48.5x4.6x
Wed, 31 Dec 2025US$1.5tUS$339.2bUS$32.2b29.4x47.2x4.5x
Fri, 28 Nov 2025US$1.6tUS$338.2bUS$32.8b29.2x47.3x4.6x
Sun, 26 Oct 2025US$1.6tUS$333.8bUS$31.0b27.9x50.5x4.7x
Tue, 23 Sep 2025US$1.5tUS$331.8bUS$30.9b28.9x49.8x4.6x
Thu, 21 Aug 2025US$1.5tUS$331.3bUS$31.0b29.4x49x4.6x
Sat, 19 Jul 2025US$1.5tUS$326.2bUS$29.6b29.9x50.4x4.6x
Mon, 16 Jun 2025US$1.5tUS$326.3bUS$29.9b29.2x50x4.6x
Wed, 14 May 2025US$1.5tUS$325.4bUS$29.6b29x50.9x4.6x
Fri, 11 Apr 2025US$1.4tUS$321.3bUS$28.7b28.2x49.5x4.4x
Sun, 09 Mar 2025US$1.6tUS$326.5bUS$30.0b32.9x53.4x4.9x
Tue, 04 Feb 2025US$1.5tUS$320.1bUS$27.7b31.7x55.9x4.8x
Thu, 02 Jan 2025US$1.5tUS$320.0bUS$27.4b32x55.7x4.8x
Sat, 30 Nov 2024US$1.7tUS$320.0bUS$27.4b35.2x61x5.2x
Mon, 28 Oct 2024US$1.6tUS$315.8bUS$26.8b34.6x60.5x5.1x
Wed, 25 Sep 2024US$1.7tUS$315.7bUS$27.2b34.4x61.1x5.3x
Fri, 23 Aug 2024US$1.6tUS$314.6bUS$27.2b33.3x57.2x4.9x
Sun, 21 Jul 2024US$1.5tUS$305.1bUS$26.9b32.8x54.7x4.8x
Tue, 18 Jun 2024US$1.4tUS$306.5bUS$27.7b30.7x50.3x4.5x
Thu, 16 May 2024US$1.4tUS$308.2bUS$27.9b31.2x50.2x4.5x
Sat, 13 Apr 2024US$1.4tUS$306.4bUS$27.8b29x49.2x4.5x
Mon, 11 Mar 2024US$1.4tUS$305.6bUS$28.2b30.3x51x4.7x
Wed, 07 Feb 2024US$1.4tUS$305.7bUS$26.5b29.7x51.6x4.5x
Fri, 05 Jan 2024US$1.5tUS$323.0bUS$26.6b30.9x56x4.6x
Sun, 03 Dec 2023US$1.4tUS$323.0bUS$26.5b29.4x54.1x4.4x
Tue, 31 Oct 2023US$1.2tUS$326.4bUS$30.2b25.4x40.9x3.8x
Thu, 28 Sep 2023US$1.3tUS$325.2bUS$31.5b26.7x41x4x
Sat, 26 Aug 2023US$1.4tUS$323.2bUS$31.2b28.5x44.2x4.3x
Mon, 24 Jul 2023US$1.4tUS$326.6bUS$34.7b25.5x41.7x4.4x
Wed, 21 Jun 2023US$1.4tUS$313.9bUS$35.5b24x38x4.3x
Fri, 19 May 2023US$1.3tUS$315.4bUS$35.2b23.4x37.3x4.2x
Sun, 16 Apr 2023US$1.3tUS$316.3bUS$37.7b24.4x35.2x4.2x
Tue, 14 Mar 2023US$1.3tUS$315.4bUS$38.1b23.5x35.1x4.2x
Price to Earnings Ratio

35.1x


Total Market Cap: US$1.3tTotal Earnings: US$38.1bTotal Revenue: US$315.4bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Real Estate Sector Price to Earnings3Y Average 49.8x202420252026
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 45.6x which is lower than its 3-year average PE of 49.8x.
  • 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 2.6% per year over the last three years.
  • Meanwhile revenues for these companies have grown 2.1% 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-2.31%
Real Estate-2.31%
Residential REITs-0.36%
REITS-1.56%
Health Care REITs-1.57%
Hotel and Resort REITs-1.95%
Specialized REITs-2.03%
Office REITs-2.52%
Retail REITs-2.56%
Real Estate-2.92%
Industrial REITs-5.05%
Industry PE
  • Investors are most optimistic about the Health Care REITs industry which is trading above its 3-year average PE ratio of 315x.
    • Analysts are expecting annual earnings growth of 28.2%, 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 30% over the next 5 years.
  • This is better than its past earnings growth rate of 1.4% per year.
  • In contrast, the Office REITs industry is expected to see its earnings decline by 22% 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
CSGP CoStar GroupUS$48.388.4%
+US$1.6b		-39.1%PE2901.4x
BEKE KE HoldingsUS$16.671.3%
+US$491.3m		-31.3%PE38.8x
CCI Crown CastleUS$90.431.0%
+US$388.1m		-7.5%PE35.8x
ZG Zillow GroupUS$45.972.6%
+US$280.7m		-37.8%PE479.5x
PSA Public StorageUS$308.130.3%
+US$187.8m		-1.9%PB11x

Latest News

EQIX
US$937.20
Equinix
7D
-3.8%
1Y
9.0%
AMT
US$188.59
American Tower
7D
-1.7%
1Y
-11.2%
CBRE
US$136.83
CBRE Group
7D
-7.3%
1Y
4.9%
PLD
US$134.54
Prologis
7D
-5.6%
1Y
12.2%
O
US$65.00
Realty Income
7D
-3.0%
1Y
11.1%

FY2025

Updated with most recent annual statement. Also, updated the way I approach the valuation of this company in general.
BEKE
US$16.67
KE Holdings
7D
1.3%
1Y
-31.3%

BEKE: Refined P/E And Margin Assumptions Will Support Long Term Upside

Analysts now see a modestly higher fair value for KE Holdings, lifting their price target by about $0.48 as they factor in updated views on discount rates, profit margins, and future P/E multiples, following recent target cuts and a downgrade from $25 to $23 at major firms. Analyst Commentary Recent Street research on KE Holdings reflects mixed views, but there are still some clear positive angles that bullish analysts are leaning into as they refine their models and targets.
SLG
US$38.75
SL Green Realty
7D
5.2%
1Y
-37.5%
SPG
US$194.83
Simon Property Group
7D
-4.4%
1Y
13.9%
WELL
US$204.29
Welltower
7D
-1.4%
1Y
38.5%

WELL: Medium Term Guidance And Updated Assumptions Will Shape Fair Value

Analysts have lifted their price target for Welltower from about $145 to roughly $191, citing updated assumptions for fair value, discount rate, revenue growth, profit margin and future P/E, which together support a higher long term valuation framework. What's in the News Welltower issued earnings guidance for the year ending December 31, 2026, giving investors a frame of reference for its medium term outlook.
CCI
US$90.43
Crown Castle
7D
1.0%
1Y
-7.5%
CSGP
US$48.38
CoStar Group
7D
8.4%
1Y
-39.1%
FRMI
US$8.01
Fermi
7D
-19.7%
1Y
n/a
AVB
US$177.89
AvalonBay Communities
7D
0.4%
1Y
-18.6%
ZG
US$45.97
Zillow Group
7D
2.6%
1Y
-37.8%

ZG: AI And Listing Rules Will Shape Future Upside Potential

Our updated fair value estimate for Zillow Group has been reduced by about $11 to $74.78 per share. This reflects a wave of recent target cuts from multiple firms as analysts factor in slightly softer revenue growth assumptions, a lower future P/E multiple, and ongoing questions around listings market structure and litigation, even as margin expectations in our model move modestly higher.
PSA
US$308.13
Public Storage
7D
0.3%
1Y
-1.9%

PSA: Low-Cost Capital And CEO Transition Will Shape Mixed 2026 Storage Outlook

Narrative Update on Public Storage The updated analyst price target framework for Public Storage reflects a small fair value adjustment of about $1. Analysts balance a slightly higher revenue growth outlook with modestly lower profit margin and future P/E assumptions, while highlighting the company's low cost of capital, acquisition capacity and cycle tested development capabilities.
ADC
US$81.35
Agree Realty
7D
1.1%
1Y
7.0%