Real Estate Trends: Who’s Buying?
Wondering what types of people have been purchasing homes over the past year? The following infographic breaks down these trends into demographic blocks:
More detailed information about buyers from NAR:
- Among all recent home buyers, 66 percent were married couples, 17 percent were single females, eight percent were unmarried couples, and seven percent were single males.
- Three percent of recent buyers identified as gay or lesbian, and one percent identified as bisexual.
- Among first-time buyers, 58 percent were married couples, and 71 percent of repeat buyers were married couples.
- Among all home buyers, 83 percent purchased a detached single-family home, seven percent purchased a townhouse/row house, four percent purchased an apartment or condo.
- Eighty-seven percent of married couples, and 85 percent of unmarried couples purchased a detached single-family home.
- Married couple buyers were typically 44 years old with a household income of $99,200. They typically purchased homes that were a median of 2,010 sq. ft., for $255,000.
- Unmarried couple buyers were typically 33 years old with a household income of $84,800. They typically purchased homes that were a median of 1,670 sq. ft., for $181,400.
- Single female buyers were typically 50 years old with a household income of $55,300. They typically purchased homes that were a median of 1,520 sq. ft., for $173,000.
- Single male buyers were typically 47 years old with a household income of $69,600. They typically purchased homes that were a median of 1,575 sq. ft., for $190,600.
What does this tell you if you’re planning to sell a home? For starters, it may be safe to assume that your 1,550 sq ft home in the $185k price range will be attractive to single women in their early 50s and single men in their late 40s. Your single family home you plan to list for $230k may be a perfect fit for a married couple. You may want to consider staging your home to reach the target demographic. Of course lots of factors go into these calculations — location, condition, etc. — so I would definitely recommend with a Realtor to determine how to stage your home to sell and at what price to list.
Do any of these numbers surprise you?
Erin Ankeny is a licensed Realtor with Weichert, Realtors — New Colony in Columbia, Maryland (recently named the #1 place to live in America). She lives in Columbia with her husband and baby daughter, along with their cat Penny. You can find Erin on Facebook, Instagram, and Twitter. Please feel free to reach out any time with questions you have regarding real estate, buying a house, or selling your property!