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.
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.
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.
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
501 HUNGERFORD DR #475
7782 WATER ST
8663 SEASONS WAY #25C
9906 BOYSENBERRY WAY #120-32
3123 NEWTON ST NE
97 HAMPSTEAD CT
SEVERNA PARK, MD
8811 LONGWOOD ST
1451 COVINGTON ST
8480 ICE CRYSTAL DR #A
13042 CABIN CREEK RD
Home Size1,394 sqft
Lot Size3,485 sqft
Home Size3,570 sqft
Home Size1,276 sqft
Home Size621 sqft
Lot Size8,277 sqft
Home Size1,946 sqft
Home Size2,075 sqft
Lot Size2,614 sqft
Home Size3,120 sqft
Lot Size872 sqft
Home Size1,152 sqft
Home Size1,349 sqft
Home Size1,240 sqft