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Real estate statistics in the United States at the end of 2020


25 real estate statistics you should know

real stats for me2020



Real estate statistics provide buyers and agents with data-driven insight into an ever-changing housing market. This can be useful when setting purchasing expectations, finding the right property, and negotiating the right home price. To get a more accurate look at the current real estate market, see our 25 stats below.


Real estate statistics

1. 40.6% of people under the age of 35 are homeowners.

The home ownership rate for those under 35 has increased from the 2019 average 1. This demographics includes newlyweds and people with young children. These buyers may be looking for first homes or new construction that matches their budget. However, it is well below the home ownership rate for the older age groups and the national average.


2. Average luxury home prices rose 1.6% year-on-year.


After declines at the start of 2019, the average luxury home price rebounded to an average of $ 1.63 million by the end of Year 2. This represents a 1.6% increase in the median sales price year on year. However, while some might see this as a sign of strength in the real estate market, the rapid swings from the first to the fourth quarter indicate volatility in the market.


3. There is an 80.4% chance that a person over 65 or over will own the home.


The U.S. Census Bureau again reported that the home ownership rate in the United States for those 65 and over is the highest of all age groups surveyed 1. This was also the case at the time this article was last updated. However, the proportion of crude has increased. This indicates that a large population is reaching retirement age and may be looking to shrink it.


4. Millennials make up 73% -75% of new buyers in the mid-sized cities of Madison, Wisconsin and Grand Rapids, Michigan.


Millennials are showing patterns of moving from big cities to mid-sized cities like Madison and Grand Rapids 3. Wisconsin and Michigan have become hot spots for millennials, with Durham, North Carolina, Seattle, Washington, Omaha, Nebraska to compile the five best places to live and buy a home in the United States.





5. More than 900,000 homes were sold in the United States in July 2020.


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The stay-at-home orders have caused many people to question whether or not their current homes are still the best choice for their lifestyle. Home sales increased by more than 36% compared to the number of homes sold in July 2019 4. However, new home sales began to decline from this rally, which may indicate a shift in this trend in the coming months.

6. The average home price in the United States in 2020 is $ 304,100.


Average prices are increasing and decreasing nationwide every month, and some regions will experience more volatility than others. However, the average cost of entry-level homes in the United States that do not have luxury upgrades is still between $ 150,000 and $ 250,0005, according to the National Association of Realtors (NAR).


7. On average, it takes 30-45 days for home buyers to purchase a property.


Knowing how long it takes to close a home can help buyers manage expectations. While the 30 to 45 day average 6 mentioned above is a good benchmark, actual time to close depends on buyer, seller and agents. It will take some time to complete the legal process and meet inspection deadlines, so use this law as a guideline and be prepared for delays.


8. Studies show that the best cities for families are Fishers & Carmel in Indiana.


Real Estate Studies by Apartment List shows that the best cities for families are Fishers and Carmel, Indiana 7. This is based on safety, friendliness of children, education, and affordability.


9. First-time home buyers are expected to make up 33% of the market in 2020.


The National Association of Realtors indicated that first-time home buyers are expected to make up 33% of all buyers in 20208. This remains the same as last year.


10. Only 29% of homebuyers find a home using an agent.


Many buyers believe that the most common way to find a home is to hire a real estate agent. The truth is - according to NAR - most people find a new home online 9 and then find an agent to show them the property.



11. Miami is the least competitive housing market for buyers.


There are two types of housing markets: strong for sellers and strong for buyers. According to Redfin, the least competitive market (strongest for buyers) is Miami, Florida, where only 32.4% of 10 offers faced competition from multiple offers. The next lowest bidding war rates can be found in Chicago, at 37.8%, and Las Vegas, at 39.2%.



12. Online homes listed on Thursday were selling, on average, $ 3,015 more than the listing price.


Many people don't realize that there are good days to list your home. Real estate statistics show that homes listed on Thursday are selling at a higher price than any other day of the week - $ 3,000 more than the listing price, on average 11.



13. 26% of ALP agentsVendors spend their own money organizing homes.


Prospective buyers have an easier time envisioning the property as a new home when built in phases, and it has been found that staging increases supply to the home between 1% and 5%. In order to reap this benefit, many dealers have reported spending their own money getting a Ready Home Offer 12. However, while the average spend on staging a home is $ 400, some agents find it just as effective to use virtual staging services to increase sellability while avoiding the cost of a physical furniture update.


14. Only 8% of homeowners regret buying rather than renting.


Many tenants are delaying buying a home due to fears of remorse. However, according to Zillow, only 8% of homeowners regret buying a 13th property. Among the regrets of buying a property, unexpected maintenance costs and staying in one place are the top concerns.


15. Americans spend, on average, 50% of their profits buying a home.

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Real estate statistics show that Americans spend, on average, 50% of their family's income and profits on buying a 14th home. This includes the down payment, but more importantly, regular mortgage payments and maintenance costs.



16. Home buyers in 2019 spent 3 fewer days searching for homes compared to 2018.


As technology develops and buyers have increasingly ready access to both listings and agents, the time spent searching for the "perfect" property decreases15. While newspaper and magazine listings were followed by displays - a process that took several days - the apps now allow users to quickly see a wide range of photos, videos and how-to clips. This speeds up the home buying process.





17. Over 60% of homeowners stay in the state when they sell their homes.


The majority of homeowners, regardless of age, plan to find a new home in the same condition when they bring their existing properties onto the market 8. This is one more reason for real estate agents to take the time to check-in with past clients who may be ready for their next home.





18. The highest home ownership rate is in the Midwest, 71.4%.


The highest level of home ownership in the Midwestern United States. Real estate statistics indicate that more than 71.4% of the residents of this region own their homes 1. The second highest home ownership rate is 71.1% in the South. Compared to coastal cities and states, housing costs in the Midwest and South are relatively low, making home ownership possible for a large proportion of the population.


19. GenXers buys the largest of 2,000 square feet of homes.


Of all generations, GenX buyers are buying the largest homes - an average of 2,000 square feet per 8 property. This trend has been turning down in the last few reporting cycles.





20- About 52% of buyers found their homes online in 2019.


In 2019, 50% of home buyers found their homes online 9. In fact, the listing website Zillow has become hugely popular, attracting nearly 190 million visitors per month. Instead of looking for agents to help buyers find homes, they now find homes and then contact an agent to coordinate the offer.



21. There are over 92,000 agents listed in Zillow.


The first thing many people encounter to a real estate agent is while searching real estate on Zillow. With over 90,000 16 agent profiles, Zillow.com is a prime way for buyers to find local real estate professionals.



22- Married couples make up 61% of all homeowners.


Usually many people who get married consider buying a home. It's no surprise then, that 61% of homeowners in the United States are married 8. This means that the remaining 39% are divorced, separated, or celibate. For agents, the best target demographic for new clients appears to be spouses (or soon-to-be married).





23. The cost of rent has increased in 65% of counties across the United States as of March 2020.


The increase in rent - a pattern throughout 2020 - has prompted more people to consider owning their own home 17. However, there are still many places where rent is cheaper, including Washington, Oregon, and California on the West Coast.



24. GenX is the second largest segment of home sellers.


Millennials and seniors, those between the ages of 30 and 39, 8 collectively make up 43% of US sellers, noting that the number one reason they moved was because of a job change, followed by a desire for a bigger home. However, only 1% of these age groups reported receiving resettlement assistance from their employer.





25. In 2019, the property was on the market for an average of 40 days prior to purchase.


For sellers, one of the most important questions is how quickly the home will sell once it is placed on the market. The longer the home remains in the market, the more concessions - such as price drops and upgrades - will likely be made. Knowing that the national average is 40 days and 18 years can help manage expectations and prevent negotiation disasters.


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Understanding real estate statistics in your area can help you make informed decisions about the right property and price - or direct the agent to the right market for the most success. Armed with data on home ownership trends, intergenerational buying habits, and technology use, agents and homeowners can get the most out of real estate in 2020 and beyond.

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