However, looking at the trends until the end of 2023, we can somewhat gauge the direction until early 2025. First, a noticeable trend over the past few years has been the rise in housing prices. Major cities like San Francisco, New York, and Los Angeles still have high demand, leading to a steady increase in prices.

Additionally, with the Federal Reserve's interest rate hikes, mortgage rates have increased, putting more pressure on potential homebuyers. The supply is also lacking. The number of new homes being built is not keeping up with demand, resulting in fewer listings, which in turn pushes prices higher.

In this situation, those who find it difficult to buy are naturally flocking to the rental market, which has led to a continuous rise in rental prices. The key variables that will influence the market going forward are interest rates and economic growth. Higher interest rates increase the cost of home purchases, while improved economic conditions and employment can revive demand.

Inflation is also an important factor. As construction materials and labor costs rise, the prices of new homes inevitably increase, while real purchasing power decreases, making home buying increasingly difficult.

Another point to note is population movement. With the rise of remote work, many people are moving from urban areas to the suburbs, significantly increasing demand for real estate in suburban regions. In the residential real estate sector, single-family homes and townhouses remain popular. Particularly in suburban areas, demand from families is steadily increasing.

Condominiums may face concerns of oversupply depending on the region, which could lead to price adjustments. Although the number of new homes continues to rise, the growth rate is somewhat slow due to delays in building permits and rising raw material costs. The demand for commercial real estate has decreased, but areas concentrated with high-tech industries remain active.

While offline stores are struggling due to the spread of e-commerce, experiential stores and mixed-use spaces are establishing themselves as new trends. Warehouses and industrial real estate continue to thrive thanks to online shopping and the expansion of global logistics. The rental market is also interesting. Short-term rentals are still growing, primarily through platforms like Airbnb, but in some cities, regulations have tightened, slowing the pace.

Long-term rentals are steadily growing due to increased demand from those who find it difficult to buy homes. As a result, rental prices are unlikely to decrease easily. By region, major cities on the East Coast like New York and Boston are expected to see stable or slightly rising prices. Suburban areas are gaining attention due to the impact of remote work. The West Coast, with major cities like San Francisco and LA, still has high prices, but purchasing power is declining due to rising interest rates.

The Midwest and Southern regions are showing clear growth centered around cities like Houston, Atlanta, and Dallas. The Southwest, including Phoenix and Las Vegas, is also vibrant due to population influx and economic diversification. Of course, there are many challenges. Rising interest rates dampen buying sentiment, and the lack of housing supply further drives up prices.

This situation could ultimately deepen economic inequality and increase housing insecurity for the lower-income population. Coupled with climate change issues, some areas may see a decrease in value due to the risk of natural disasters. However, there are certainly opportunities. As real estate technology advances, transactions are becoming more efficient and transparent.

Moreover, growing interest in eco-friendly construction and energy-efficient homes is making 'sustainable building' a new investment point. Infrastructure improvements are also a key factor in increasing real estate value.

As living infrastructure such as transportation networks, schools, and hospitals are expanded, the attractiveness of the area naturally increases. Overall, it seems that the US real estate market will move differently by early 2025, depending on various variables such as interest rates, economic growth rates, and population movement.

Residential real estate still has high demand, while commercial real estate is finding a new balance amid structural changes.