Why is real estate traditionally considered a illiquid economic product?

real estate is traditionally considered an illiquid economic product because it typically involves lengthy transaction processes, including property listings, negotiations, and legal formalities, which can take weeks or months to complete. Additionally, the market for real estate is less active compared to other assets like stocks or bonds, making it harder to quickly sell a property at its market value. Furthermore, the high transaction costs associated with buying and selling real estate—such as agent fees, taxes, and closing costs—can deter quick sales, further emphasizing its illiquidity.