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.