In tandem, the share of renter households is on the rise, and the number of home sales on the decline. Existing homeowners are largely staying put, and would-be homebuyers are finding few desirable, nonexorbitant options. These market shifts mean more bad news for real estate unicorn startups funded during the boom cycle a few years ago. We're seeing this play out with collapsing share prices of several that made it to the public market, such as Opendoor, Offerpad and Better.com. Startup investors have also cut back on new real estate-related financings. So far this year, U.S. companies in sectors tied to real estate 1 have raised $3.5 billion in investment across funding stages. That puts 2024 on track to deliver the lowest funding tally in years, as charted below. !function(e,n,i,s){var d="InfogramEmbeds";var o=e.getElementsByTagName(n)[0];if(window[d]&&window[d].initialized)window[d].process&&window[d].process();else if(!e.getElementById(i)){var...
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