In the world we live in, knowing stats and numbers can only help you make a wise financial investment. So we decided to do the grunt work for you! Here is a market update that we gathered using Realtor.org. Let us know what you think!
Home Buyer Statistics
- First-Time vs. Repeat Buyers:
- First-time buyers: 32%
- Median age of first-time buyers: 31
- Median age of repeat buyers: 53
- Median household income of first-time buyers: $69,400
- Median household income of repeat buyers: $98,700
- The typical home purchased in 2014 was 1,900 square feet in size, was built in 1991, and had three bedrooms and two bathrooms.
- Among those who financed their home purchase, buyers typically financed 90% of the home price.
- 87% of buyers purchased their home through a real estate agent or broker—a share that has steadily increased from 69 percent in 2001.
- Buyers who definitely would use same agent again: 72%
- Information sources used in home search:
- Real estate agent: 87%
- Yard sign: 51%
- Mobile of tablet website or application: 57%
- Open house: 48%
- Mobile or tablet search engine: 54%
- Print newspaper advertisement: 20%
- 78% of home buyers surveyed in NAR’s 2013 Community Preference Survey responded that neighborhood quality is more important than the size of the home. 57% would forego a home with a larger yard in favor of a shorter commute.
Home Seller Statistics
- The typical home seller in 2013 was 54 years of age, had a median household income of $104,100, and lived in their home for 9 years.
- 89% of sellers were assisted by a real estate agent when selling their home.
- Recent sellers typically sold their homes for 98% of the listing price, and 43% reported reducing the asking price at least once.
- The typical home sold was on the market for 4 weeks.
- 42% of sellers who used a real estate agent found their agents through a referral by friends or family, and 24% used the agent they previously worked with to buy or sell a home.
- Sellers who definitely would use same agent again: 67%
For Sale By Owner (FSBO) Statistics
- FSBOs accounted for 8% of home sales in 2014. The typical FSBO home sold for $210,000 compared to $249,000 for agent-assisted home sales.