There are a lot of moving parts that influence the real estate industry. Whether you’re a buyer, seller, renter, or agent, fluctuations in the market can have a big impact on your business or lifestyle.
Below, we’ve compiled 40 statistics to give some insight into the world of real estate as it is right now in 2019. Looking for statistics related to a certain sector of real estate? Feel free to jump ahead using the links below:
Between all of the different real estate terms, types of real estate, and people that make up each sector, the industry is pretty complicated. To keep things as simple as possible, we’ve divided up the following stats into relevant sections.
Residential real estate statistics
Residential is what most people think of when they hear the term real estate. It refers to the types of properties that people live on – those that are not intended to be used for anything business-related. This includes single and multi-family homes, as well as condos and townhouses.
As of April 2019, there have been roughly 673,000 houses sold in the US this year, which is 12.4 percent more than last year (U.S. Census Bureau, 2019).
5.34 million existing homes were sold in 2018 (down from 5.51 million in 2017).(NAR, 2018)
The Midwest has the highest rates of homeownership in the nation at 68.2%, followed by the South at 66.2 percent (U.S. Census Bureau, 2019).
Staged homes sell 25% faster than non-staged homes (Coldwell Banker, 2019).
Not everyone can afford to buy a home – that’s where renting comes in. Many residential properties are offered as rental units to tenants for non-commercial purposes.
Globally, the most expensive place to rent is San Francisco where the rent averages out at $3,690 (Zumper, 2019).
In 2019, Henderson, NV and Phoenix, AZ saw the fastest rent growth in the country with an increase of 4.5 and 4.1 percent, respectively (Apartment List, 2019).
Across the US, the cost of renting has gone up 66 percent (Realtor.com, 2019).
Troy, MI is ranked as the most affordable renting city for families (Apartment List, 2019).
Only 8 percent of homeowners regret purchasing a home instead of renting (Zillow, 2019).
Real estate demographic statistics
It may seem like millennials are abandoning home buying in favor of renting, but these stats prove that that may not be the case.
86% of younger millennials (aged 21–28) and 52% of older millennials (aged 29–38) were first-time home buyers. Meanwhile, Generation X (people between the ages of 39–53) consisted of 24% of 2018 home buyers. 18% of younger baby boomers (people between the ages of 54–63) and 14% of older baby boomers (people between the ages of 64–72) were home buyers in 2018. 7% of home buyers belonged in the silent generation (people between the ages of 73–93), the smallest segment of home buyers in 2018.(NAR Home Buyers and Sellers Generational Trends Report, 2019)
Real estate agents understand the benefits of a good marketing plan. In 2019, the majority of agents are using their budget toward marketing efforts such as content creation and real estate marketing software.
A real estate agent or broker is a professional that is licensed to sell property in their state. The business of buying and selling properties can be incredibly lucrative but doesn’t come without its difficulties.
49% of agents report working 40 or more hours per week, while 22% report working less than 30 hours (Placester, 2019).
The total dollar volume of commercial sales in the US has decreased since 2018. In the large market (sales greater than $2.5M), sales decreased by 11%. In the small market (sales less than $2.5M), the decrease was closer to 8 percent (National Association of Realtors, 2019).
Based on annual rent, 5th Avenue in New York City has the most expensive retail rates in the world (Statista, 2019).
With an average cost of $255.50 per square foot, Hong Kong is the most expensive city in the world for renting office space (Statista, 2019).
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The future of real estate
We can’t predict the future – especially not in the world of real estate. As buyer preferences evolve, trends in the market will come and go. One thing is for sure, the need for property isn’t going away anytime soon. Whether it’s an individual, family or a business, it’s likely that everyone will brush shoulders with the real estate industry at some point.