To understand the trends, you’ll first need to know the numbers. For example, current home sales in March 2023 declined 22% from one year ago. Understanding real estate statistics like that is critical to keeping up with the ever-changing market and the industry at large.
We’ve researched multiple sources to bring you 88 of the most compelling real estate stats from across the industry—covering everything from market performance and agent demographics to marketing, teams, brokerages, and more.
Homebuying Statistics
Why These Stats Matter
The way Americans work has changed the structure of homebuying for many. As we continue to redefine the workspace, opening up more options for homebuyers, the landscape will continue to change as well. Home shoppers who don’t have to live in the same place they work have plenty more options when they buy. And they’re taking advantage of that opportunity by choosing neighborhoods based on their wants and needs (rather than their employers’ wants and needs).
Also, higher home prices and mortgage rates have slowed home shopping. Many are taking more time to consider whether homeownership is the right move for them. On the flip side, move-up buyers and investors have continued at a steady pace, putting pressure on already low inventory.
- Pending home sales decreased 5.2% in March 2023 from February 2023.
- Housing starts in March 2023 were 1.42 million. That’s down 17.2% compared to the same time last year and down 0.8% from February.
- Seventy-eight percent of homebuyers bought their home using a mortgage.
- Only 26% of home purchases in 2022 were made by first-time homebuyers. That’s the lowest percentage recorded, down from 34% in 2021. In comparison, first-time homebuyers peaked at 50% of the market in 2010.
- The median age of a first-time homebuyer in the United States in 2022 was 36.
- Last year saw the highest share of unmarried couples ever recorded: 61% of recent buyers were married couples, 17% were single females, 9% were single males, and 10% were unmarried couples.
- Among first-time buyers, 18% of buyers were unmarried couples, and 5% were other household compositions. Both are the highest ever recorded.
- For first-time homebuyers, 26% said saving for a downpayment was the most difficult step in the process.
- In 2022, 14% of homebuyers purchased multi-generational homes due to children above the age of 18 moving back home, for cost-saving measures, or to care for their aging parents.
- In 2022, the number of recent homebuyers who own more than one home was 18%, up from 14% in 2021.
- Veterans made up 22% of homebuyers in 2022, while 1% were active-duty military members.
- The median distance between the home that recent buyers purchased and the home they moved from was 50 miles. Previously, the median distance between the home purchased and the one moved from was 15 miles.
- Neighborhood quality was the most important factor for 49% of buyers when determining a home’s location.
- Buyers typically purchased homes in 2022 at 100% of the asking price, while 28% purchased for more than asking price.
- The typical buyer in 2022 shopped for 10 weeks, visited five homes, and viewed four homes online before making a purchase.
- In 2021, the typical first-time homebuyer financed 93% of their home’s purchase price, compared to 83% for repeat homebuyers.
- The share of white and Hispanic or Latino buyers both grew this year, while the share of other racial and ethnic groups declined. Eighty-eight percent of buyers were white or Caucasian, 8% were Hispanic or Latino, 3% were Black or African American, 2% were Asian or Pacific Islander, and 3% identified as other.
- Twenty-eight percent of first-time homebuyers reported using a gift or a loan from family or friends for some or all of their down payment.
- In 2021, 60% of Realtors reported that “lack of inventory” was the most important factor limiting potential clients from making a purchase, overtaking 2020’s “finding the right property in the right price range.”
- Buyers expect to live in their homes for a median of 15 years, while 28% say that they don’t plan to move again.
The Close Takeaway: The rise of the short-term rental blasted through 2022. With the insane amount of additional equity homeowners gained through the pandemic boom, purchases of second or investment properties skyrocketed. This is a great time to lean into the investing trend. Definitely keep touching those potential primary homebuyers sharing pertinent neighborhood information. But this might be the ideal time to learn as much as possible about property management, especially short-term rentals and how to market to those buyers.
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Homeselling Statistics
Why These Stats Matter
Home prices appreciated dramatically between 2020 and 2022, decreasing buying power for homebuyers, especially for first-timers. Sellers are realizing more equity than ever and taking advantage of the added cushion to upgrade their existing homes or move closer to friends and family.
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21. According to the 2022 NAR Profile of Home Buyers and Sellers, the most commonly cited reasons for selling one’s home was:
- 21% – desire to move closer to friends and family
- 11% – moving due to retirement
- 11% – neighborhood has become less desirable
- 10% – home too small
- 9% – change in family situation
22. In 2022, the typical homeseller was 60 years old, up from 56 the prior year.
23. Recently sold homes in 2022 were on the market for a median of two weeks. That’s an increase from one week on the market last year.
24. The number of homes for sale increased by 59.9% compared to March 2022.
25. Homes spent an average of 54 days on the market in March 2023, which is 18 days longer than last year but still shorter than before the pandemic.
26. The median price of homes for sale increased by 6.3% annually in March 2023, lower than February’s growth rate.
27. FSBO homes sold at a median of $225,000 last year, significantly lower than the median of agent-assisted homes at $345,000. That’s a 35% loss for FSBOs!
28. In 2022, 10% of recent home sales were FSBO sales. This is up from 7% last year. FSBO sellers typically know the buyers of their homes and in 2022, half of FSBO sellers knew their buyers.
29. The typical homeseller has owned their home for 10 years.
30. Middle-income homeowners have seen their properties appreciate by 68% since 2012, accumulating $122,100 in wealth.
31. In terms of move-ups, 41% percent of sellers traded up to a larger home and 32% purchased the same size home.
32. Only 20% of sellers offered incentives to attract buyers, a drop from 26% of all sellers last year.
33. The typical U.S. home sold in 2022 was 1,800 square feet and built in 1986.
The Close Takeaway: Now is the perfect time to invest in a growth marketing campaign. Develop a long-term marketing strategy to show your target audience your expertise in adjacent real estate options.
Southern Market Migration Patterns
Why These Stats Matter
In 2022, migration to the southern states continued, especially for Florida and Texas. Unsurprisingly, the number of Realtors in those southern states has also swelled. More people means more business. So, if you’re looking for more opportunities as a Realtor, head south!
34. More than 40% of all Realtors in the U.S. are in Florida, California, Texas, and New York.
35. States with the most significant population growth were in the South and West regions, with Florida topping the list at 1.87% in 2022. (U.S. Census Bureau)
36. One-half of the top 10 fastest-growing counties were in Texas: Kaufman County (8.9%), Rockwall County (5.7%), Parker County (5.6%), Comal County (5.6%), and Chambers County (5.3%).
37. The remaining fastest-growing counties were in Florida (Sumter County, 7.5%), Georgia (Dawson and Lumpkin Counties, both with 5.8%), and North Carolina (Brunswick County, 5.7%).
38. Texas was home to six of the top 10 largest-gaining (which measures how fast an area increases in population over a 12-month period) counties in 2022. Harris, Collin, Denton, Fort Bend, Bexar, and Montgomery Counties gained a combined 209,182 residents.
The Close Takeaway: If you have a referral network, it might be a great idea to connect with some real estate agents who live and work in the South. If you have connections you can work with, you might consider some cross-marketing to share information with your clients about these southern states. For example: Shoot and post a video with one of your partner agents about why people are migrating south. That’s passive income you could be earning in referral fees.
Today’s Market Shifts
Why These Stats Matter
It’s clear the real estate market has contracted and sales in some areas are sluggish. The pandemic ushered residents away from the urban centers, creating a housing void in some of the most populated areas of the country. But there are markets still chock-full of buyers eager to get into a new home or investment opportunity.
39. The counties with the fewest residents (populations below 10,000) experienced more population loss (60.8%) than gains (38.3%).
40. The largest counties (those with populations at or greater than 100,000) largely experienced population increases (68%).
41. 17 million Americans reportedly identified as digital nomads in 2022, up 131% from 2019. (Forbes.com)
42. The five most expensive states to buy a home in are:
- Hawaii
- California
- Washington, D.C.
- Washington
- Massachusetts (Zillow Home Value Index)
43. The five most affordable states to live in are:
- Mississippi
- Kansas
- Alabama
- Oklahoma
- Georgia (Forbes)
44. As of 2021, there were approximately 128 million occupied housing units (by renters and owners) in the United States. (Statista.com)
45. By March 2023, the median asking rent for vacant units was $1,937. (Redfin.com)
46. Agents or brokers represented 86% of homes sold in the U.S. in 2022.
47. The median sales price of new houses sold in March 2023 was $449,800, which is 3% below March 2022. (U.S. Census)
48. According to Freddie Mac, the rate on a 30-year fixed-rate mortgage averaged 6.27% as of April 2023. (Freddie Mac)
The Close Takeaway: Agents may need to brush up on their negotiating skills—the days of order-taking are in the past and smart agents will get good at negotiating terms in their contracts to max their closings. Also, take some time to map out your ideal client avatar and develop your strategy to target them with your branding campaign to stay ahead of your competition.
Real Estate Business & Income Statistics
Why These Stats Matter
Taking a step back to see the full picture of the industry helps to get a better understanding and perspective of how you’re stacking up. But you should also remember that every agent’s career trajectory is different and you should focus on what your priorities are, not compare yourself to everyone else. Use these stats as signposts, not as expectations.
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49. Sixty-seven percent of all Realtors® are licensed as sales agents, 21% hold broker licenses, and 14% hold broker associate licenses.
50. The median experience level of licensed professionals in the real estate industry is eight years.
51. In 2022, 79% of agents said they were certain they will remain in the real estate industry for at least two more years.
52. The median gross commission income for all Realtors in 2021 increased to $54,300, up from $43,300 in 2020.
53. The median gross commission income for Realtors working 20 to 39 hours per week in 2021 was $39,500.
54. The median gross commission income for Realtors working 40 to 59 hours per week in 2021 was $85,400.
55. The median gross commission income for Realtors working more than 60 hours a week in 2021 was $144,400.
56. In 2021, Realtors with 16 years of experience (or more) have a median gross income of $85,000.
57. The median number of annual transactions for a licensed real estate agent in 2021 is 12.
58. Seventy-one percent of Realtors specialize in residential real estate.
59. Realtors earning $100,000 or more in gross commission income are more than twice as likely to use advanced technology tools like a customer relationship manager (CRM) than agents who earn less.
The Close Takeaway: There’s a clear correlation between how much you work and how much you make in the real estate industry. If you want to be a top producer, you need to put in the hours. If you want to maximize your time and scale your business, you should consider some tech tools, like a robust CRM like Follow Up Boss, to automate some of your day-to-day tasks.
Real Estate Social Media Marketing Statistics
Why These Stats Matter
Social media is an excellent source of new business for many real estate professionals. But you need to have the latest data in terms of how prospects are using it to access real estate services.
60. Throughout 2022, Zillow was the most popular real estate website in the United States.
61. According to the National Association of Realtors (NAR) 2022 Member Profile, 72% of Realtors use Facebook, 55% use LinkedIn, and 45% use Instagram for business purposes. Only 24% of Realtors use YouTube to promote their business.
62. More than 30% of Realtors reported closing at least one transaction a year as a direct result of their use of social media.
63. Americans now spend, on average, 90 minutes a day on Facebook and Facebook-connected platforms, including Instagram, Messenger, and Snapchat. (eMarketer)
64. The average American Facebook user clicks on 11 ads per month.
65. Ninety-six percent of Facebook visits are made on smartphones.
66. Ninety-four percent of Realtors communicate with clients via text messaging most often.
The Close Takeaway: There’s never been a more important time to be on social media. If you need help with your social media, consider working with a real estate marketing company like Coffee & Contracts to automate and streamline your social media content and management.
At this time Coffee and Contracts has closed its membership until Fall 2023, however you can join the waiting list now and receive access to their free resource suite and get an exclusive discount when they open their doors again.
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Real Estate Emerging Tech in Marketing Statistics
Why These Stats Matter
Real estate is primed to be inundated with some pretty amazing emerging technologies that can help agents and brokers run their businesses more efficiently and scale seamlessly. It’s important to stay on top of where your target audience is consuming content so you’ll be able to create a strategy to reach them. It’s important to know that most people in the world use their mobile devices, which greases the wheels of real estate transactions on the go.
67. Nearly 80% of active listing agents use drone photography and videography to market their listings.
68. More than one out of every five commercial drone shoots are now done for real estate purposes.
69. Seventy-three percent of homeowners say they’re more likely to list with a Realtor who uses video to sell property.
70. Homes with drone photography as a part of the marketing plan sell, on average, 68% faster than those without.
71. Thirty-six percent of Realtors spend $50 to $250 monthly on technology, while 23% spend more than $500.
72. Over the next two years, agents believe the most impactful emerging tech will be:
- Cybersecurity (31%)
- 5G (30%)
- Drones (27%)
- Artificial intelligence (15%)
- Virtual reality (14%) (NAR)
73. A Matterport survey showed that listings with 3D virtual walk-through videos close 31% faster and sell for up to 9% more. (Matterport.com)
74. According to the International Telecommunication Union, there were more than 8.58 billion mobile subscriptions in use worldwide in 2022, compared to a global population of just under 8 billion. That means there are now more mobile phones than people.
75. Ninety-four percent of Realtors communicate with clients via text messaging most often.
The Close Takeaway: If video isn’t a component of your real estate marketing strategy, you’re likely missing out on new business. If you’re not sure where or how to get started, companies like Animoto and Invideo make your video marketing easy and something you can do in just a couple of minutes a day, straight from your phone.
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Stats About Real Estate Referrals
Why These Stats Matter
Referrals continue to be the primary source of business for real estate pros. Looking at the stats for income, you can see the correlation between time in the industry and the size of an agent’s paycheck. That’s because referrals take a bit of time to sow. But if you know how important referrals are and where referrals come from, you can start planting those seeds today.
76. In 2022, 63% of homesellers reported finding their agent via a referral from friends or family or used an agent they had previously worked with.
77. The typical seller has recommended their agent once since selling their home; 27% of sellers recommended their agent four or more times since selling their home.
78. The typical Realtor earned 16% of their business from repeat clients and 20% through referrals from past clients.
79. Sixty-eight percent of licensed real estate professionals have their own website.
80. On average, the third-most viewed section on a real estate agent’s website is the “about us” page.
81. Sixty-nine percent of homesellers surveyed in 2021 said that they would gladly write a review for their sales agent, if requested.
82. When asked about the most important trait they look for in an agent, prospective homesellers chose “professional reputation” more than any other trait.
The Close Takeaway: It’s vital to your business to create marketing that establishes your expertise, especially through social media. But don’t forget to keep those already established relationships solid.
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Real Estate Brokerage Statistics
Why These Stats Matter
The numbers are in: Brokers and broker associates close more transactions and earn higher incomes. Thinking of going out on your own? There are a ton of advantages to getting your broker license, including opening your own brokerage, making more money, and branching out into agent training.
83. According to the latest stats from the U.S. Census, more than 107,000 brokerages are currently operating in the United States.
84. Brokers or associate brokers hold 32% of all real estate licenses in the United States.
85. A typical real estate agent stays at a brokerage for five years.
86. Real estate brokers and associate brokers close a median of 14 annual transactions.
87. Forty-five percent of brokers report that “keeping up with technology” is the biggest challenge that their agents face.
88. The software tools most often provided or encouraged by firms are e-signature (83%), comparative market analysis (82%), electronic contracts or forms (80%), and multiple listing technology (79%).
The Close Takeaway: Recruiting top talent is a chief concern for brokerages in 2023. That means shopping around for the best perks will pay off. If you’re looking to make a change to where you hang your license, start with our popular guide to the best real estate companies to work for to find the perfect fit.
How Many Realtors Are There in Each State in 2023?
18,050
1,954
52,566
10,719
198,119
28,520
18,717
4,269
2,847
217,886
46,479
592
10,369
11,770
50,252
20,640
8,074
12,976
16,634
5,724
27,449
24,868
35,595
22,352
7,492
25,440
5,687
19,567
6,542
58,935
7,512
62,491
53,576
2,124
36,502
13,898
17,954
37,540
913
5,530
25,268
2,256
34,886
147,154
20,138
1,804
36,425
380
21,208
3,368
16,918
2,636
Over to You
Understanding the constantly changing world of real estate is what will set you apart, especially in a softer market. You can use these real estate statistics in several ways, including as a conversation starter, as a prompt for a blog post, or as a social media post. Use these stats to showcase how in touch you are with the current market in your community and you’ll shine like a bright star.
Was there a real estate statistic we didn’t cover that you’d like to know? Leave us a comment below. Statistics are a great way to start a real estate conversation. So let’s keep the discussion going!
SOURCES:
Association of Real Estate License Law Officials (ARELLO), National Association of Realtors, U.S. Census Bureau, U.S. Bureau of Labor and Statistics, Realtor.com, RIS Media, U.S. Association of Unmanned Aerial Videographers, Florida Realtors, Redfin, Freddie Mac
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