Despite the market's rollercoaster ride of declining sales and rising prices, one surprising statistic reveals where savvy buyers are now finding their opportunity: pending home sales just leapt to their highest level in eight months.
Key Takeaways
- In 2023, existing-home sales reached 4.09 million units, marking a 19.8 percent decline from 2022 and the lowest annual total since 1995
- Pending home sales increased by 5.6 percent in March 2024 from February, reaching an index of 75.3, the highest since July 2023
- New home sales in 2023 totaled 668,000 units, down 11.1 percent from 2022
- The median sales price of existing homes in 2023 was $389,800, up 5.7 percent from 2022
- Median price per square foot for existing single-family homes in Q1 2024 was $239
- Asking price appreciation for homes listed on Realtor.com in 2023 averaged 5.2 percent year-over-year
- Active listings on Realtor.com increased 15.3 percent year-over-year as of March 2024
- Months' supply of existing homes in March 2024 was 3.7 months, up from 2.7 months a year ago
- New listings in February 2024 were up 15 percent from January but down 3 percent year-over-year
- The typical age of home buyers in 2023 was 56 years old, up from 49 in 2020
- 89 percent of buyers in 2023 used a real estate agent, the highest since 2001
- First-time buyers made up 32 percent of all buyers in 2023, with median income of $107,000
- There were 1.53 million Realtors who were NAR members as of November 2023
- Realtor.com generated 70 percent of all real estate leads for agents in 2023
- Average sales price per Realtor transaction in 2023 was $450,000
In a challenging 2023 market, sales dropped but home prices continued rising nationwide.
Demographic Statistics
1The typical age of home buyers in 2023 was 56 years old, up from 49 in 2020
Verified289 percent of buyers in 2023 used a real estate agent, the highest since 2001
Verified3First-time buyers made up 32 percent of all buyers in 2023, with median income of $107,000
Verified426 percent of buyers were born outside the U.S. in 2023
Directional5Median household income for all buyers in 2023 was $107,000, up 7 percent from 2022
Single source621 percent of buyers were Veterans or active military in 2023
Verified7Baby Boomers accounted for 39 percent of home sales in 2023
Verified8Millennial buyers had a median age of 34 and income of $105,000 in 2023
Verified957 percent of sellers had lived in their home for 10 years or more before selling in 2023
Directional10Gen Z buyers increased to 12 percent of market in 2023, median age 25
Single source1174 percent of younger millennials bought with a partner in 2023
Verified12Black or African American buyers were 8 percent of total in 2023
Verified13Hispanic/Latino buyers comprised 10 percent, with median income $114,000
Verified1454 percent of buyers purchased in suburbs in 2023
Directional15Remote workers made up 24 percent of buyers in 2023, down from 30 percent in 2022
Single source16Sellers typically netted $100,000 profit after fees in 2023
Verified1723 percent of sellers were relocating for a job in 2023
VerifiedDemographic Statistics Interpretation
The housing market in 2023 reveals a decisive shift towards a more mature, financially secure, and diverse crowd, where seasoned Boomers solidify their status as real estate heavyweights while younger generations scramble to find a foothold with a partner and a realtor in tow.
Industry Statistics
1There were 1.53 million Realtors who were NAR members as of November 2023
Verified2Realtor.com generated 70 percent of all real estate leads for agents in 2023
Verified3Average sales price per Realtor transaction in 2023 was $450,000
Verified486 percent of buyers looked at properties online first in 2023
Directional5NAR dues-paying membership declined 1.2 percent to 1.53 million in 2023
Single source6Median gross income for Realtors was $54,300 in 2022 survey
Verified765 percent of Realtors were licensed for 5 years or less in 2023
Verified8Female Realtors comprised 65 percent of NAR membership in 2023
Verified9Realtors completed 5.4 million transactions in 2023, down 18 percent from 2022
Directional10NAR membership included 1.5 million Realtors actively engaged in 5.09 million transaction sides in 2022
Single source1120 percent of Realtors specialize in residential brokerage exclusively in 2023
Verified12Average Realtor closed 12 transactions per year in 2023
Verified1341 percent of Realtors hold a bachelor's degree or higher in 2023
Verified14Realtor.com app had 100 million downloads by end of 2023
Directional15Commission rates averaged 5.49 percent for sellers in 2023
Single source1690 percent of home sellers used an agent in 2023
Verified17Full-time Realtors median income rose to $56,400 in 2023 survey
VerifiedIndustry Statistics Interpretation
The real estate industry reveals a paradox of intense digital engagement—with 70% of leads coming from a single site—yet startlingly thin earnings for the average Realtor, whose modest median income suggests that in a crowded field of 1.5 million, the digital gold rush is mostly generating digital fool's gold.
Inventory Statistics
1Active listings on Realtor.com increased 15.3 percent year-over-year as of March 2024
Verified2Months' supply of existing homes in March 2024 was 3.7 months, up from 2.7 months a year ago
Verified3New listings in February 2024 were up 15 percent from January but down 3 percent year-over-year
Verified4Total housing inventory at end of March 2024 was 1.32 million units, up 22.5 percent from February
Directional5Unsold new home inventory in March 2024 represented 8.6 months' supply
Single source6Homes for sale nationwide lingered on the market for 52 days in March 2024, up 20 percent year-over-year
Verified7Shadow inventory of distressed properties fell to 0.6 percent of all homes in Q4 2023
Verified8Rental vacancy rate was 6.6 percent in Q1 2024, down from 7.0 percent a year earlier
Verified9Builder confidence index for single-family homes was 51 in April 2024
Directional10Total unsold inventory of new single-family homes was 249,000 units in March 2024
Single source11Inventory of homes for sale reached 1.4 million in April 2024, up 24 percent year-over-year
Verified12Months of supply for new homes was 8.2 in April 2024
Verified13New listings surged 8.5 percent week-over-week in late April 2024
Verified14Under construction single-family homes totaled 639,000 units in Q1 2024
Directional15Vacant for-sale inventory was 720,000 units in Q1 2024
Single source16Days on market for listings hit 53 days median in April 2024
Verified17Distressed sales were 2 percent of all sales in Q1 2024
Verified18Rental inventory growth was 3.2 percent year-over-year in Q1 2024
Verified19Homeowner vacancy rate dropped to 0.7 percent in Q1 2024
DirectionalInventory Statistics Interpretation
The market is finally stretching after a long, stiff nap, as more sellers wake up to a reality where buyers can actually browse without having to wrestle each other for the keys.
Price Statistics
1The median sales price of existing homes in 2023 was $389,800, up 5.7 percent from 2022
Verified2Median price per square foot for existing single-family homes in Q1 2024 was $239
Verified3Asking price appreciation for homes listed on Realtor.com in 2023 averaged 5.2 percent year-over-year
Verified4FHFA House Price Index rose 5.2 percent in Q4 2023 from Q4 2022
Directional5Zillow Home Value Index stood at $347,966 in March 2024, up 4.2 percent year-over-year
Single source6Luxury home median sales price in 2023 was $1.18 million, up 8.5 percent from 2022
Verified7Average price per square foot for new homes sold in 2023 was $157, up 4.8 percent
Verified8Case-Shiller National Home Price Index increased 5.1 percent year-over-year in January 2024
Verified9Median listing price on Realtor.com in April 2024 was $428,572, up 0.4 percent from last year
Directional10Redfin median sale price in Q1 2024 was $431,000, up 4.8 percent year-over-year
Single source11Median sales price of new homes in March 2024 was $414,300, up 4.8 percent year-over-year
Verified12CoreLogic Home Price Insights report showed 4.2 percent annual growth in February 2024
Verified13Average regional home price growth in Northeast was 7.2 percent in 2023
Verified14Price per square foot for luxury homes rose 9.1 percent in 2023 to $325
Directional15Zillow observed typical home values up 2.5 percent in 2024 forecast
Single source16Realtor.com Hotness Index ranked Rochester NY as top housing market in March 2024
Verified17Pending sales index hit 84.0 in May 2024, up 1.5 percent month-over-month
Verified18National median listing price growth slowed to 0.1 percent in May 2024
Verified19Median existing-home price hit $407,600 in May 2024, up 5.3 percent year-over-year
Directional20Case-Shiller 20-city index up 6.5 percent year-over-year in March 2024
Single source21New home median price $426,700 in April 2024, up 5.4 percent
VerifiedPrice Statistics Interpretation
Despite the comforting uniformity of these statistics, which suggest a market rising as predictably as a well-timed soufflé, a closer look reveals it's not just inflation but a full-blown case of square-foot sticker shock, where even the crumbs of affordability are getting baked into the price.
Sales Statistics
1In 2023, existing-home sales reached 4.09 million units, marking a 19.8 percent decline from 2022 and the lowest annual total since 1995
Verified2Pending home sales increased by 5.6 percent in March 2024 from February, reaching an index of 75.3, the highest since July 2023
Verified3New home sales in 2023 totaled 668,000 units, down 11.1 percent from 2022
Verified4Total housing starts in 2023 were 1.41 million units, a 6.5 percent decrease from 2022
Directional5Existing condo sales in Q1 2024 were 63,000 units, up 3.3 percent year-over-year
Single source6Single-family home sales in 2023 accounted for 89 percent of all existing-home sales
Verified7Median days on market for existing homes in 2023 was 61 days, up from 29 days in 2020
Verified8Home closings in March 2024 saw a contract failure rate of 16 percent due to appraisals
Verified9First-time buyer share of purchases in 2023 was 32 percent, the highest since 2012
Directional10Repeat buyers made up 68 percent of all buyers in 2023
Single source11In Q4 2023, existing-home sales were 3.82 million seasonally adjusted annual rate, down 4.3 percent from Q3
Verified12Single-family existing home sales in March 2024 totaled 3.1 million annual rate, down 5.9 percent year-over-year
Verified13Condo-co-op sales in 2023 fell 12 percent to 570,000 units
Verified14Total home sales volume in 2023 was $1.6 trillion, down 15 percent from 2022
Directional15Cash sales accounted for 28 percent of all transactions in Q1 2024
Single source16Investor purchases dropped to 15 percent of home sales in 2023, lowest since 2008
Verified17Existing-home sales in April 2024 were 4.14 million annual rate, up 0.8 percent month-over-month
Verified18Total sales contracts in Q2 2024 showed 10 percent year-over-year decline
Verified19New single-family home sales hit 693,000 annual rate in April 2024
Directional20All-cash deals fell to 27 percent of sales in April 2024
Single source21Institutional investor share was 16 percent in Q1 2024
VerifiedSales Statistics Interpretation
The housing market is currently a nervous seesaw where first-time buyers are finally getting a seat at the table, but only because high rates and low inventory have made investors cash out and sent everyone else into a waiting game measured in years, not days.
Sources & References
- Reference 1NARnar.realtorVisit source
- Reference 2CENSUScensus.govVisit source
- Reference 3REALTORrealtor.comVisit source
- Reference 4FHFAfhfa.govVisit source
- Reference 5ZILLOWzillow.comVisit source
- Reference 6SPGLOBALspglobal.comVisit source
- Reference 7REDFINredfin.comVisit source
- Reference 8CORELOGICcorelogic.comVisit source
- Reference 9NAHBnahb.orgVisit source
- Reference 10INMANinman.comVisit source