Given the sheer size of the housing industry, this article will focus on analyzing several housing market statistics, providing a better understanding of housing-related availability, prices, sales, purchases, trends, and other relevant data in a number of US states, as well as from a global perspective. Considering the rising price of real estate in the US, alongside the fear of a future economic crisis, this guide will be particularly useful as of now.
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Top Housing Market Stats and Facts — A Quick Glance
- In 2019, the US homeownership rate was estimated at 65.1%.
- The highest average sale price for newly-built residential property within the EU was reported in Barcelona, Spain.
- Around 5.25 million existing houses were sold during 2019 on the US market.
- Hong Kong takes the number 1 spot as the city with the most expensive residential property market, with an average selling price of over $1 million.
- About 1/3 of US-based homes are worth $50,000 and $175,000, way below the national average.
The housing market in the United States
1. Value of new private residential buildings put in place $514.6 billion.
The US housing market statistics show that the total value of new private residential buildings put in place in the US is $514.6 billion. This is a drop from the previous year’s $539.6 billion. The number has steadily been rising every year since the recession in 2008.
2. The number of single-family building permits in the US is 862.1 thousand.
A total of 862,100 single-family building permits were granted in the US, which shows a steady rise since 2011 but is still considerably less than the 1,682,000 authorized in 2005.
3. The number of US housing units for sale is 1.12 million.
The number of US housing units for sale, according to US housing market statistics, was approximately 1.12 million units. The number of housing units has been steadily declining since 2012.
4. New homes in the US are sold for an average cost of $385 thousand.
On average, new homes in the US were sold for $385,000, which is only $100 higher compared to the previous year’s $384,900. The price of new homes in the US has somewhat plateaued since 2017, while almost a third of the homes in the US are valued between around $50,000 to $175,000.
5. The number of new homes financed by a conventional loan in the US is 470 thousand.
US housing market statistics indicate that the number of new homes financed by a conventional loan grew slightly from 461,000 in the previous year to 470,000. A lesser increment compared to the steadily rising period between 2011 to 2017.
This is still less than half compared to the peak in 2005 – a total of 1,151,000 new homes financed by a conventional loan in the US.
6. The number of single-family homes and condos flipped in the US is 207 thousand.
Flipping refers to the real estate practice of buying a property with the intent to sell it for a higher price by either investing in its renovations or by waiting for its market value to rise. The number of single-family homes and condos flipped in the US amounted to 207,088.
This is only a 1% rise from the previous year’s 204,167 but it is still an all-time high since 2006.
7. The median size of homes flipped in the US is 1,422 square feet.
US housing market statistics show that the median size of homes flipped in the US was 1,422 square feet, a considerably lower square footage compared to the median size of a single-family home in the US, which is around 2,300 square feet.
8. Share of Las Vegas home sales which were flipped 10.5%.
Flipped homes account for 10.5% of the total number of homes sold in Las Vegas, Nevada. This makes Las Vegas the region with the highest percentage of homes being flipped compared to the total number of homes sold in the area.
Moreover, Detroit, Michigan, had the largest year-over-year progress for house flipping activities, with an increase from 1.2% to 6.0%.
9. Most affordable US metro by share of income spent on living expenses Des Moines, Iowa.
The US housing market statistics show that Des Moines, Iowa, was the most affordable metro area in the United States, by share of income spent on living expenses including the average cost of owning or renting a home, utilities, and taxes.
In Des Moines on average, 23.8% of income is spent on living expenses, which is significantly less than most of the other metropolitan areas, which only just start from 25.18%.
10. The share of homes affordable to programmers in Seattle, WA is 39%.
This statistic shows the share of homes affordable by profession in selected cities in the United States. It indicates that Seattle, WA has the largest share of homes affordable to programmers at 39%, whereas San Francisco only has 4.8% of homes affordable to programmers.
Housing Market Statistics for 2020
11. This year home prices are 15% higher in comparison to the previous year – rising to a national median of well over $300,000.
National housing market trends show that home prices are still on the rise. In November of 2020, there was an astounding increase in existing home prices of 15%, compared to the previous year increasing the national median to over $300,000.
This growth marked more than a hundred consecutive months of year-over-year price rises when we look at the US housing statistics.
12. The national inventory of homes dropped by 39.6% at the end of 2019 falling below the internal record.
Housing market 2020 trend reports show that the national inventory of homes listed for sale declined by 39.6% over the last year in December. This rate of decline is a little higher than in November when it was 39.2%. This meant around 449,000 fewer homes were up for sale compared to December 2019 and a new internal record of less than 700,000 active listings.
13. Last year the new listings declined nationwide by 0.8% and grew by 7.6% in the largest cities.
Nationally, new listings were down year-over-year by 0.8%, which is an increase over the drop of 8.7% in November. Newly listed homes in 50 of the largest metros saw an increase of 7.6% compared to last year.
14. The December national median listing price was $340,000, up 13.4% compared to last year. Large metros saw an average price gain of 8.8% compared to last year.
Compared to the previous year, the national median listing price increased by 13.4%, to $340,000 in December, which is even more than the previous month’s growth rate of 12.7%. Median listing prices in the largest metros grew by an average of 8.8% compared to 2019, the same as the previous month.
This real estate market data indicates that the median home listing price continues to steadily grow.
15. Nationally, the typical home spent 66 days on the market in December of 2020. This is 13 days less than the same time in 2019.
The growth rate of home sales is much more rapid than last year and demand is high, even through the holiday season. Nationally, a typical home spent 13 days less on the market than December of last year, which means it spent just 66 days on the market.
16. Equity probably won’t decrease through 2021.
If we look at the US housing data today and its steady rise in demand and pricing, it is safe to say that equity will probably not decrease throughout 2021.
17. With most housing markets at low risk for a downturn, Freddie Mac believes home prices will continue to rise in 2021—but at a slower pace of nearly 3%.
According to Freddie Mac, prices will continue to rise in 2021 at a slower rate of around 3% because most housing markets are at low risk for a downturn. It is great for people looking to sell because they will most probably make a nice profit on the sale when they decide to sell their property.
He recommends monitoring the value of their home and making sure that their equity, which is the value of the home minus what they owe on it, keeps going upward.
18. A real estate market crash looks unlikely.
The astoundingly low mortgage rates are encouraging buyers to purchase, which helps increase demand. While the demand rises, the supply of available home listings is still quite low, keeping the market competitive and raising home prices across the market.
It is unlikely that an estate market crash will occur in such real estate market conditions.
General Housing Market Statistics
19. The average price for a residential property in Singapore was estimated at $874,300 in 2019
Thus, the average Singaporean house is about 3 times more expensive when compared to a US-based property. This may suggest that US properties are cheaper when compared to other countries — yet this is only applicable in the case of a few examples, as reported by current real estate data.
20. In South America, the highest average price for an apartment was reported in Brazil
In general, pricing depends mostly on the region — hence why apartments are considerably costlier in the capital city, as well as in Rio de Janeiro. In Argentina, for instance, the average price per square foot for an apartment located in the city center is $143.53, according to real estate market statistics.
21. In Australia, the average median price of a house gravitates around the $392,000 mark
The higher price does make sense considering the fact that the Australian continent is smaller, after all. Therefore, real estate here generally entails higher costs of construction.
22. In the EU, the housing price index in Q2 2018 was estimated at 112.99 points, as reported by real estate market trends
It’s worth keeping in mind that housing prices rose by approximately 4.1% throughout the EU, particularly between 2018 and 2019, highlighting the fact that real estate prices are growing worldwide.
23. The highest average sale price for newly-built residential property within the EU was reported in Barcelona, Spain
Yet another interesting fact about Barcelona is that it holds a significant annual price growth rate, which was recently estimated at 16.9%, according to housing market statistics by city.
24. The world’s highest price-to-rent ratio for residential properties was reported in Latvia
The price-to-rent ratio is meant to allow individuals to determine whether they can save more money long-term by purchasing or renting a property.
25. Hong Kong represents the world’s most expensive city in terms of housing prices, due to its $1.24 million average residential property cost
This housing market (2019) figure suggests that most people who move to Hong Kong are planning on renting a property. Nevertheless, rentals are also quite expensive. The recent HK protests, however, have lowered both sale and rental prices.
26. Between 2017 and 2018, housing prices in Shanghai grew by 11.2%, due to increased market demand
As such, the Chinese real estate market made a global impact, as more and more people are actively considering the idea of moving into China’s metropoles, as reported by current housing market statistics for urban areas.
27. The world’s largest increase in rental prices was marked in Lisbon, Portugal, where average rental costs increased by 21% within just 1 year
Spain also holds the second spot on this list seeing how Madrid rental rates increased by 11% during the same timeframe. Despite this, rental prices here are unable to match those reported in New York City, for instance.
Housing Market Data in the US Throughout the Years
The real estate market is known for providing low-risk and long-term profit for investors. Yet, yearly data indicates that the housing market is volatile as well. This section of the article is dedicated to analyzing market data in the US in recent years. We will mainly focus on covering the following years: 2008, 2009, 2013, 2014, and 2019.
Housing Market Statistics 2008
28. In 2008, the US homeownership rate was estimated at 67.5%
This rate refers to the number of households that are currently being occupied by their rightful owners. 2008 saw a drop in ownership rates, which continued until 2016.
29. In 2008, the US home-owner vacancy rate was estimated at 2.8%, according to the United States housing market statistics
This particular rate refers to the share of houses being occupied by their rightful owners, which were put up for sale. 2008 is quite special, granted that it holds the highest rate since 1990.
30. Around 1.71 million housing units were available for sale during 2008
This makes sense considering the economic crisis that was occurring during that period. More and more people sold their homes during this time-frame, to ensure financial viability.
Housing Market Statistics 2009
31. In 2009, the US homeownership rate was estimated at 67.2%
Based on this, between 2008 and 2009, the homeownership rate decreased by roughly 0.3% as a smaller number of homeowners occupied their respective households.
32. In 2009, the US home-owner vacancy rate was estimated at 2.6% — a rate that is equal to the one recorded in 2008, as reported by housing market statistics by year
The effects of the financial crisis can be witnessed here as well; vacancy rates did not modify at all due to the unstimulated real estate market.
33. Market statistics state that 4.34 million existing homes were sold in the US during 2009
This number is quite larger when compared to the data recorded for 2008 (only 4.12 million homes); with the the crisis, the number of annual existing house sales also increased.
Housing Market Statistics 2013
34. Approximately 5.09 million existing homes were sold during 2013, as reported by Statista findings
Since 2013, the number of annual house sales remained fairly stable, as will be highlighted later on. However, newly-built home sales are not accounted for in this number.
35. Data from Statista shows that 1.53 million housing units were available for sale during 2013
Our findings indicate that 2013 was the beginning of a down-trend in terms of the number of housing units available for sale.
Housing Market Statistics 2014
36. According to Zillow, the value of all houses in the US was worth $27.5 trillion in 2014
The value surpassed most expectations considering the fact that it increased by $1.7 trillion between the years 2013 and 2014 alone. This marks an appreciation in real estate value of over 6.7% in a single year. Between 2012 and 2013, the growth rate was even higher, thanks to its 8% value, as reported by recent national housing market statistics.
Source: Business Insider
37. Despite the rising value of the US housing market, only 4.94 million existing homes were sold during 2014
The number is smaller when compared to both 2013 and 2015; in both reference years, over 5 million existing homes were sold. It remains unclear as to why 2014 saw a decrease in sales despite a well-stimulated real estate market in the US.
Housing Market Statistics 2019
38. Stats reveal that 56% of home buyers were unable to put down a down-payment larger than 20% of the home’s value upon making a house purchase in 2019
Lower down payments are generally to blame for long-term mortgages, leading to higher interest rates as well — hence why it is best to put down as much as possible when purchasing a new home. This statement has remained relevant through time, according to housing market statistics for the past 30 years.
39. In 2019, the US homeownership rate was estimated at 65.1%
Statistics on the matter indicate that 2019 is part of an ascending trend, in terms of the homeownership rate. As such, predictions for this year suggest that the rate will slowly, yet surely increase. No records will be reached, though — the current record was reached in 2004 with a 69.2% ownership rate, according to housing market statistics.
40. Around 5.25 million existing houses were sold during 2019 on the US market
According to a Statista report, the forecasted number of house sales for 2020 is even higher. Estimates point towards a total of 5.46 million existing-home sales during the current year. Of course, this number can still be influenced by a large number of factors.
Housing Market Statistics by State
This section of the article will focus on highlighting a series of state-based statistics concerning the housing market. The reason being, vast differences have been reported in recent data from a regional standpoint. Overall, house placement is one of the most important factors when it comes to property appreciation; more so in the US due to the sheer distances and the innate differences among the numerous states.
Florida Housing Market Statistics
41. Currently, there are a total of 7.3 million housing units within the state of Florida
The majority of these housing units exist in structures that were built between 1980–1989 (1.9 million), and 1970–1979 (1.6 million).
Source: Info Please
42. 1.28 million housing units in Florida have a value estimated between $50,000 and $100,000, as shown by US housing market statistics
On the other hand, only 18,000 housing units are worth over 1 million. The vast majority of housing units in this state are under the $300,000 price point.
Source: Info Please
43. In Florida, statistics estimate that 2.3 million properties are mortgaged, whereas 918,000 are not
Most people pay a monthly mortgage rate situated between $700 and $2,000. On the lower end, 12,000 housing units have a contract signed for under $300 monthly.
Source: Info Please
Utah Housing Market Statistics
44. A total of 24,226 residential building permits were issued in the state of Utah during 2018
This number is relatively higher compared to the previous decade, judging how the last time there were more building permits was back in 2006.
45. In 2018, the top five cities in terms of the number of issued residential building permits were: Herriman, Lehi, St. George, South Jordan, and Draper
The ranking differs when accounting for condominiums, townhouses, single-family units, and apartment units, as shown by recent real estate data.
46. The median sales price for single-family homes has actively increased over the past few years in Utah
Based on this, 2018 marked a 10.7% increase in housing prices, similar to 2017 which had a 9.4% increase. The last time housing prices decreased in this state was back in 2011, when a −8.8% price reduction was recorded on the real estate market.
Arizona Housing Market Statistics
47. According to the latest stats, a total of 2.1 million housing units exist in Arizona as of now
What’s more, 517,000 of these units were built between somewhere around 1970–1979, whereas another 540,000 were built between 1980–1989.
Source: Info Please
48. Over 1.9 million Arizona-based housing units are currently occupied, stats reveal
A recent report concerning the US housing market in 2018 also highlights the fact that the median average number of rooms contained within these housing units is 5, with at least one person living in each room.
Source: Info Please
49. Around 316,000 Arizona properties are valued between 100,000 and 150,000 US dollars
The state does, however, include properties that are valued below or above the threshold; still, the $100,000–150,000 range represents the average price point. Likewise, the median value of AZ housing units is estimated at $121,000.
Source: Info Please
Minnesota Housing Market Statistics
50. Over 1 in 4 households in Minnesota spend more than 30% of their overall income on housing
Many Americans are struggling with housing expenses, such as mortgages and taxes. Affording these costs entails cutting back on other forms of spending, such as education, food, or healthcare.
Source: The Data Bank
51. In 2015, approximately 9,300 citizens of Minnesota were homeless
To make matters worse, it is estimated that 3,500 of these were, in fact, children. Reasons include overbearing debt for these families, foreclosures, alongside unaffordable housing expenses, such as rent, mortgages, or property taxes.
Source: The Data Bank
Housing Market Statistics by City
52. Forecasts indicate that housing prices in Denver will increase by 2.2% by the end of 2020
This statement makes sense when considering the constant population growth in the capital city of Colorado. At the moment, the median cost for a Denver-based home is estimated at $461,000, which is considerably more than the national average, as reported by Denver housing market statistics.
Source: Norada Real Estate
53. Chicago currently has a balanced real estate market; meaning, housing prices are not expressing increased volatility
Forecast reports indicate that by the end of the year, real estate prices in Chicago (especially those for residential housing units) will not increase by more than 1%.
It’s also worth pointing out that, according to Chicago housing market statistics, the strong economy, the high employment rates, and the large number of fully-renovated homes for single families are the main reasons as to why this state makes a good investment option.
Source: Norada Real Estate
54. Over the course of a year, the value of the Las Vegas real estate market appreciated by 9%, mainly due to a large number of relocating citizens, as shown by Las Vegas housing market statistics
Based on this, forecasters estimate that price appreciation will occur at a 2.6% rate by the end of the year.
Source: Norada Real Estate
55. Atlanta offers real estate investors the possibility to purchase property at a price that is far below the national average
Reports also mention that housing units can be purchased at a median average of $127,000, making the state quite affordable according to Atlanta housing market statistics. Those who wish to rent out properties can expect a monthly cash flow of $750.
Source: Norada Real Estate
56. According to RealtyTrac, a total of 169 properties are currently involved in a foreclosure procedure in Seattle
In other words, 0.2% of homes (on average) are foreclosed in Seattle, which is much lower compared to the national average of 1.1%, as per Seattle housing market statistics.
Source: Norada Real Estate
57. For the past year, the value of the real estate market in Toronto has increased by a whopping 18.1%
Toronto’s recent growth has urged us to include it on our list as well, despite the fact that we are dealing mostly with US-related stats. Nevertheless, housing unit prices have reached an all-time high here of $980,000 (on average) in 2020; 2019 had a reported average of $887,000 for two-bedroom units.
In addition, Toronto housing market statistics indicate that due to high demand, a new house listing spends just 15 days (on average) on the market, prior to being sold. Experts are currently unsure of whether this trend will continue in the future as well, or whether Toronto’s recent performance may suggest a real estate bubble forming in the background; whatever the case, we’ll just have to wait and see.
Housing Prices Statistics
58. Hong Kong takes the number 1 spot as the city with the most expensive residential property market
In HK, the average property sells for $1.23 million, which is at least $0.3 million more when compared to its first runner-up, Singapore, with an average sales price of $874,000. Other high-ranking cities include Shanghai, Vancouver, Shenzhen, Los Angeles, New York, London, Beijing, and Paris. This list is somewhat different when compared to housing market statistics from the past 20 years.
59. About 1/3 of US-based homes are worth $50,000 and $175,000, way below the national average
To put this into perspective, the average sales price of a new US-based home was estimated at $385,000 in 2018.
60. The most expensive house ever sold in the US was a luxury penthouse situated in a New York skyscraper, with a selling price of $238 million
The property was purchased in January 2019 by a hedge-fund manager worth $8.84 billion. In terms of actual houses, the record for the most expensive sale is held by a 13,000 square-foot mansion in Beverly Hills with a mind-boggling price tag of $165 million, current US housing market statistics reveal.
Source: Business Insider
Housing Market and the Insurance Industry
All in all, it comes as no surprise that the home insurance industry earns considerable profits from insuring so many high-value properties. While high and dynamic real estate prices stimulate the market and encourage investors, numerous Americans are having a hard time affording their housing-related expenses. Purchasing a house is becoming increasingly hard for those with lower incomes, leading to increased demand for renting.
Lastly, we hope that our housing market statistics will help analysts, brokers, lenders, investors, and the general public gain a better insight into the current state of the market.