Most Recent Statistics
(From the National Association of Realtors, unless otherwise noted)
- Thirty-three percent of the homes purchased in 2014 were bought by first time buyers.
- Nationwide, the median price of a home is $188,900.
- New homes have larger average prices nationwide: $311,400 (U.S. Census Bureau)
- Thirty-three percent of recent home buyers were first-time buyers, which is still suppressed from the historical norm of 40 percent among primary-residence buyers.
- The typical first-time buyer was 31-years-old, while the typical repeat buyer was 53.
- The median household income of buyers was $84,500. The median income was $68,300 among first-time buyers and $95,000 among repeat buyers.
- Sixty-five percent of recent home buyers were married couples.
- For 24 percent of recent home buyers, the primary reason for the recent home purchase was a desire to own a home, while nine percent purchased due to a job-related relocation or move, and eight percent bought for the desire to be in a better area or a change in family situation.
- New home purchasers bought a new home to avoid renovations or problems with plumbing or electrical, and the ability to customize their home. Home buyers who bought previously owned homes purchased their home for a better price and overall value and the charm and character their home provides.
- The typical home purchased was 1,870 square feet in size, was built in 1993, and had three bedrooms and two bathrooms.
- Seventy-nine percent of home buyers purchased a detached single-family home.
- Thirteen percent of recent buyers over the age of 50 bought a home in senior-related housing.
- When considering the purchase of a home, heating and cooling costs were at least somewhat important to 86 percent of buyers and commuting costs were considered at least somewhat important by 70 percent of buyers.
- Buyers expect to live in their home for 12 years after buying.
- For 43 percent of home buyers, the first step in the home-buying process was looking online for properties and 12 percent of home buyers first looked online for information about the home buying process.
The typical home buyer searched for 10 weeks and viewed 10 homes—this is two weeks shorter than the previous year’s report.