Overview of the Real Estate Market
5.51 million existing homes were sold in 2017, according to data from the National Association of REALTORS®. 612,000 newly constructed(link is external) homes were sold in 2017, according to the U.S. Census Bureau
The Association of Real Estate License Law Officials (ARELLO)(link is external) estimates that there are about 2 million active real estate licensees in the United States.
According to the 2012 Economic Census(link is external), 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)(link is external) 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(link is external). 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 2016, 63.7 % of families owned their primary residence, according to the Federal Reserve’s Survey of Consumer Finances(link is external).
NAR Membership Statistics
Members to date: 1,334,668 as of July 2018
Number of local associations: 1,165 as of January 2018
Source: Monthly Membership Report and NAR Membership Statistics, 1908-present
Home Seller Statistics
The typical home seller in 2016 was 55 years of age, had a median household income of $103,300, 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 99% of the listing price, and 22% reported reducing the asking price at least once.
The typical home sold was on the market for 3 weeks.
41% of sellers who used a real estate agent found their agents through a referral by friends or family, and 23% used the agent they previously worked with to buy or sell a home.
Sellers who definitely would use same agent again: 67%
Source: 2017 National Association of REALTORS® Profile of Home Buyers and Sellers
For Sale By Owner (FSBO) Statistics
FSBOs accounted for 8% of home sales in 2016. The typical FSBO home sold for $190,000 compared to $249,000 for agent-assisted home sales.
FSBO methods used to market home:
Yard sign: 35%
Friends, relatives, or neighbors: 24%
Online classified advertisements: 11%
Open house: 15%
For-sale-by-owner websites: 8%
Social networking websites (e.g. Facebook, Twitter, etc.): 13%
Multiple Listing Service (MLS) website: 26%
Print newspaper advertisement: 5%
Direct mail (flyers, postcards, etc.): 4%
Video: 2%
None: Did not actively market home: 28%
Most difficult tasks for FSBO sellers:
Getting the right price: 15%
Understanding and performing paperwork: 12%
Selling within the planned length of time: 13%
Preparing/fixing up home for sale: 9%
Having enough time to devote to all aspects of the sale: 3%
Source: 2017 National Association of REALTORS® Profile of Home Buyers and Sellers
Home Buyer Statistics
First-Time vs. Repeat Buyers:
First-time buyers: 34%
Median age of first-time buyers: 32
Median age of repeat buyers: 54
Median household income of first-time buyers: $75,000
Median household income of repeat buyers: $97,000
The typical home purchased was 1,870 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 would use their agent again or recommend their agent to others: 89%
Where buyers found the home they purchased:
Internet: 51%
Real estate agent: 30%
Yard sign/open house sign: 7%
Friend, relative or neighbor: 6%
Home builder or their agent: 5%
Directly from sellers/Knew the sellers: 2%
Print newspaper advertisement: Less than 1%
Source: 2017 National Association of REALTORS® Profile of Home Buyers and Sellers
Statistics on REALTORS® and Technology
27% of agents and 21% of brokers spent between $501 - $2,000 on technology in the last 12 months.
The top three tools that respondents plan on purchasing or replacing in the next year are: iPad (16%); Smartphone (15%); and digital camera (12%).
The most frequently used operating system is Windows 7 (38%).
The most popular smartphones are iPhone (52%), Android OS (45%), Blackberry (3%).
91% of REALTORS® use social media to some extent.
The top places where REALTORS® place their listings are realtor.com®, Zillow and Trulia.
Source: 2013-2014 REALTOR® Technology Survey