With the COVID-19 pandemic still raging, real estate statistics show the market is bouncing back. The demand for their own American dream has not decreased at all. As a matter of fact, the desire to own their own home just got bigger and the market is unable to meet the request.
Let’s take a look at some must-know real estate data before you apply for (another) mortgage.
Top 10 Real Estate Statistics and Fun Facts
- 7.1 million homes were sold over the course of 2021.
- Homes with high-quality photos taken of them sell 32% faster.
- Median home prices have been increasing sharply since 2011.
- 80% of agents fail within a year of getting licensed.
- The US is still experiencing a major home shortage.
- The West Coast boasts the most expensive houses with median home prices exceeding $400,000.
- April 2020 represents the largest YOY drop in unit sales (17%).
- Most real estate agents are women (62%), and their median age is 54 years.
- In 2018, 5% of realtors had to use firearms to defend themselves from assailants while doing their job.
Real Estate Statistics Overview
1. 7.1 million homes were sold over the course of 2021.
According to real estate market statistics, a slight fall is expected in 2022 with the sale projections of 6.7 million homes, but this figure is still higher than the number of homes sold in 2020 (6.5 million).
2. The US is still experiencing a major home shortage.
Based on home-buying statistics, out of roughly 12.3 million US households formed from January 2012 to June 2021, only 7 million new homes were built, due to labor shortage that began even before the COVID crisis. What’s more, the pandemic caused the rise in prices of building materials and land.
On that note, at the beginning of 2021, homes with a median value of $300,000 represented 32% of builder sales.
3. April 2020 represents the largest year-over-year drop in sales (17%).
The worldwide COVID-19 pandemic took a heavy toll on the market. Since most people stayed in lockdown only worrying about essential items, the sales percentage for existing home sales dropped significantly. In fact, real estate statistics for 2020 show that April was the worst month, hosting a 17% YOY drop in existing unit sales.
4. The US median home price is just under $250,000.
Median home prices have increased somewhat compared to last year across the US. Real estate stats show that the current price stands at $248,857, a 4.1% increase from 2019.
However, potential buyers shouldn’t panic, as the prices are expected to drop in the following period coming out of the pandemic by 1.5%.
5. Median home prices have been increasing sharply since 2011.
The current median home price across the US might not seem that bad, but it’s important to note that this price has been steadily increasing since 2011.
In fact, US real estate stats show that the overall increase amounts to $7,800 since 2011. In the western US, there’s been a 50% increase over this period. Meanwhile, the average American’s weekly earnings have increased by only 17%.
6. Mortgage interest rates have dropped following the pandemic lockdown.
A piece of good news for those frightened by what effect the global pandemic will have on the real estate market: mortgage interest rates on 30-year loans are among the lowest they’ve been in 25 years. Good home repair loan options also abound on the market.
In order to preserve the American economy, the rates dropped to 3.3% in June. This also affects foreclosures; 2019 boasts the fewest foreclosures since 2010 — an 83% drop over the last nine years.
Real Estate Statistics by State and Region
7. The West Coast boasts the highest-priced homes.
Median home prices in the West have reached $410,000, while the cheapest homes are in the Midwest, with the median price being $203,700. California real estate statistics show that the San Jose area is the most expensive area to live in, with median home prices reaching over $1.2 million.
8. New York real estate has been hit hard since COVID-19.
Real estate statistics by city and region show New York has been hit particularly hard. The number of listings has dropped by as much as 68.4% in YOY comparisons, and sales dropped by 66.6% in April alone.
Furthermore, the number of closed sales dropped by 29.3%, and the median home price dropped by 2.6%.
9. Sorting real estate statistics by zip code, metro area, and county, Colorado Springs has the fastest-growing market in the US.
California might have the priciest homes, but that doesn’t mean it has the best market. In fact, homes in Colorado Springs spend mere 28 days on average on the market. Furthermore, they receive 2.4 times the views compared to the US average.
When it comes to the most desired Airbnb locations, California is one of the most demanded destinations.
Real Estate Agent Stats & Facts
10. The number of NAR members reached record heights in 2020, at 1.46 million.
Ever since the 2007–2009 collapse, the number of agents has been increasing. Real estate agent statistics show that there were 1.46 million members of the National Association of Retailers in 2020, a number that has steadily been growing since 2012.
At the same time, in 2020, real estate brokers and real estate sales agents held roughly 109,900 and 408,900 jobs, respectively. More than half (58%) were self-employed.
11. Residential real estate is dominated by women.
While high-ranking positions in real estate are dominated by men, the majority of real estate agents are women. Real estate agent facts and stats show that 62% of all realtors are women, with their average age being 54 years.
12. In 2018, 5% of realtors had to use firearms to defend themselves while doing their job.
(360° Coverage Pros)
Real estate agents are often targets of violent crimes — 9% of realtors were threatened or attacked on the job in 2018, and 5% had to use a cellphone to call for help. All this for a real estate agent salary of $51,220 per year in 2021. On top of that, most agents are self-employed, so they pay higher taxes.
13. 80% of agents fail within a year of getting licensed.
(City Insight Houston) (Investfourmore)
One thing you must know if you want to be a realtor: it’s a dog-eat-dog world. The competition is tight, and the pay is rather small for the effort you put into your job.
Real estate agent sales statistics show an average agent sells around 8 homes a year.
Fun and Fascinating Real Estate Facts
14. One single mansion in New York is owned by five small European nations: Serbia, Croatia, Bosnia, Macedonia, and Slovenia.
Ever consider buying a house owned by a country? What about five countries? Well, if you’re interested in the lavish, Versailles-style mansion at 854 Fifth Avenue, New York, you’ll have to do just that.
This excerpt from our interesting real estate facts concerns a mansion bought by Yugoslavia in 1946, after the World War, to serve as an embassy. However, after the dissolution of Yugoslavia in 1992, ownership was split among the newly-formed sovereign countries of Bosnia, Serbia, Croatia, Slovenia, and the Republic of North Macedonia.
15. Keret House is the narrowest house in the world.
You may have already seen some of the eel-bed apartments in Tokyo, or shoebox apartments in Hong Kong, but the title for the smallest abode belongs to Keret House in Warsaw.
Designed by Jakub Szczesny, the house is crammed between two buildings and is only 28 inches (72 cm) wide at the narrowest point and 48 inches (122 cm) wide at the widest. The house has quickly become one of the more fun real estate facts around the world and is already marked as a tourist destination in Warsaw.
16. The Las Vegas Strip isn’t located in Las Vegas but Paradise, a city within Las Vegas.
Our next bit of real estate fun facts concerns Paradise, Nevada, a city within a city.
Paradise is an unincorporated town, meaning it’s overseen by Clark County, rather than being an autonomous settlement, and it, in fact, contains most of the Las Vegas strip. The town (a CDP, to be more exact) was created as a form of tax evasion, as casinos pay high taxes if they want to operate in Las Vegas.
17. Numerous stories exist of people building houses to mess with their neighbors.
(Lighter Side of Real Estate)
Here’s a really fun fact about real estate: there are houses in the US and around the world built purely out of spite. Be it a soldier angry at his brother for stealing his inheritance or an LGBTQ+ member looking to stick it to the Westboro Baptist Church, these houses were built purely to disrupt and annoy.
18. Real estate photography statistics show that homes with high-quality photos taken of them sell 32% faster.
One of the best ways to sell a home is to have as many photos of it posted on your medium of choice. Since a great part of home-shopping unfolds online, people tend to use photos to form their first impressions about a place.
Not only that, having 20 or more photos can reduce a home’s time on the market to just above 20 days. It may also increase its price by $3,000–$11,000 (adjusted for the $200,000 to $1 million price range).
How many houses were sold in 2021?
Based on the latest data, 6.34 million homes were sold in the US at a median price of $353,900.
Since the market crash in 2007, the number of sold units has been steadily increasing. In fact, in 2020 6.5 million homes were sold in the US. 2019 saw the sale of 5.34 million existing units in the US.
How big of an industry is real estate?
Simple answer: very big. To be more precise, the US real estate sales and brokerage industry was worth $156.2 billion in 2021.
The global real estate market in 2020 amounted to $2,687.35 billion. Experts believe that by 2025 it will reach $3,717.03 billion. The major leaders in the global real estate market are the Asia Pacific region (40%) and Western Europe (24%).
What age group buys the most houses?
The average American home buyer is in their 40s and buying a single-family detached house in the South. However, this is the figure for first and second homes. As for the first-time homebuyers, about 82% of them are between the ages of 22 and 30.
What is the projected housing market for 2022?
Regarding the prices, there was an increase of over 18% (between September 2020 and September 2021), and the trend will most likely continue in 2022. On a positive note, some experts believe rates will continue to be low, staying at about 3.25%, while others believe they will grow by 3.7%.
Overall, real estate and mortgage experts believe that the market will remain hot in 2022. In fact, due to the large number of homes on the market, their prices should start decreasing. On the other hand, due to the higher interest rates, less people will have the opportunity to buy a new home.
What is the average age to buy your first house?
Interestingly, the latest real estate facts show most Americans purchasing a home for the first time are between 22 and 30 years old, which means this group mostly comprises millennials.
Fewer than 50% of first-time homebuyers are between 31 and 40 years of age.
Median home prices are increasing significantly, so home buyers are having a hard time keeping up with the changes. This is particularly hard for 22 and 30-year-olds, who make up the majority of first-home buyers. Overall, real estate statistics confirm another exciting year is ahead of us!
- 360° Coverage Pros
- City Insight Houston
- David Ramsey
- David Ramsey
- IBIS World
- Lighter Side of Real Estate
- PR Newswire
- Ris Media
- The Mortgage Reports
- Trading Economics
- Trading Economics