The State of America’s Housing Market (Part 1)
More than 80% of Americans view housing as critical to the nation’s economic recovery, and nearly 70% feel that a presidential candidate’s position on housing will be an important consideration in the voting booth. Whether you’re thinking of buying, selling or are actively involved in the market, the statistics below will give you a clearer perspective of the state of the market.
Current National Trends in Housing
70% of Americans view owning a home as part of the American dream.
62% of consumers feel that buying a home in the current market is a good investment over the next 10 years.
$190,000: Median home price, up from $170,000 the previous year
$155,000: Median home price of first-time buyers
$219,500: Median home price of repeat buyers
Homeownership rate rose to 66.1% in Q3 2011, up from 66.0% in Q2 2011.
75.1% of homeowners state that their home defines their identity.
95% of metro areas are expected to see home prices rise in the next year.
Buyer Overview
Buyers searched for a median of 12 weeks and visited 12 homes before they found the one they purchased.
27% of homebuyers, including 60% of first-time homebuyers, said that the desire
to own a home of their own was the biggest reason they bought.
First-time homebuyers comprise 37% of the market.
64% of all buyers are married couples,
18% are single women,
10% are single men
and 7% are unmarried couples.
$80,900: The median household income of homebuyers.
84% of buyers purchased a previously-owned home and 16% purchased a new home.
Seller Overview
35% of homes were on the market less than 2 months before they sold.
The average time a home was on the market was 9 weeks.
66% of sellers were first-time sellers.
39% of sellers did not reduce the asking price,
26% of sellers reduced it once and 35% reduced the price two or more times.
Sources:
1. Move, Inc.
2. Wall Street Journal, October 4, 2011
3. Bank of America: Mortgage Index Study, December 8, 2011
4. National Association of REALTORS® Profile of Home Buyers and Sellers 2011
5. National Association of REALTORS® Profile of Home Buyers and Sellers 2010
6. National Association of REALTORS® 7. CNN Money, November 4, 2011
© 2012 Buffini & Company. All Rights Reserved.
Our Recent Listings
-
$197,572
8663 SEASONS WAY #25C
LANHAM, MD -
Sold: $136,000
9906 BOYSENBERRY WAY #120-32
GAITHERSBURG, MD -
Sold: $649,000
3123 NEWTON ST NE
WASHINGTON, DC -
Sold: $550,000
97 HAMPSTEAD CT
SEVERNA PARK, MD -
Sold: $655,000
8811 LONGWOOD ST
FULTON, MD -
Sold: $270,000
1451 COVINGTON ST
BALTIMORE, MD -
Sold: $285,000
8480 ICE CRYSTAL DR #A
LAUREL, MD -
Sold: $330,000
13042 CABIN CREEK RD
HERNDON, VA -
Sold: $650,000
7821 TUCKAHOE CT
FULTON, MD -
Sold: $425,000
3523 DUKE ST
COLLEGE PARK, MD
-
Lot SizeN/A
Home Size1,276 sqft
Beds2 Beds
Baths2 Baths
-
Lot SizeN/A
Home Size621 sqft
Beds1 Bed
Baths1 Bath
-
Lot Size8,277 sqft
Home Size1,946 sqft
Beds4 Beds
Baths4 Baths
-
Lot SizeN/A
Home Size2,075 sqft
Beds4 Beds
Baths3 Baths
-
Lot Size2,614 sqft
Home Size3,120 sqft
Beds4 Beds
Baths4 Baths
-
Lot Size872 sqft
Home Size1,152 sqft
Beds2 Beds
Baths2 Baths
-
Lot SizeN/A
Home Size1,349 sqft
Beds2 Beds
Baths2 Baths
-
Lot SizeN/A
Home Size1,240 sqft
Beds2 Beds
Baths2 Baths
-
Lot Size3,050 sqft
Home Size3,600 sqft
Beds3 Beds
Baths4 Baths
-
Lot Size10,455 sqft
Home Size1,534 sqft
Beds6 Beds
Baths3 Baths