31 Real Estate Stats Your Homebuyers Will Want to Know in 2023
As a real estate agent, your buyers will expect you to offer insights and understanding about the local real estate market. This includes insights on everything from pricing to trends and opportunities. While each year brings new challenges and opportunities in the real estate industry, having the latest data and insights can make a significant difference in how well you understand it.
Here are 31 of the most important real estate statistics you should know in 2023 to help your homebuyers make informed decisions.
Homeownership rates in the US are expected to approach 67% by 2023.
The average price of a home in the United States will increase by 5.2% in 2023.
In 2023, it is expected that four out of five homes on the market will sell below the listed price.
Housing affordability continues to be a challenge, with housing costs representing nearly one-third of the income of low-income households.
Millennials are expected to dominate the home buying market, making up 4 out of every 10 buyers.
Interest rates for mortgage loans are projected to be around 4.5% in 2023.
By 2023, the median age of a first-time homebuyer in the US will increase to 38 years.
In 2023, the top five states with positive net migration are expected to be Arizona, Idaho, Nevada, Florida, and Texas.
The average down payment for a home in the US is 12%.
The average mortgage payment as a percentage of income is 15%.
41% of homebuyers prefer to work with real estate agents who use digital signatures for contracts.
51% of homebuyers prefer to work with agents who are responsive and readily available.
49% of homebuyers use Zillow, Redfin or other online portals to search for homes.
70% of homebuyers believe that a home inspection is very important.
The majority of homeowners (66%) consider homeownership to be a great investment.
The average homeowner has owned their home for 13 years.
In 2023, the National Association of Realtors predicts that the demand for vacation homes will increase.
Compared to 2019, the number of home flips is expected to decrease in 2023.
30% of millennials still live at home with their parents.
In 2023, the average number of days homes are on the market before being sold will decrease to 60.
68% of Americans say now is a good time to buy a home.
According to the National Association of Realtors, staging a home can lead to a quicker sale.
In 2023, homebuilders will continue to focus on building more affordable housing and smaller homes.
Using social media to promote properties will increase by 10% in 2023.
By 2023, 35% of homebuyers prefer to work with agents who use virtual tours.
Open houses are still popular – 59% of homebuyers say they attend at least one.
The average time to close a mortgage in the US is now 45 days.
79% of homebuyers use public transportation at least once a week.
45% of home buyers have to compromise on their desired home characteristics due to affordability.
In 2023, more people will consider buying a second home as a source of income.
By 2023, the use of climate-friendly homes and eco-friendly features will be on the rise.
These statistics are important to consider when helping your homebuyers find their dream home. Use them to offer insights, guide buyers, and make informed decisions. By utilizing this data, you will be able to provide top-notch service to your clients and stay ahead of the competition.