Overview of the Real Estate Market
- 5,250,000 existing homes were sold in 2015, according to data from the National Association of REALTORS®. 510,000 newly constructed homes were sold in 2015, according to the U.S. Census Bureau.
- The Association of Real Estate License Law Officials (ARELLO) estimates that there are about 2 million active real estate licensees in the United States.
- According to the 2012 Economic Census, there are 86,004 real estate brokerage firms operating in the United States.
- Preliminary results from the U.S. Energy Information Administration’s Commercial Buildings Energy Consumption Survey (CBECS) show that there were 5.6 million commercial buildings in the United States in 2012, comprising 87.4 billion square feet of floorspace.
- There are approximately 115 million occupied housing units in the United States, according to the 2013 American Housing Survey. The typical owner-occupied home was built in 1976; the typical renter-occupied home was built in 1973. The typical home size is 1,500 square feet. The typical home owner is 55 years old, and has lived in the current home for 14 years.
- In 2013, 65.2 % of families owned their primary residence, according to the Federal Reserve’s Survey of Consumer Finances.
Home Buyer Statistics
- First-Time vs. Repeat Buyers:
- First-time buyers: 35%
- Median age of first-time buyers: 32
- Median age of repeat buyers: 52
- Median household income of first-time buyers: $72,000
- Median household income of repeat buyers: $98,000
- The typical home purchased in 2015 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.
- 88% 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: 73%
- Where buyer found the home they purchased:
- Internet: 51%
- Real estate agent: 34%
- Yard sign/open house sign: 8%
- Friend, relative or neighbor: 4%
- Home builder or their agent: 2%
- Directly from sellers/Knew the sellers: 1%
- Print newspaper advertisement: 1%
Home Seller Statistics
- The typical home seller in 2015 was 54 years of age, had a median household income of $100,700, and lived in their home for 10 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 37% reported reducing the asking price at least once.
- The typical home sold was on the market for 4 weeks.
- 64% of sellers who used a real estate agent found their agents through a referral by friends or family, and 25% used the agent they previously worked with to buy or sell a home.
- Sellers who definitely would use same agent again: 70%
Source: 2016 National Association of REALTORS® Profile of Home Buyers and Sellers