The Most Crucial Real Estate Statistics in 2023

The Most Crucial Real Estate Statistics in 2023

US housing market statistics provide data-driven insights into the ever-changing housing market to agents, brokers, investors, and clients. These are very useful while looking for a home, selling a home, listing or searching for a rental property, or representing clients in the current market. To present the most accurate picture of the current real estate market, we reviewed the most recent area median house sale prices, mortgage rates, homeownership rates, existing home sales, and rent costs.

First-Time Homebuyers Accounted For 26% Of the Market

As per the National Association of Realtors, first-time homebuyers will account for 26% of the real estate market in 2022, down from 34% in 2021. These housing market statistics represent the lowest proportion of first-time homeowners since data gathering began in 2021. In 2022, the average age of first-time buyers rose to 36 from 33 the previous year, while the average age of repeat purchasers rose to 59. Furthermore, 18% of first-time purchasers were unmarried couples. 

This important data indicates that younger generations are having more difficulties saving for their first houses than previous generations.

In 2022, 10% Of Recent House Sales Will Be FSBO

In 2022, FSBO sales accounted for 10% of recent property purchases. According to NAR, 50% of FSBO sellers knew the buyer. Aside from them, 13% of properties sold in rural regions and 6% in suburban areas are sold through FSBO. FSBOs generally sell their houses for less than comparable properties. 

The median price of FSBO homes sold last year was $225,000, which was significantly lower than the median price of properties sold with agent help, which was $345,000.

47% Of Homebuyers Conduct Internet Research Before Calling a Real Estate Agent.

Many buyers assume that using a real estate agent is the most popular approach to finding a home. However, according to the NAR 2022 research, 47% of recent purchasers check online at houses for sale first, while 18% of buyers contact a real estate agent first. Despite the fact that a rising number of consumers choose to consult the internet first, 86% of recent buyers deemed their real estate agent to be a very or somewhat valuable information source. This is hardly unexpected considering the complexities of the home-buying process and all the potential legal difficulties.

Fayetteville, North Carolina, Is the Most Competitive City in the United States.

The housing market in Fayetteville, North Carolina, is quite competitive. In December 2022, homes in Fayetteville sold for a median price of $195,000, a 14.7% increase over the same month the prior year. Fayetteville houses generally sell in 11 days, compared to 53 days in 2021. However, unlike the 415 sales in December 2021, only 285 houses were sold in the same month in 2022, a 31.3% decrease.

Twenty-One Percent of House Sellers Sell Their Homes to Be Closer to Friends and Family

According to a NAR study, the desire to relocate closer to friends and family (21%) was the most often stated motivation for house sellers to sell their residences. Retirement-related migration (11%) and a decrease in neighborhood attractiveness (11%) followed. The average home seller was 60 years old, up from 56 the year before, and had lived in their home for ten years before selling. Furthermore, 86% of home sellers hired an agent to sell their home, 10% sold it on their own, and fewer than 1% utilized an iBuyer.

The Midwest Has the Highest Homeownership Rate, at 70.1%.

The Midwest had the highest homeownership rate in the United States in the third quarter of 2022, at 70.1%. The South ranks second in terms of homeownership, at 67.5%. In the Northeast, 63% of people own a home, whereas 62% do in the West. This real estate investment data demonstrates that Midwest states such as Michigan, Iowa, and South Dakota are good places for agents to begin and grow their real estate careers. 

Larger percentages of owner-occupation suggest a larger likelihood of future homeownership, which provides prospects for new constructions and listings, as well as an increased need for buyer’s agents.

Endnote

Understanding your local housing market statistics allows you to make informed selections about the correct property and price—or steer an agent to the best market for the best results. Armed with data from these real estate numbers on trends in homeownership, buying, selling, and renting patterns, as well as the usage of technology, agents and homeowners may make the most of real estate in 2023—and beyond.

 

Smith Marcus

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