40+ Real Estate Statistics for 2024
Table of Contents
The business of real estate is always changing.
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. With number external factors like the economic conditions affecting the real estate industry, learning more about the real estate statistics will help understand the property landscapes and help take better buyer decisions. Real estate marketing software can also help real estate agents and clients connect.
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.
- The National Association of Realtors predicts 4.71 million existing-home sales in 2024.
- The US homeownership in 2024 was higher than before the COVID-19 pandemic at 65.8% compared to 64.6% in 2019.
- Romania has the highest global homeownership rate, largely due to historical factors and housing affordability.
$495,100
was the average home price in the United States in 2023 according to the Census Bureau and Department of Housing and Urban Development.
Source: Forbes
- In 2022, the proportion of households occupied stood at 65.9 percent, rising significantly from 2011.
- Homeownership rates rose 2% among individuals under the age of 35 and between the ages 35 and 44 with the exception that the rate inched up by 0.5% points among those ages 65 and over.
- The three top places for homeowners in 2024 – Irondequoit, NY; Benton, AR; Winterset, IA.
- The homeownership rate in the Midwest hit 70%, being the the highest of all regions.
- The South had the second-highest homeownership rate at 67.3%.
- The Northeast home ownership rate stands at 62.5%, while the West stands at 61.4%.
- According to Redfin, the U.S. median home price was $412,000 in September 2023. That’s an increase of 2% over last year even though there were more than 300,000 fewer homes on the market.
Home buyer statistics
Buying a home is no small feat, especially given the current economic situation. Below, you’ll find a few statistics specific to home buyers.
- San Francisco was the most expensive metro area for home buyers in 2023.
- The average down payment on a house for a first-time buyer is 6%.
- The typical or average age of a first-time home buyer is 35.
- According to data from November 2023, the average home buyer would need approximately 8.7 years to save for a competitive down payment.
- About half of the home buyers search for less than three months, but 13% shop for seven months to an year, according to Zillow Research.
- 14% home buyers purchased brand new homes, while 86% home buyers purchased previously lived-in homes.
- Among those who self-financed their home purchase, buyers typically financed 94% of the home price.
- The median household income of first-time home buyers is USD 71,000.
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Selling statistics
Selling a home can be just as big of a hurdle as buying one. From getting a property listed to setting up the open house, finding qualified buyers is a feat in and of itself. Here are some selling statistics.
- The best day to list a home is Thursday. Mondays are typically the worst day to list a home.
- On average, 98% of final sale prices matched the original asking price of a property.
- 73% sellers would use the same real estate agent again.
- This year, the median number of days that a property was on the market before an offer was accepted is 40.
Rental statistics
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.
- The most expensive place to rent globally is San Francisco. The average rent is USD 3,500 for a one-bedroom apartment.
- Henderson, NV and Phoenix, AZ saw the fastest rent growth in the US with an increase of 4.5% and 4.1%, respectively.
- Rental growth seems to have slowed after major spikes in 2021, but the rental prices are now 29.4% higher than before the pandemic.
- November 2023 saw the most significant year-over-year decline in the median asking rent since 2020, with a notable 2% decrease.
Real estate agent statistics
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. Here are some of real estate agent statistics.
- 64% of realtors were licensed sales agents.
- 20% of realtors hold broker licenses.
- 18% of realtors hold broker associate licenses.
- 62% of all realtors are female.
- Most realtors worked 30 hours/week in 2022.
- The median gross income of realtors, or the income earned from real estate related activities was $56,400 last year, increasing from $54,300 in 2021.
Commercial real estate statistics
Commercial real estate refers to non-residential property that serves to generate income. This includes shopping malls, hotels, and office spaces.
- In the US, the commercial real estate market size reached $1.2 trillion per revenue.
- In Q1 2023, the retail sector vacancy rate flatlined at 10.3% over the previous four quarters.
- The decline in commercial real estate revenue includes a 0.4% drop in 2023 alone.
- The highest construction cost for shopping center facilities was $473 in New York, as of late 2022, early 2023.
Still on the fence?
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.
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