In the last decade, a lot has changed in the real estate industry from how buyers go through the process to how prices have changed while some things haven’t changed like the median age of buyers, according to the National Association of Realtors.
“The real estate industry has seen tremendous change and evolution over the past decade,” said NAR President Vicki Cox Golder. “As the first, best source for real estate information, Realtors® have not only anticipated and adapted to the evolving needs of their clients and customers, but also have influenced industry trends and innovations that will carry us into the future.”
Knowing the difference between now and a decade ago is not only brain candy but great information to share with your own blog readers- tell them if these stats are true in your own experience or how they differ in your practice:
- 1999: 37% of buyers searched for a home online. 2009: 90% of buyers searched for a home online.
- 1999: median home value is $137,600. 2009: median home value is $172,600 (but not that some reports reflect that when accounting for inflation, the value hasn’t changed at all this decade).
- 1999: 82% of buyers purchased detached, single family homes. 2009: 78% of buyers purchased detached, single family homes.
- 1999: 46% of buyers choose suburban neighborhoods. 2009: 54% of buyers choose suburban neighborhoods.
- 1999: 68% of buyers were married couples. 2009: 60% of buyers are married couples.
- 1999 and 2009: the median age for buyers was 39.
- 1999 and 2009: “neighborhood quality, affordability, and convenience to work and school have consistently been top priorities.”
Overall the only major shift has been in the rise of online search which was predictable but I’m personally a bit surprised at the drop in number of married couples. Which stats most strike you?