The single biggest purchase that the majority of Americans will make in their lives is when they buy a house. Last year in the United States, over five million new and existing houses were sold. So what are these properties like, and who is purchasing and selling them? If you are interested in learning more about the housing market, read on. Here is a collection of facts about homes for sale in America.
Who Is Buying Houses?
One out of every three purchasers was a first-time buyer in 2015. First-timers are an average age of thirty-one and boast an income of just under $70,000. The other two-thirds of purchases were made by repeat buyers with an average age of fifty-three. These experienced buyers had an average income of just under $100,000. Purchasers generally financed about 90% of the cost of their purchase.
What Were Buyers Looking For?
When polled, buyers stated that the most important aspect of a property was not the structure itself, but the quality of the neighborhood where it was located. Buyers also stated that the proximity of the residence to their place of employment was more important than the size of the property. Other important features that potential property owners were interested in when considering homes for sale were security systems, extra storage space, exterior lighting, energy-efficient appliances, insulation, and flooring materials.
Who Is Selling Houses?
The median age of homeowners selling was fifty-four years, with an income of a bit over $100,000. Sellers had lived in their house for nine years on average. 89% of sellers used a real estate agent when they sold their residence, and it was on the market for approximately four weeks. Final sales prices were generally about 98% of the asking value.
What Is the Average House Like?
In 2015, the median cost for a house in the United States was roughly $175,000. On average, purchased residences were built in 1991, and ran about 1,900 square feet. Most residences sold had two bathrooms and three bedrooms. The most expensive state for acquiring homes was Hawaii, with a median price of $548,000, followed closely by Washington D.C. and California, at $489,000 and $448,000 respectively.
West Virginia offered the most affordable properties, ringing in at $89,000 typically, followed by Mississippi and Oklahoma, tied at $113,000.
In conclusion, the variety of homes for sale is as diverse as the potential purchasers in the market for a new residence. Properties can be found that cost over $100,000,000, or less than $100,000. That said, the average residence is still a three-bedroom, two-bathroom structure.
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