Updated: Apr 2
March 21, 2020
The real estate industry in New York is always changing. Whether you’re a buyer, seller, renter, or agent, market fluctuations can have a big impact on your life. Still becoming a real estate agent in New York is an incredibly rewarding career where you will meet a lot of people who need your help to buy or sell their next home.
In fact, if you take a look at some of the real estate industry statistics from last year, you can see the upward trend that the residential property market is currently having. To help you understand this better, and to help you decide if becoming a real estate agent in New York is right for you, we have compiled some interesting residential and homebuyer real estate statistics for 2019. Let’s take a look:
Residential Real Estate Statistics
· As of April 2019, there have been roughly 673,000 houses sold in the US in 2019. That’s 12.4% more than the year before (U.S. Census Bureau, 2019).
· The Midwest has the highest rates of homeownership in the nation at 68.2%, followed by the South at 66.2 percent (U.S. Census Bureau, 2019).
· 64.8% of U.S. citizens were homeowners in the fourth quarter of 2018 (up from 64.2% in 2017). (United States Census Bureau, 2019)
· 35.4% of homeowners are under 35 years of age. The age bracket with the highest rate of homeownership (78.5%) is 65 years and over (U.S. Census Bureau, 2019).
· Nationwide, the average sale price of a luxury home fell 1.6% in 2019 (Redfin, 2019).
· Across the US, the median price of a home is $267,300 (National Association of Realtors, 2019).
· 36% of homeowners listed unexpected maintenance or repairs as their biggest regret (Zillow, 2019).
· The average homebuyer took 73 days to close on a property after the first initial visit to the home (Redfin, 2019).
· On average, buyers are spending 3 fewer days searching for homes in 2019 than the previous year (Redfin, 2019).
· Virtual house tours are most important to buyers that fall within the 53-71 age range (National Association of Realtors, 2018).
· 33% of home buyers in 2018 were first-time home buyers. (NAR Home Buyers and Sellers Generational Trends Report, 2019)
· 10 weeks was the average amount of time buyers spent searching for a home in 2018. (NAR Home Buyers and Sellers Generational Trends Report, 2019)
Contact iTraining Real Estate School
To learn more the industry’s leading real estate educational service, contact iTraining Real Estate School today and speak with a real estate training professional who can answer any questions you might have about receiving your New York Real Estate broker license.
If you enjoyed this article, please feel free to share it on your favorite social media sites.