Real estate encompasses land, buildings, and its natural resources, standing apart from movable personal property. The concept of property ownership traces its roots to Roman law and Greek philosophy, with formal appraisal practices emerging in 16th-century England. Significant historical moments in the U.S. include the monumental 1803 Louisiana Purchase, which vastly expanded the nation, and the 1908 founding of the National Association of Realtors, where the term "realtor" was later coined.

The Great Depression caused a severe 50% depreciation in real estate worth, leading to vital reforms such as the 1934 National Housing Act and the 1938 establishment of Fannie Mae to stabilize housing finance. Further landmark legislation like the 1968 Fair Housing Act addressed discrimination in housing, while the advent of internet real estate platforms in 1999 marked the industry's entry into the digital age.