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NAR Home Buyer and Seller Statistics

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Blog by Doug Ingersoll | August 3rd, 2016

Straight from the National Association of Realtors -

Home Buyer Statistics

  • First-Time vs. Repeat Buyers:
    • First-time buyers: 32%
    • Median age of first-time buyers: 31
    • Median age of repeat buyers: 53
    • Median household income of first-time buyers: $69,400
    • Median household income of repeat buyers: $98,700
  • The typical home purchased in 2014 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 definitely would use same agent again: 72%
  • Where buyer found the home they purchased:
    • Internet: 44%
    • Real estate agent: 33%
    • Yard sign/open house sign: 9%
    • Friend, relative or neighbor: 6%
    • Home builder or their agent: 6%
    • Directly from sellers/Knew the sellers: 2%
    • Print newspaper advertisement: 1%

Source: 2015 National Association of REALTORS® Profile of Home Buyers and Sellers

  • 78% of home buyers surveyed in NAR’s 2013 Community Preference Surveyresponded that neighborhood quality is more important than the size of the home.  57% would forego a home with a larger yard in favor of a shorter commute.
  • NAR’s 2013 Profile of Buyers’ Home Feature Preferences found that the feature that had the highest dollar value buyers were willing to pay more for was a waterfront property.  53% of home buyers undertook a home improvement project within 3 months of buying, typically spending $4,550 in improvement projects.

Home Seller Statistics

  • The typical home seller in 2013 was 54 years of age, had a median household income of $104,100, and lived in their home for 9 years.
  • 89% of sellers were assisted by a real estate agent when selling their home.
  • Recent sellers typically sold their homes for 98% of the listing price, and 43% reported reducing the asking price at least once.
  • The typical home sold was on the market for 4 weeks.
  • 42% 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 same agent again: 67%

Source: 2015 National Association of REALTORS® Profile of Home Buyers and Sellers