Home Buyer Statistics
First Time Buyers vs. Repeat Buyers
|Percent in the Market||35%||65%|
|Median Household Income||$72,000||$98,000|
- The typical home purchased in 2015 was 1,900 square feet in size, was built in 1991, and had three bedrooms and two bathrooms.
- Among those who financed their home purchase, buyers typically financed 90% of the home price.
- 88% of buyers purchased their home through a real estate agent or broker—a share that has steadily increased from 69% in 2001.
- Where buyer found the home they purchased:
- Internet: 51%
- Real estate agent: 34%
- Yard sign/open house sign: 8%
- Friend, relative or neighbor: 4%
- Home builder or their agent: 2%
- Directly from sellers/Knew the sellers: 1%
- Print newspaper advertisement: 1%
- 78% of home buyers surveyed in NAR’s 2016 Community Preference Survey responded that neighborhood quality is more important than the size of the home. 57% would forego a home with a larger yard in favor of a shorter commute.
- NAR’s 2016 Profile of Buyers’ Home Feature Preferences found that the feature that had the highest dollar value buyers were willing to pay more for was a waterfront property.
- 53% of home buyers undertook a home improvement project within 3 months of buying, typically spending $4,550 in improvement projects.
For Sale By Owner (FSBO) Statistics
- FSBOs accounted for 8% of home sales in 2015. The typical FSBO home sold for $185,000 compared to $240,000 for agent-assisted home sales.
- FSBO methods used to market home:
- Yard sign: 33%
- Friends, relatives, or neighbors: 21%
- Online classified advertisements: 10%
- Open house: 21%
- For-sale-by-owner websites: 7%
- Social networking websites (e.g. Facebook, Twitter, etc.): 9%
- Multiple Listing Service (MLS) website: 13%
- Print newspaper advertisement: 3%
- Direct mail (flyers, postcards, etc.): 2%
- Video: 1%
- None: Did not actively market home: 41%
Most difficult tasks for FSBO sellers:
- Getting the right price: 18%
- Preparing/fixing up home for sale: 13%
- Understanding and performing paperwork: 12%
- Selling within the planned length of time: 3%
- Having enough time to devote to all aspects of the sale: 3%