Conveyancing Services in the US - Industry Market Research Report

New Owner: Increased Inflation and Rising Interest Rates Will Likely Present Challenges to Industry Growth

The industry grew following consistent housing starts and increased home sales. Nonetheless, the recession caused by COVID-19 halted economic production, decreasing demand for commercial real estate and construction activity. Interest rates dropped following the shutdown of the economy, which encouraged home sales and housing starts; this ultimately dampened revenue loss in 2020. Still, the Federal Reserve increased interest rates substantially in 2023 to combat inflation, which has increased the cost of mortgages and reduced demand for real estate by making financing much more expensive. So industry-wide revenue has decreased at a CAGR of 1.3% over the past five years - including an estimated 15.3% in the current year - and is expected to total $18.3 billion in 2023, while profit drops to 9.4%. This industry comprises companies and legal practitioners that provide conveyancing services to individuals and corporate clients. Conveyancing, the process of transferring ownership of land or property from one person or entity to another, requires specialists to advise parties, prepare documentation and conduct the settlement process. Other industry offerings include arbitration services, expert witness services and assistance with intellectual property claims. This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.