Picture a year where the median home price climbed to over $412,000, yet first-time buyers were scarcer than they've been since the 1980s, a stark contradiction that defines the complex state of the 2023 U.S. real estate market.
Key Takeaways
- In 2023, the median sales price of existing single-family homes in the United States reached $412,300, marking a 5.7% year-over-year increase according to the National Association of Realtors.
- As of Q4 2023, the average home price in California was $843,350, driven by high demand in coastal cities like San Francisco and Los Angeles per Zillow Research.
- In 2022, new single-family home sales in the US totaled 668,000 units, a 16.6% decline from 2021 as reported by the US Census Bureau.
- The US office vacancy rate reached 19.8% in Q4 2023, highest since 2010 according to CBRE.
- Industrial warehouse asking rents in the US averaged $8.45 per sq ft in 2023, up 7.2% YoY per CBRE.
- Retail vacancy rate nationally was 5.3% in Q4 2023, stable from prior year per ICSC.
- The national average apartment rent grew 2.1% YoY to $1,682 in December 2023 per RentCafe.
- US single-family rental vacancy rate was 5.8% in Q3 2023 per Census Housing Vacancy Survey.
- Median rent for 2-bedroom apartments in New York City was $4,250 in 2023 per StreetEasy.
- National median home price index rose 5.1% YoY to 314.65 in November 2023 per FHFA.
- S&P CoreLogic Case-Shiller National Home Price Index increased 5.8% YoY in October 2023.
- Zillow Home Value Index for US was $347,781 in January 2024, up 3.9% from prior year.
- In 2023, 65.7% of US households owned their primary residence per Census ACS.
- Black homeownership rate was 44.1% in 2023, compared to 73.6% for whites per Census.
- Median age of US homebuyers was 56 in 2023 per NAR Profile.
Even with home prices still trending upward, mortgage rates staying relatively high are putting the brakes on the housing market in 2026.
Commercial Real Estate
1The US office vacancy rate reached 19.8% in Q4 2023, highest since 2010 according to CBRE.
Verified2Industrial warehouse asking rents in the US averaged $8.45 per sq ft in 2023, up 7.2% YoY per CBRE.
Verified3Retail vacancy rate nationally was 5.3% in Q4 2023, stable from prior year per ICSC.
Verified4US multifamily vacancy rate fell to 6.5% in Q4 2023 from 7.2% prior per NMHC.
Directional5Downtown office asking rents in major US cities averaged $50.92 psf in 2023 per JLL.
Single source6Net absorption of industrial space in US was 280 million sq ft in 2023 per JLL.
Verified7Hotel occupancy rate in US averaged 63.2% in 2023, recovering to 90% of 2019 levels per STR.
Verified8Construction starts for US commercial buildings totaled 1.2 billion sq ft in 2023, down 15% YoY per Census.
Verified9Average cap rate for US office properties was 7.8% in Q4 2023 per NCREIF.
Directional10Retail sales per sq ft in top US malls averaged $650 in 2023 per Green Street.
Single source11US flex space vacancy was 8.1% in Q4 2023 per Cushman & Wakefield.
Verified12Data center inventory in US grew 20% to 5,237 MW in 2023 per CBRE.
Verified13Suburban office vacancy rate hit 21.5% nationally in 2023 per Colliers.
Verified14Medical office net absorption was 2.1 million sq ft in Q4 2023 per C&W.
Directional15US logistics rent growth was 5.9% YoY in primary markets in 2023 per Prologis.
Single source16Hotel RevPAR grew 8.1% YoY to $110.61 in 2023 per STR.
Verified17Net lease retail cap rates compressed to 6.2% in Q4 2023 per Net Lease Advisory Group.
Verified18US office construction pipeline was 300 million sq ft under construction in 2023 per Dodge Data.
Verified19Big-box retail vacancy was 4.2% nationally in 2023 per Reconstruct.
Directional20Average US apartment absorption was 240,000 units in Q4 2023 per Yardi Matrix.
Single sourceCommercial Real Estate Interpretation
The commercial property market is telling us to put our things in boxes, rent a cozy apartment, shop for bargains, and check into a hotel, but don't you dare ask about a desk at the office.
Property Ownership and Demographics
1In 2023, 65.7% of US households owned their primary residence per Census ACS.
Verified2Black homeownership rate was 44.1% in 2023, compared to 73.6% for whites per Census.
Verified3Median age of US homebuyers was 56 in 2023 per NAR Profile.
Verified4Immigrant households owned 17% of US homes in 2023 despite being 13% of population per NAHB.
Directional5Share of female-headed renter households was 32% in 2023 per HUD.
Single source6Baby boomer households owned 38% of large US homes (3+ bedrooms) in 2023 per NAR.
Verified7Homeownership rate for US households under $50k income was 47% in 2023 per Fed SCF.
Verified815.5 million US vacant homes were seasonally vacant (e.g., vacation) in 2023 per Census.
Verified9Hispanic homeownership rate reached 49.1% in Q3 2023 per Census.
Directional10Share of multigenerational households owning homes was 25% in 2023 per Pew Research.
Single source11Empty-nester boomers accounted for 28% of home sales in 2023 per NAR.
Verified12Ownership rate among US veterans was 72.3% in 2023 per VA.
Verified1341% of US renters plan to buy within 2 years per 2023 NMHC/Kingsley survey.
Verified14Asian American homeownership rate was 63.1% in 2023 per Census.
Directional15Number of US owner-occupied homes valued over $1 million grew 20% to 8.5 million since 2020 per Redfin.
Single source16Homeownership gap between married and single buyers was 15% in 2023 per NAR.
Verified17Rural US homeownership rate was 79.1% vs 63.8% urban in 2023 per ERS USDA.
Verified18Share of homes owned free-and-clear (no mortgage) was 40% in Q3 2023 per Fed.
Verified19Gen Z homeownership rate was 26% for ages 25-29 in 2023 per Urban Institute.
Directional20Institutional investors owned 22% of single-family homes in Atlanta in 2023 per Urban Institute.
Single sourceProperty Ownership and Demographics Interpretation
While the American dream of homeownership is technically alive and kicking, the statistics paint a clear picture of a market meticulously sorted by age, race, wealth, and zip code, where your keys are less a reward for hard work and more a badge of your demographic lottery ticket.
Property Prices and Values
1National median home price index rose 5.1% YoY to 314.65 in November 2023 per FHFA.
Verified2S&P CoreLogic Case-Shiller National Home Price Index increased 5.8% YoY in October 2023.
Verified3Zillow Home Value Index for US was $347,781 in January 2024, up 3.9% from prior year.
Verified4Average price per square foot for US homes was $204 in Q4 2023 per ATTOM.
Directional5UK average house price was £288,000 in 2023, up 2.4% YoY per UK Land Registry.
Single source6In Canada, national average home price fell 1.6% YoY to C$686,594 in December 2023 per CREA.
Verified7CoreLogic Home Price Index rose 4.2% YoY for single-family homes in November 2023.
Verified8Median price of condos in US was $370,000 in Q3 2023, up 3% YoY per NAR.
Verified9Black Knight Home Price Index showed 5.3% YoY growth as of December 2023.
Directional10In Australia, median dwelling price was A$802,465 in Q4 2023 per CoreLogic RP Data.
Single source11US luxury home prices (top 5%) grew 7.1% YoY in 2023 per Redfin.
Verified12Price-to-income ratio for US metros averaged 5.2 in 2023 per Demographia.
Verified13Median manufactured home value was $147,000 in 2023 per MHInsider.
Verified14Price per acre of US farmland averaged $4,080 in 2023 per USDA.
Directional15In India, residential property prices in top 7 cities rose 6.5% YoY in H2 2023 per Knight Frank.
Single source16Rental yield for US residential properties averaged 5.8% in 2023 per Global Property Guide.
Verified17House price-to-rent ratio in US was 22.5 in Q3 2023 per OECD.
Verified18Median townhouse price in US was $385,000 in 2023 per NAR.
Verified19Commercial property price index for US offices fell 10.2% in 2023 per MSCI.
Directional20Value of US residential real estate stock was $49.7 trillion in Q3 2023 per Fed Z.1 Financial Accounts.
Single source21US home price forecast for 2024 is +3.5% growth per MBA.
VerifiedProperty Prices and Values Interpretation
While housing markets globally show varied resilience—with Canada and US offices taking a dive while luxury pads and Indian properties sizzle—the overarching story is that owning a roof over your head continues to outpace incomes, making the prospect of homeownership feel a bit like a polite but firm game of keep-away.
Rental and Leasing Market
1The national average apartment rent grew 2.1% YoY to $1,682 in December 2023 per RentCafe.
Verified2US single-family rental vacancy rate was 5.8% in Q3 2023 per Census Housing Vacancy Survey.
Verified3Median rent for 2-bedroom apartments in New York City was $4,250 in 2023 per StreetEasy.
Verified4National multifamily rent growth slowed to 0.9% YoY in Q4 2023 per Yardi Matrix.
Directional5Share of renters spending over 30% of income on rent was 49.6% in 2023 per Joint Center for Housing Studies.
Single source6US furnished apartment lease rates increased 12% YoY to $3,200/month average in 2023 per Blueground.
Verified7Vacancy rate for Class A apartments nationally was 7.2% in Q4 2023 per CoStar.
Verified8Average lease renewal rate for multifamily was 58% in 2023 per NMHC.
Verified9Rent growth in Sun Belt cities like Austin averaged 4.5% YoY in 2023 per Apartment List.
Directional10US short-term rental occupancy averaged 52% in 2023 per AirDNA.
Single source11Median gross rent in the US was $1,388 in 2023 per American Community Survey.
Verified12Concessions offered in 28% of US apartment leases in Q4 2023 per Yardi.
Verified13Average security deposit for apartments was $1,500 nationally in 2023 per Rent.com.
Verified14Renter households headed by seniors (65+) grew 4% to 5.5 million in 2023 per JCHS Harvard.
Directional15National sublease vacancy in multifamily was 1.8% in 2023 per CoStar.
Single source16Rent-to-income ratio for median renter household was 31% in 2023 per HUD.
Verified17Average length of apartment leases signed was 12.2 months in 2023 per CoreLogic.
Verified18Vacancy in affordable rental housing (<$1,000) was 4.1% vs 8.2% for luxury in 2023 per NMHC.
Verified19US pet rent fees averaged $35/month per unit in 2023 per Apartments.com.
Directional20Oversupply risk in new multifamily deliveries hit 15 markets in 2023 per CBRE.
Single source21Average application fee for rentals was $45 in 2023 per RentSpree.
Verified22Institutional ownership of single-family rentals reached 3% of stock or 600,000 homes in 2023 per Urban Institute.
Verified23Year-over-year rent growth in Phoenix was -1.2% in Q4 2023 per Zumper.
VerifiedRental and Leasing Market Interpretation
The rental market presents a paradox where national averages creep up modestly, yet nearly half of all renters are financially strained, a tension most vividly captured by the fact that a New Yorker's typical two-bedroom costs more than double the median gross rent while the Sun Belt still sizzles with growth and Phoenix actually cools.
Residential Real Estate
1In 2023, the median sales price of existing single-family homes in the United States reached $412,300, marking a 5.7% year-over-year increase according to the National Association of Realtors.
Verified2As of Q4 2023, the average home price in California was $843,350, driven by high demand in coastal cities like San Francisco and Los Angeles per Zillow Research.
Verified3In 2022, new single-family home sales in the US totaled 668,000 units, a 16.6% decline from 2021 as reported by the US Census Bureau.
Verified4The national housing inventory stood at 3.7 months of supply in December 2023, up from 2.9 months the previous year according to Realtor.com.
Directional5In 2023, 28% of US homebuyers were first-time buyers, the lowest share since 1987 per the National Association of Realtors Profile of Home Buyers.
Single source6The average time on market for homes in the US was 52 days in 2023, compared to 29 days in 2021 as per Redfin data.
Verified7In Q3 2023, US homeownership rate for households aged 35-44 was 68.2%, down from 70.1% in 2019 according to the Federal Reserve Survey of Consumer Finances.
Verified8Multifamily housing starts in the US reached 463,000 units annualized in December 2023, a 32% increase from the prior year per Census Bureau.
Verified9In 2023, the share of all-cash home purchases in the US was 32%, up from 26% in 2022 according to ATTOM Data Solutions.
Directional10Pending home sales index in the US fell to 71.5 in November 2023, a 5.6% drop month-over-month per National Association of Realtors.
Single source11In 2023, the median home price in Texas rose 3.2% year-over-year to $330,000 as reported by Texas Real Estate Research Center.
Verified12US single-family housing permits issued totaled 936,000 annualized in Q4 2023, down 7% from Q4 2022 per Census.
Verified13In major metros like New York, home prices grew 7.8% YoY in 2023 according to Case-Shiller Index.
Verified14The delinquency rate on US residential mortgages was 3.82% in Q4 2023, up slightly from 3.72% prior quarter per MBA.
Directional15In 2023, 52% of US homes sold above list price, down from 59% in 2022 per Redfin.
Single source16Florida's median home price hit $410,000 in 2023, a 9.5% increase YoY according to Florida Realtors.
Verified17US existing-home sales totaled 4.09 million in 2023, a 19% decline from 2022 per NAR.
Verified18In 2023, the average US mortgage rate for 30-year fixed was 6.81%, highest since 2000 per Freddie Mac.
Verified19Home price appreciation in Phoenix was 4.2% YoY in Q4 2023 per Zillow ZHVI.
Directional20In 2023, investor purchases accounted for 16% of US single-family home sales according to Real Capital Analytics.
Single source21The vacancy rate for US single-family rental homes was 6.2% in Q3 2023 per Census Bureau.
Verified22In Atlanta, median home prices rose 6.1% to $375,000 in 2023 per Atlanta Regional Commission.
Verified23US new home sales price averaged $510,300 in December 2023 per Census.
Verified24Share of FHA-financed home purchases was 17% in Q4 2023, up from 12% in 2021 per Urban Institute.
Directional25In Seattle, home inventory increased 45% YoY to 2.1 months supply in early 2024 per Redfin.
Single source26National rent-to-price ratio for US homes was 4.8% in 2023 per Apartment List.
Verified27In 2023, 24% of US millennials owned homes by age 30, down from 36% of Gen X per Urban Institute.
Verified28Denver's median sale price fell 1.2% YoY to $545,000 in Q4 2023 per DMAR.
Verified29US homebuilder confidence index averaged 44 in 2023, lowest since 2012 per NAHB.
Directional30In Q4 2023, Las Vegas home prices grew 5.4% YoY to $425,000 per GLVAR.
Single sourceResidential Real Estate Interpretation
The data paints a portrait of a 2023 housing market where soaring prices, falling sales, and rising mortgage rates have created a paradox: homes became more expensive and less attainable, squeezing first-time buyers while rewarding those with enough cash to sidestep the punishing financing costs.
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