Real estate, encompassing land and its attached properties, has been a cornerstone of economic development and personal wealth for centuries. Its origins can be traced back to Roman law and Greek philosophy, emphasizing the natural right of property ownership. This concept has significantly evolved, impacting various aspects of society and economy.

One of the most notable historical events in real estate was the Louisiana Purchase in 1803. This monumental deal not only demonstrated the scale of real estate transactions but also marked a pivotal moment in U.S. expansion and development. Meanwhile, the appraisal profession, essential in evaluating and managing property value, began to take shape in 1500s England, further professionalizing the industry.

The evolution of real estate has not been without challenges. The 1929 stock market crash and subsequent Great Depression led to a dramatic fall in property values, reshaping the U.S. housing finance system. The introduction of the Banking Act of 1933 and the National Housing Act in 1934 were pivotal in stabilizing the market. These acts laid the foundation for modern home financing, including the establishment of the Federal Housing Administration and Fannie Mae.

In 1968, the U.S. took a significant step towards inclusivity with the Fair Housing Act, addressing discrimination in housing and financing. This act was a milestone in ensuring equal housing opportunities for all Americans, regardless of race or background.

The turn of the millennium saw a new era with the advent of internet real estate, revolutionizing how properties are bought, sold, and marketed. This digital transformation has made real estate more accessible and streamlined, changing the dynamics of property transactions.

Today, real estate is not just about ownership and investment; it's also about its impact on the environment. Green development is increasingly prioritized, focusing on environmental, social, and cultural sustainability. Real estate's contribution to greenhouse gas emissions has sparked a push towards more environmentally responsible practices in building and development.

In investment terms, real estate continues to be a significant asset class. While some investors engage in 'flipping' for quick profits, others see real estate as a long-term store of value, sometimes even as a means for wealth preservation in uncertain political climates.

Overall, the journey of real estate reflects broader societal and economic shifts. Its evolution from ancient times to the present digital age highlights its enduring significance and the ongoing need to balance development with sustainability and inclusivity.

Real estate is property consisting of land and the buildings on it, along with its natural resources such as growing crops (e.g. timber), minerals or water, and wild animals; immovable property of this nature; an interest vested in this (also) an item of real property, (more generally) buildings or housing in general.^[1][2] In terms of law, real relates to land property and is different from personal property while estate means the "interest" a person has in that land property.^[3]

Real estate is different from personal property, which is not permanently attached to the land (or comes with the land), such as vehicles, boats, jewelry, furniture, tools, and the rolling stock of a farm and farm animals.

In the United States, the transfer, owning, or acquisition of real estate can be through business corporations, individuals, nonprofit corporations, fiduciaries, or any legal entity as seen within the law of each U.S. state.^[3]