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Fun Facts for Home Buyers and Sellers

posted: 02/18/2019

The National Association of REALTORS® recently released a series of reports jam-packed with statistics. Central Mississippi REALTORS® has distilled much of this into some fun facts for home buyers and sellers.

Fun Facts for Home Buyers

  • First-Time vs. Repeat Buyers:
    • First-time buyers: 33%
    • Median age of first-time buyers: 32
    • Median age of repeat buyers: 55
    • Median household income of first-time buyers: $75,000
    • Median household income of repeat buyers: $100,000
  • The typical home purchased was 1,900 square feet in size, was built in 1991, and had three bedrooms and two bathrooms.
  • Among those who financed their home purchase, buyers typically financed 90% of the home price.
  • 87% of buyers purchased their home through a real estate agent or broker—a share that has steadily increased from 69 percent in 2001.
  • Buyers who would use their agent again or recommend their agent to others: 74%
  • Where buyers found the home they purchased:
    • Internet: 50%
    • Real estate agent: 28%
    • Yard sign/open house sign: 7%
    • Friend, relative or neighbor: 7%
    • Home builder or their agent: 5%
    • Directly from sellers/Knew the sellers: 2%
    • Print newspaper advertisement: 1%

Fun Facts for Home Sellers

  • The typical home seller in 2017 was 55 years of age, had a median household income of $98,800, and lived in their home for 9 years.
  • 91% of sellers were assisted by a real estate agent when selling their home.
  • Recent sellers typically sold their homes for 99% of the listing price, and 23% reported reducing the asking price at least once.
  • The typical home sold was on the market for 3 weeks.
  • 39% of sellers who used a real estate agent found their agents through a referral by friends or family, and 24% used the agent they previously worked with to buy or sell a home.
  • Sellers who definitely would use the same agent again: 69%

To see the National Association of REALTORS® complete statistics page, feel free to visit https://www.nar.realtor/research-and-statistics/quick-real-estate-statistics and remember that REALTORS® are the Voice for Real Estate.

All information is believed to be accurate but is not guaranteed.

Listing content is provided by and copyright of the MLS system belonging to the respective REALTOR Association.