16 Exciting Real Estate Market Statistics (Hottest Housing Trends in 2024)

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Malvina Vega
Written by
Malvina Vega

Updated · Jan 02, 2024

Malvina Vega
Content Writer | Joined October 2021 | LinkedIn
Malvina Vega

I'm a work in progress. An amateur thinker, fascinated by the human mind. Avid hammocks supporter. H... | See full bio

Ivailo Ivanov
Edited by
Ivailo Ivanov


Ivailo Ivanov
Content Writer | Joined October 2021
Ivailo Ivanov

If I was asked to describe myself using just a few words, I’d go with digital marketing expert, ex... | See full bio

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For many, owning real estate is a lifelong dream. On top of being a solid investment, real estate can offer additional cash flow and passive income, equity building, competitive returns, and a hedge against high inflation.

Regardless, real estate comes with its unique risks. Especially if used for passive income, real estate can be bust if it’s in a bad location, difficult to rent out, or if you have problematic tenants. Real estate can also take a long time to sell, so in the case of an emergency, it’s not a reliable fallback.

Before stepping into the enchanted world of homeownership, here are a few real estate market statistics to keep in mind.

Editor’s Choice

  • The US real estate market registered a 5.2% decrease in the sales of pending homes month-over-month.
  • The US House Price Index for March 2023 showed a 0.2% increase in January 2023 from December 2022. 
  • The annual change in house prices from January 2022 to January 2023 was 5.3%.
  • Baby Boomers comprised the most significant home buyer generation at 39%.
  • The average home price as of April 2023 is $430,000
  • Single female homebuyers represent 17% of the home-buying market in the States
  • The average 30-year fixed-mortgage rate in the US for May 2023 is 6.52%
  • 17% of home buyers were single females, while 9% were single males.

How Big Is the Real Estate Market?

The difference in the price of homes is striking. In 2021, homes sold at a median price of $369,800. However, this skyrocketed to $428,700 in 2020. The change is seen even more notably in urban areas, where demand is near unlimited.

However, the real estate market wasn’t always like this. Let’s take a trip down memory road and check out some statistics on real estate history.

1. In 1917, the American government started the initiative “Own Your Own Home.” 


In 1917, the National Association of Real Estate Boards began promoting the idea that every American needs to invest in a home. The US Department of Labor picked up the campaign later on. Then, the focus shifted toward a topic already engaging people's minds. It addressed how they could afford to buy their own home. 

However, the Great Depression (1929-1941) shook the US, causing the housing problem to worsen. Much of the construction of residential areas halted, and repairs went unfinished. Many people ended up in slums since many people lost their jobs.

Most citizens in the US lived in rental homes. Up until 1934, Americans were primarily a nation of renters. Mortgages were constantly in default. By 1940, homeownership had dropped to 44%. 

2. In 1934, the Federal Housing Administration (FHA) was created.


Before the Housing Administration, the unrealistic expectation to spend up to 50% of their down payment on their house and pay off the rest in no more than ten years rocked American families. 

The purpose of the FHA was to provide lenders with insurance for home mortgages so they could offer buyers better deals, and it worked. 

After it started operating, mortgages turned into long-term loans that covered up to 80% of the cost of the real estate.  

The Trap of Affordable Housing Loans

Fast forward to the beginning of the 21st century, and a lot has changed. Jobs are different from what they used to be. Legislation, governmental support, and the economic situation were developed. 

In the early 2000s, mortgages became everyone’s new best friend. People took on low-interest rates for homes from greedy lenders. This occurrence fueled a housing bubble that soon rocked the US. When the bubble burst, and people defaulted on their loans, trillions of debt left by banks pushed the country to the brink of an economic collapse.

These subprime mortgages were especially tricky as they targeted borrowers with troublesome credit histories. People who could not afford to pay off their loans grew in number. Lending spun out of control and drove off a cliff into a full-blown housing crisis. 

While the housing landscape has recovered thanks to government bailouts, it has changed immensely. Let’s dive deeper into the stats!

3. Baby Boomers comprised the largest homebuyer generation at 39% in 2022.

(NAR, Fortune Recommends)

In 2022, baby boomers were the largest generation of home buyers, with a 39% share. 61% of recent buyers were married, and 10% were unmarried. 17% and 9% were single females and males, respectively.

Baby boomers tend to live a more traditional lifestyle than millennials. They are more likely to belong to nuclear families, wherein having a house of their own is crucial.

Boomers also have the added advantage of their net worth. They have the highest household net worth of all US generations and are 10x wealthier than millennials. Due to this, they have more purchasing power to buy more real estate, despite being in the sunset of their lives.

Don’t be fooled, though. While millennials look like they’re having it bad, they’re the heirs of possibly $53 trillion worth of asset transfers from aging boomers heading to retirement.

4. $14.7 billion was spent on housing stimulus programs. 

(The Balance)

The Obama Administration initiated the American Recovery and Reinvestment Act in 2009. This landmark bill undoubtedly influenced how the US dealt with the real estate market. The bill aimed to help deal with the consequences of the economic crisis.

The US government also sent out a series of stimulus checks during the COVID-19 pandemic. Its main tasks were to save existing jobs, create new ones, and provide relief programs for those most affected by the crisis. 

The money invested in housing stimulus initiatives contributes to the US economy. After implementing recovery programs, the economy slowly started to recover.

5. West Virginia has the highest homeownership rate as of 2023.

(Orange County Register)

West Virginia has the highest ownership rate in 2022, at 79%. Coming second is Wyoming at 75%, Minnesota at 75%, Maine at 75%, and Delaware at 75%.  At 53.6%, New York has the lowest homeownership rate among states.

Despite the high ownership rate in West Virginia, the value of the homes is relatively low because a significant portion of them are mobile homes.

On the other hand, the District of Columbia suffers from the lowest homeownership rate, with 38.3%. DC’s homeowner rate is so low because it does not have enough new housing to keep up with the current demand. 

6. About 66% of Americans had a home in the first quarter of 2023.

(Trading Economics)

The homeownership rate in the US increased to 66% in the first quarter of 2023 from 65.90% in the fourth quarter of 2022.

The increasing percentage of house purchases didn’t seem to be affected by the accompanying rise in the price of housing.

👍 Helpful Article: One of the primary benefits of owning your home is making it your own. More and more people are integrating tech to make their residences more efficient and secure using smart home devices.

An estimated 5.5 million smart home devices will likely be shipped to happy homes between 2022 and 2030.

Real Estate Market Statistics Today

Many people are still reeling from the pandemic. Due to interrelated factors, the pandemic, 

According to NAR statistics, the market has observed 95 months of continuous growth. 

Looking at the complete statistical history of the housing market, you’ll see this number marks a new record. 

7. The average 30-year fixed mortgage rate in May 2023 was 6.52%.

(Bank Rate) 

While that may seem good for potential buyers, the increase in house prices still excludes many people who want to buy a house from the market. Despite that, NAR reports an increase in first-time house buyers during this period. 

This data proves that most people still prioritize having their own home despite relatively high prices.

8. First-time house buyers will comprise 26% of all home buyers 2022.


First-time buyers comprised just 26% of all buyers in 2022, down from 34% in 2021. 65% of first-time homebuyers are driven primarily by a desire to own their home. 

66% of first-time homebuyers are white, 14% are Hispanic, 11% are Asian Americans, and 9% are black.

The study also indicated that younger generations are increasingly buying their first homes.

9. As of 2023, the average American family spent about $5,577 on housing.


An infographic illustrating that US households spend 33% of its income on housing

The average family spends $1,885 monthly on housing-related expenses, while personal monthly expenses take $3,405 off the family budget.

That’s over 33% (or one-third) of the average household’s income. While this is still within the acceptable 30% mark, it is still a relatively large expense. 

Home Price Index On the Rise 

Housing market data confirms a rise in real estate prices in 2023. Factors such as demand growth and supply constraints have fueled the increase in property prices.

Here are the places with the most expensive and affordable housing:

10. Hawaii has the most expensive houses as of 2023.

(Norada Real Estate) 

Hawaii has the most expensive housing at $834,582 on the Zillow Home Value Index. Coming in second is California, with a Zillow home value index of $728,133. The District of Columbia is the third state with the most expensive houses, with a Zillow Home Value Index of $627,158.

Due to Hawaii's limited land availability, rents and home prices have increased significantly.

👍 Helpful Articles: Renting is a serious commitment for both landlords and tenants. Unfortunately, it also involves serious risks. For security reasons, anyone interested in renting or renting out a property should try to do a background check before committing.

Check out our other articles to keep yourself safe.

11. Mississippi has the most affordable housing costs in the US.

(Forbes, The Clarion-Ledger, Southwest Journal)

The cheapest houses in America are found in the state of Mississippi. The cost of living index there is 83.3. It has the lowest average housing costs in the nation, at 33.7% below the national average.

The housing cost index, or house price index, indicates the changes in cost for residential homes compared to an average of 100. If the index is higher than 100, the price is higher than the national average.

Mississippi’s housing is much cheaper than the rest of the US due to higher land availability, lower rent prices, and access to major shipping routes and transportation. Rent prices in the state are 37% lower than in the other 49 US states.

Unfortunately, the lower rent and cost of living don’t come free. The US has 1 million housebreaking incidents yearly, and Mississippi is no exception. The Magnolia State has higher property crime rates than the national average.

Millenials’ Home Buying Statistics

The Millennials, often known as Generation Y, influenced the revolution. Millennials were born between 1982 and 1994, and technology is a part of their daily existence. These people are at the peak of their home-buying careers.

Here's the exciting part. As asked earlier, here's to address whether millennials buy houses and how.

12. As of 2023, more than 28% of home purchases will be made by Millennials.


Housing market trends show that buyers from the millennial age group will dominate this year.

Generation X and the Baby Boomers currently account for 24% and 39% of purchases, respectively. That number will likely decrease further over the years.

All the predictions made by real estate experts come as no surprise. Millennials are slowly coming to the age where their priorities shift. They now want to create families and buy their own homes.

Women Dominating Real Estate Market Stats

Those days were gone when more men invested in real estate than women.

The following statistics show a growing number of female homeowners.

13. As of 2023, 17% of the real estate market comprises single female buyers.

(Bank Rate) 

Despite historically having lower incomes than men, single women own about 10.7 million homes. Experts attribute this to women now being more educated than men and generally having more options in where to put their money in.

The group is the second biggest after married couples. Usually, it contains females from the Baby Boomers or Silent Generation groups. The average age of a female homeowner is 54. 

Real estate facts show that those women are usually caregivers. In 20% of cases, they have children under 18. 12% of the time, they purchase homes to care for their aging parents.

14. Louisiana has the highest homeownership rates for single women.


In Louisiana, 15.16% of homeowners are single females. Florida has the most significant gap in homeownership rates among single women and single men.

The only states where single males own a greater proportion of homes than women are North Dakota and South Dakota. At the same time, Wyoming has the smallest gap in homeownership rates.

There are things that modern women can now do which only done by men before. Recent statistics on women in technology show they make up about a quarter of the workforce at major tech firms, making them a safe demographic to sell homes to.

15. Foreclosures in 2022 were up by 72% compared to 2021.

(Norada Real Estate)

In 2019, people filed a total of 493,066 cases of property foreclosure. That’s 0.36% of all residential properties in the United States. It decreased by 70% from 2019 (143,955).

However, in 2022, a total of 42,854 properties were repossessed by lenders through foreclosures. That’s 0.36% of all residential properties in the United States. The number was up 67% from 2021. 

One of the possible reasons for higher foreclosure cases is rising unemployment and other economic problems.

16. Working remotely may wipe out $800 billion in commercial real estate by 2030.

(CNN Business)

After the pandemic, many people tasted the benefits of working remotely. It makes sense that many of them no longer want to return to their previous work arrangements. Even employers saw the benefits of working remotely, or at least in hybrid work setups, from convenience and cost efficiency.

However, an unexpected result of this new shift in employment trend is the value crash of urban real estate in big cities worldwide. Superstar cities like Beijing, Houston, New York, London, and Paris have shown a decline in commercial rent rates as many tech companies have packed up their headquarters to shift to remote work.

If this trend continues for longer, the value of commercial real estate may crash as much as 42%.


Real estate market statistics show that the demand for housing has steadily risen in recent years. The US real estate market has blossomed because of a stable economic situation, affordable loans, and personal priorities. 

While we expect higher housing demand in 2023, certain developments have changed those expectations. 

How it will affect the projections mentioned upon writing this article still needs to be determined. Stay tuned to keep updated.


How big is the residential real estate market in the US?

The residential estate market is estimated to be worth USD 2.53 billion. Current predictions anticipate it to reach $2.80 billion by 2028.

What is the largest housing market in the US?

According to the Zillow Home Value Index, the top 10 most expensive states for home values are Hawaii, California, the District of Columbia, Washington, Massachusetts, Colorado, Utah, Oregon, New Jersey, and Idaho.

How many houses a year do most realtors sell?

Real estate agents sell only one hundred homes annually, while most only sell 2 to 10. 


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