Real estate news has received a lot of attention in the past couple of years. From an unexpected pandemic boom to record-high prices and record-low inventory, there’s been much to take in. We’ve collected a list of facts and stats, many of which may open your eyes to what’s happening in the market if you haven’t been paying close attention.
The U.S. Real Estate Market
∙ 29% of homes were sold above the listing price in 2021. (The Close)
∙ 79% of Americans consider owning a home to be one of the greatest goals to achieve. (Bankrate)
∙ The average American moves around 12 times in a lifetime. (Steinway)
∙ 6.46 million homes were sold in the U.S. in 2021. (Statista)
∙ The housing market in the U.S. is worth $33.6 trillion. (World Property Journal)
∙ $339,400 was the average selling price and 2,540 square feet was the average size of a sold home in 2021. (NAR)
∙ The median price of a home is nearly 12% higher in 2022 than it was a year ago. (Fortune)
∙ The median number of days a house stayed on the market before being sold in 2021 was less than ten. (NAR)
∙ Staged homes sell for at least 17% more, on average, than unstaged ones. (Forbes)
∙ Over 20% of all drone usage is attributed to the real estate industry. In fact, 80% of listing agents use drone photography to market properties. (The Close)
Home Buyers
∙ The median household income of a first-time home buyer in 2021 was $86,500. (The Close)
∙ The largest percentage of home buyers are older millennials. They account for 43% of home buyers in the U.S. (Mortgage News Daily)
∙ The average buyer typically views 4 to 8 homes before finding one to purchase. 24% of buyers view 10 to 14 homes before a purchase, and 10% see 16 or more before a purchase.
∙ 84% of home buyers rely on critical information from their own online research. (Carrot)
∙ 69% of buyers under age 29 don’t expect to stay longer than 10 years before moving. (The Close)
∙ 34% of home buyers in 2021 were first-time buyers. (The Close)
∙ 11% of home buyers purchased multi-generational homes due to adult children moving back in or aging parents needing care. (The Close)
∙ Jeff Bezos spent $165 million on a 13,000 square-foot Beverly Hills Mansion. It’s equipped with a swimming pool, tennis courts, and two guest houses. (Business Insider)
Home Sellers
∙ 91% of home sellers use a real estate agent. (NAR)
∙ 36% of home sellers try to sell their home themselves. Eventually many of them hire a real estate agent. About 10% actually sell on their own, though they typically receive lower bids and fewer offers. (The Close)
∙ Typical home sellers in 2021 cashed out 30% of their proceeds from their home sale. (The Close)
∙ The typical home seller age is 45 years old and has owned their home for 8 years. (The Close)
∙ 68% of home sellers found their real estate agent from a family or friend referral. (The Close)
Home Ownership
∙ 36% of home owners most regret not accounting for the time, cost, and labor of maintenance and repairs. (G2)
∙ There are more single female home owners than single male home owners. (Forbes) See reasons why here.
∙ The Midwest has the highest rate of home ownership at 71.2% and the Northeast has the lowest at 62%. (Epic Home Ideas)
∙ The total number of condominiums in the U.S. is around 4.8 million. Florida has the most with over 944,000. (Epic Home Ideas)
Real Estate Term of the Week
Median Price: Median means “in the middle.” So, with regard to List Price, this means exactly half of homes listed are above this price and exactly half are below.