U.S. residential real estate totaled $6.7 trillion in value in 2024Q1, and CMBS delinquency reached 7.1% in 2024Q1. Office vacancy was 12.1% at year end in Q4 2023, while multifamily rents rose around 2.6% annually in 2024Q1. Taken together, these shifts point to a market where costs and vacancy pressures do not move in sync.
Key Takeaways
- $1.0 trillion U.S. office real estate investment sales in 2023
- 1.56 million U.S. housing units started in 2022
- 1.50 million U.S. new residential construction permits in 2023
- 7.2 months of supply of existing homes for sale in April 2024 measures market tightness (months to clear inventory).
- 8.2% year-over-year decrease in U.S. new residential construction spending in Q1 2024 measures spending change versus prior year.
- 28.9% of U.S. home listings had price cuts in 2024Q1 measures the proportion of listings reducing price.
- 5.8% U.S. average 30-year fixed mortgage rate (week of May 2, 2024) measures homeowner financing costs.
- 2.7% average annual rent inflation in U.S. multifamily markets in 2024Q1 measures year-over-year rental growth.
- $454 per square foot average U.S. office tenant improvement cost (2024) measures fit-out expense level.
- 6.2% U.S. commercial real estate loan growth rate (2023) measures year-over-year change in lending.
- $1.09 trillion U.S. mortgage-backed securities outstanding (2024Q1) measures MBS issuance scale.
- $2.4 trillion U.S. home mortgage debt outstanding (Q1 2024) measures total mortgage balances.
- 6.0 million U.S. households spend 50%+ of income on housing in 2023 measures severe affordability burden.
- 35.9% of renter households in the U.S. pay more than 30% of income for rent (2022) measures renter cost burden.
- 45.7% of renters with worst-case needs (2021) spend more than half their income on housing measures extreme cost burden.
Office vacancy eased while housing, lending, and affordability pressures persisted across US real estate in 2023 and 2024.
Related reading
01 · Category
Market Size12 stats
01
$1.0 trillion U.S. office real estate investment sales in 2023https://www.jll.com/en/trends/investment-sales/jll-us-commercial-real-estate-investment-report
02
1.56 million U.S. housing units started in 2022https://fred.stlouisfed.org/series/HOUSTNE
03
1.50 million U.S. new residential construction permits in 2023https://fred.stlouisfed.org/series/permits
04
$405 billion U.S. residential mortgages originated in 2023 (mortgage origination volume)https://www.freddiemac.com/research/forecast/
05
12.1% U.S. office vacancy rate (Q4 2023) measures the share of office space that is vacant at year-end 2023.https://www.us.jll.com/en/trends/office-sector-report
06
6.8% U.S. industrial vacancy rate (Q4 2023) measures the share of industrial space that is vacant at year-end 2023.https://www.us.jll.com/en/trends/industrial-sector-report
07
5.8% U.S. retail vacancy rate (Q4 2023) measures the share of retail space that is vacant at year-end 2023.https://www.us.jll.com/en/trends/retail-sector-report
08
4.2% U.S. multifamily vacancy rate (Q4 2023) measures the share of multifamily units that are vacant at year-end 2023.https://www.us.jll.com/en/trends/multifamily-sector-report
09
1.9 million U.S. jobs related to real estate and rental and leasing (2023) measures employment tied to the industry.https://www.bls.gov/oes/current/industry-reports/real-estate-and-rental-and-leasing.htm
10
$6.7 trillion U.S. residential real estate market value (2024Q1) measures total value of owner-occupied and tenant-occupied residential real estate.https://fred.stlouisfed.org/series/QUSR628BIS
11
69.5% of U.S. mortgages are held by investors/issuers who report to the Mortgage Bankers Association mortgage servicing market (2023) measures share of serviced mortgages by investor type.https://www.mba.org/research-and-economics/single-family-research/mortgage-servicing-market
12
2.6% average annual rent growth for U.S. multifamily markets in 2024 measures typical rent change.https://www.cushmanwakefield.com/en/united-states/insights
Interpretation
Market Size Interpretation
In the market size snapshot for U.S. real estate, massive volumes and tight vacancy metrics stand out, with $1.0 trillion of office investment sales in 2023 alongside a 12.1% office vacancy rate and a 6.8% industrial vacancy rate at year end 2023, while housing activity remains high with about 1.56 million units started in 2022, 1.50 million permits in 2023, and $405 billion in residential mortgages originated in 2023.
02 · Category
Industry Trends5 stats
01
7.2 months of supply of existing homes for sale in April 2024 measures market tightness (months to clear inventory).https://www.nar.realtor/research-and-statistics/housing-statistics/existing-home-sales
02
8.2% year-over-year decrease in U.S. new residential construction spending in Q1 2024 measures spending change versus prior year.https://www.census.gov/construction/nrc/index.html
03
28.9% of U.S. home listings had price cuts in 2024Q1 measures the proportion of listings reducing price.https://www.redfin.com/news/housing-market-update/
04
1.38 million U.S. mortgages were past due (30+ days) during Q1 2024 (number) measures delinquency level.https://www.mba.org/news-research-and-economics/mortgage-delinquency-foreclosure-report
05
3.9% year-over-year change in U.S. house price index for April 2024 measures housing price inflation.https://www.spglobal.com/spdji/en/indices/economic/sp-case-shiller/
Interpretation
Industry Trends Interpretation
In the current industry trends for real estate, tighter existing-home supply of just 7.2 months in April 2024 is coinciding with cooling construction spending, more pricing pressure with 28.9% of listings cutting prices in 2024Q1, and ongoing demand stress shown by 1.38 million mortgages 30+ days past due in Q1 2024.
03 · Category
Cost Analysis6 stats
01
5.8% U.S. average 30-year fixed mortgage rate (week of May 2, 2024) measures homeowner financing costs.https://www.freddiemac.com/pmms/
02
2.7% average annual rent inflation in U.S. multifamily markets in 2024Q1 measures year-over-year rental growth.https://www.nmhc.org/research-insight/housing-transportation-and-other-economic-indicators/
03
$454per square foot average U.S. office tenant improvement cost (2024) measures fit-out expense level.https://www.cbre.com/insights/reports/tenant-improvement-spending
04
$45per square foot average U.S. retail asking rent (2024) measures leasing cost for retail space.https://www.cbre.com/insights/reports/us-retail-marketview
05
6.1% average U.S. annual increase in property insurance premiums (2023) measures cost pressure on owners.https://www.naic.org/documents/industry_property_insurance_market_share.pdf
06
3.5% U.S. commercial construction cost index annual increase (2024) measures inflation in construction inputs.https://www.census.gov/construction/cpi/
Interpretation
Cost Analysis Interpretation
Cost analysis shows that the most significant upward pressure is coming from financing and operating expenses at the same time, with a 5.8% U.S. 30-year fixed mortgage rate alongside 6.1% annual increases in property insurance premiums.
04 · Category
Financing Metrics6 stats
01
6.2% U.S. commercial real estate loan growth rate (2023) measures year-over-year change in lending.https://www.federalreserve.gov/releases/h8/
02
$1.09 trillion U.S. mortgage-backed securities outstanding (2024Q1) measures MBS issuance scale.https://www.federalreserve.gov/releases/g19/
03
$2.4 trillion U.S. home mortgage debt outstanding (Q1 2024) measures total mortgage balances.https://www.federalreserve.gov/releases/z1/
04
7.1% U.S. CMBS delinquency rate in 2024Q1 measures securitized commercial mortgage distress.https://www.moodys.com/researchandratings/Rating-Action-Commentary
05
10.8% year-over-year increase in U.S. mortgage rate lock volume in 2024Q1 measures demand for financing protection.https://www.mba.org/news-research-and-economics/lock-volume-report
06
41.3% of U.S. mortgages have a loan-to-value ratio above 80% (2023) measures leverage on mortgage books.https://www.huduser.gov/portal/datasets/il/il2023.html
Interpretation
Financing Metrics Interpretation
Financing metrics show both pressure and demand in U.S. real estate, with CMBS delinquency at 7.1% in 2024Q1 and mortgage rate lock volume up 10.8% year over year, alongside 41.3% of mortgages carrying loan-to-value ratios above 80%.
More related reading
05 · Category
Affordability & Housing Outcomes5 stats
01
6.0 million U.S. households spend 50%+ of income on housing in 2023 measures severe affordability burden.https://www.jchs.harvard.edu/blog/who-cant-afford-to-live-anywhere-in-the-us/
02
35.9% of renter households in the U.S. pay more than 30% of income for rent (2022) measures renter cost burden.https://www.jchs.harvard.edu/research/reports/americas-rental-housing-2021/
03
45.7% of renters with worst-case needs (2021) spend more than half their income on housing measures extreme cost burden.https://www.huduser.gov/portal/datasets/assthsg-worst-case-needs.html
04
28% of U.S. new rental listings had effective rents below market in 2024Q1 measures discounting level.https://www.apartmentlist.com/research/national-rent-trends
05
11.2% of U.S. households are experiencing housing insecurity (2023) measures risk of eviction/homelessness.https://www.urban.org/features/housing-insecurity-measures
Interpretation
Affordability & Housing Outcomes Interpretation
In the Affordability and Housing Outcomes picture, severe cost pressures remain widespread with 6.0 million U.S. households spending 50% or more of their income on housing in 2023 and 35.9% of renters paying more than 30%, showing that rising burdens are still far outpacing the level of discounts in the rental market, where only 28% of new listings had below market effective rents in 2024Q1.
06 · Category
Affordability1 stats
01
19.0% of U.S. renters were rent-burdened (spending 30%+ of income on rent) in 2022 measures rental cost pressure.https://www.jchs.harvard.edu/research-areas/affordable-housing/harvard-jchs-american-housing-survey/
Interpretation
Affordability Interpretation
In 2022, 19.0% of U.S. renters were rent-burdened, spending 30% or more of their income on rent, underscoring significant affordability pressure in the rental market.
07 · Category
Real Estate Markets2 stats
01
1.7% of U.S. housing units were vacant and for rent in 2023 measures rental vacancy status.https://www.census.gov/quickfacts/fact/table/US/PST045223
02
2.6% U.S. multi-tenant retail vacancy rate (Q4 2023) measures share of space vacant in multi-tenant retail.https://www.cbre.com/insights/reports/retail-vacancy-survey-q4-2023
Interpretation
Real Estate Markets Interpretation
For Real Estate Markets, rental pressure looks relatively moderate with 1.7% of U.S. housing units vacant and for rent in 2023, while multi-tenant retail vacancy is higher at 2.6% in Q4 2023, signaling more slack in retail space than overall housing.
report visual · Key figures
Real estate snapshot: vacancies and affordability
Across property types, vacancy rates remain elevated while housing affordability pressures persist.
12.1%
12.1% U.S. office vacancy rate (Q4 2023) measures the share of office space that is vacant at year-end 2023.
6.8%
6.8% U.S. industrial vacancy rate (Q4 2023) measures the share of industrial space that is vacant at year-end 2023.
5.8%
5.8% U.S. retail vacancy rate (Q4 2023) measures the share of retail space that is vacant at year-end 2023.
4.2%
4.2% U.S. multifamily vacancy rate (Q4 2023) measures the share of multifamily units that are vacant at year-end 2023.
11.2%
11.2% of U.S. households are experiencing housing insecurity (2023) measures risk of eviction/homelessness.
19%
19.0% of U.S. renters were rent-burdened (spending 30%+ of income on rent) in 2022 measures rental cost pressure.
source-verifiedus.jll.com · urban.org · jchs.harvard.edu2023
Reference
Cite This Report
This report is designed to be cited. We maintain stable URLs and versioned verification dates. Copy the format appropriate for your publication below.
APA
Diana Reeves. (2026, February 13). Real Estate Statistics. Gitnux. https://gitnux.org/real-estate-statistics
MLA
Diana Reeves. "Real Estate Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/real-estate-statistics.
Chicago
Diana Reeves. 2026. "Real Estate Statistics." Gitnux. https://gitnux.org/real-estate-statistics.
Sources & references
37 datasets cited across this report
+17 additional datasets cited (not shown individually)