Fun Facts for Home Buyers and Sellers

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.