Understanding real estate market is essential for every home seller, buyer, agent, or investor. Here are some statictics you should know.
No matter if you’re buying or selling houses or a part of the real estate industry, understanding real estate market is essential if you want to stand out from the crowd. Knowing statistics about the market can help you improve your chances of selling or buying, and keeping all numbers memorized can make a difference. Here are some essential real estate market stats from sites such as USCB or NAR, that everyone should know!
- The median home price in the US in June 2020 was $295,300. Despite the COVID-19 pandemic, this is still a rise of 3.5% compared to June 2019.
- In the US, home sales are done by more than two million registered real estate agents, and each has, on average, eight years of experience.
- If buying a new home, be ready to pay, on average, $59,880 in down payment.
- In 2020, around 701,000 houses were sold in the US.
- 37.5% of people under 35 own their own home.
- On the other hand, 60.3% of people aged 35-44 own properties.
- When it comes to people over 65 years, 78.9% of them are homeowners.
- The median price of rent is $1,002, which is record high.
- Millennials make 37% of potential buyer, making them the biggest pool of buyers in the US.
- About 24% of home buyers still aren’t free of student debt. The median debt size is $28,000, but a bit under fifth of them owe over $75,000.
- 33% of buyers aged between 29 and 38 made the purchase to take care of their elder parents.
- Similarly, 33% of buyers are first-time buyers.
- Around 86% of buyers buy homes that have already had owners.
- Detached single-family homes are most sought-after type of homes, as they are the first choice for 82% of buyers.
- Unlike previous years, more and more people are looking for a home in suburbs, so now rural area is number one choice for 51% of buyers.
- While rent-to-own seems like a great option, only around 2% of tenants decided to purchase the home they were renting – despite around 37% of homeowners being tenants prior to purchasing their own place.
- While young people don’t like moving more than 10 miles from their previous home, older people are more open and they will move up to 30 miles away from their old property.
- Most people opt for a house in a good neighborhood. 58% of people choose neighborhood quality as the key factor, no matter their age.
- Opposite of that, the second key factor, job convenience, is only essential for younger buyers. Only 3% of people over 73 consider it, compared to 71% of buyers under 28.
- 93% of buyers go online when looking for homes. 46% of them look at yard signs, and around half buyers visit open homes, though this number halted due to COVID-19 pandemic.
- Old-timers mostly consult with real estate agents (around 86% of them), but even in this category, 72% of buyers check out online resources.
- While younger Millennials rarely have savings, they opt for cheaper options, which is one of the main reasons why they pick previously owned homes. People under 28 are usually willing to pay around $177,000, which is quite low compared to median asked price.
- Reducing cost of commuting is one of the essential factors for around 40% of Millennials looking to purchase a new home.
- On average, it takes a home buyer 10 weeks to find a new home.
- 69% of traditional buyers aren’t interested in homes that are in foreclosure. This is why choosing a direct buyer in such occasion is always a smarter option compared to listing your home traditionally.
- The number one problem of 20% of people is dealing with the paperwork, together with understanding the home-buying process itself.
- A real estate agent has, on average, a yearly pay of around $108,000.. Experienced agents who understand the real estate market can earn much more.
- In 2019, the real estate industry was worth around $27.2 trillion.
Wisconsin Real Estate Market Stats
In 2020, according to WRA, there were 88,685 houses sold, with the peak being in July, when 9,916 sales were closed.
The yearly median price of a home was $220,000.
Most homes in Wisconsin fall in the range between $120,000 and $240,400.
The average annual rate of appreciation rates grew 4.11% in 2020, while just in the latest quarter of 2020 it increased by 8.93%.
The average asking rent is $1,027 per month.
While homeowners make 65.2% of Wisconsin residents, renters make 34.8%, and 12.6% of residents are vacant.
According to real estate market analysis, 66.6% of homes in Wisconsin are single-family homes, and 38.6% of properties were built between 1970 and 1999.
For more detailed analysis of Wisconsin Real Estate Market, you should check out this article.