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.

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