NAR's Profile of Home Buyers and Sellers Stats - Then vs Now

By
Real Estate Agent with Century 21 Commonwealth

As another decade comes and goes it helps to look back over the past ten years and see how much has changed in the real estate industry. There are certain elements that have really changed the way business is done these days and will have a long term effect on the process of buying and selling a home. According to the National Association of Realtors Profile of Home Buyers and Sellers data:

  • Over the past decade (1999 compared to 2009), median home values have increased more than 25 percent from $137,600 in Nov. 1999 to $172,600 in Nov. 2009. This shows that those who have been in their homes for 10+ years have definitely equity built up in those properties.
  • Fewer people are buying single family homes - 78% in 2009 compared to 82% in 1999.
  • More than half of buyers (54 percent) bought a home in a suburban neighborhood last year compared to 46 percent 10 years ago.
  • A majority of last year’s buyers (90 percent) began their search for a home online compared to only 37 percent in 1999. I highlight this because this has been an instrumental change in how real estate is done these days, which has led to The Madden Team being on the forefront of these technological changes.

While these changes have occurred within the real estate industry, some things have remained unchanged over the course of ten years.

  • The median age for homebuyers in 2009 was 39, just as it was in 1999.
  • Neighborhood quality, affordability and convenience to work and school are still top considerations for buyers.
  • 80% of buyers still believe that owning a home is an investment in their future.

While some things change, other stay the same. There will always be innovation that changes this industry and we will adapt to use it to the best of our ability. Have a happy and healthy 2010!

Comments (4)

Lisa Rees
Coldwell Banker Reilly & Sons - Lansing, KS
Coldwell Banker Reilly & Sons Real Estate Agent

Interesting statistics!!  Thanks for sharing!

Jan 08, 2010 05:32 AM
Mark Madden
Century 21 Commonwealth - Watertown, MA
The Madden Team

Thanks Lisa. It's amazing how some things can change so much while other important factors still remain the same. Best of luck in 2010. I hope it's a healthy, happy and prosperous New Year for you!

Jan 08, 2010 05:57 AM
Anonymous
Kristin

This is a great summary of the changes between now and 10 years ago. I was wondering - do you have a comparison of first time home-buyers? I'm just wondering if that has changed much considering the new tax credit. Are there more than there used to be? Are they younger/older than before?

Feb 08, 2010 03:18 AM
#3
Art Ramsey
Seattle, WA

For those with REALTOR designations ...

Did NAR disclose to you before you took the class that you would need to pay them every year to rent your designation? Did they disclose to you how much the annual renewal would be before you took the class? We are talking ethics here, are we not? 

No one I know with a designation knew about these extra fees. Where is the ethics?

Why would NAR fail to disclose annual fees as they advertise these designations?

Please email me with your problems iwth NAR.       Seattlebroker1@aol.com

Thanks!

 

Mar 03, 2010 12:36 AM