One of the most basic aspects of daily lives is housing, and whether people rent or own, they play a part in the real estate market. Real estate is an essential part of life because it provides housing options and sets the tone for family dynamics. No
matter the geographical location, financial standing, or age of a person, everyone needs a place to call home, and the real estate industry is the industry that makes that happen.
It takes the average American 182 days to unpack all the moving boxes after a move. (Source: New York Post) After the stressful planning and packing of
a move, most people are in no hurry to unpack everything. Traditionally, people begin by unpacking the most used items first which includes kitchen products, bathroom essentials, and in-season clothing. When time allows, people begin to unpack
nonessential items such as holiday décor, books, and out-of-season clothing. Many people declutter before moving and then again when unpacking their belongings.
16% of all moves are for better or newer housing. (Source: United States Census Bureau) The most popular reason to move is for better
or newer housing. People want the best for themselves and their families, and having the best house possible is a top priority for many. Instead of spending both the time and money to renovate a property, most people would rather buy a new
house that has updated features or more space.
In the United States, the median house price is $243,225. (Source: Business Insider) The national average reflects the tabulation of each state's
median house price, but it doesn't show how greatly the median house prices vary by state. For example, West Virginia has the least expensive average coming in at $108,236, and Hawaii has the most expensive average home with a price of $636,451.
The population size, available housing opportunities, and economic outlook play an active role in the selling price of real estate in each geographical area.
At 62.3%, Idaho experienced the largest number of inbound moves in 2019. (Source: Forbes)
People are moving across state lines to pursue better job opportunities, lower costs of living, and more temperate climates. Currently, Idaho has the highest number of new residents from out-of-state. The secret is simple. Idaho has more affordable
housing and plenty of land for those looking for open spaces. The majority of new Idaho residents are coming from California, which is one of the most expensive places to live in the United States. Californians and other new residents are
looking for larger houses and more land at the same price as something smaller from their previous area.
The average American house size has increased from 1,525 square feet in 1973 to 2,435 square feet in 2018. (Source: HSH) In only 45 years, the change in the average home size
has grown by 60%, but growing family sizes are not the cause. In fact, the average family size in 1973 was 3.01 people, but in 2018, it was 2.53 people. In 1973, the average home had 503 square feet per person while in 2018 that number drastically
increased to 962 square feet per person. Americans simply want more personal space per person and space for luxuries such as entertainment rooms, offices, walk-in closets, and home gyms.
At 135,280 square feet of living space (178,926 square feet total), the Biltmore Estate in Asheville, NC, is the largest house in the United States. (Source: Reader’s Digest)
The Biltmore Estate is a sprawling relic of the past, kept in such pristine condition that people flock there to see. The house was originally built for the Vanderbilt family that made their fortune as railroad tycoons. The Biltmore House
sits on an 8,000-acre estate with 65 fireplaces, 43 bathrooms, and 35 bedrooms. The Biltmore Estate is now a collection of hotels with extensive gardens, a museum, a winery, and a spa, and guests travel from all over for a chance to experience
the luxurious estate and high-end service.
The average American moves 11.7 times in a lifetime. (Source: United States Census Bureau) Life events are often the cause of a residential
move. Young adults move out of their parent's house to go to college or get their first place. As people mature, they begin to have changes in relationships, such as marriage or divorce, changes in employment, and a desire to live in a nicer
area or home. When people retire, many downsize to a smaller house whether in the same area or a new geographical area. Most people do not just move once during a life stage but rather as personal changes and finances allow. Although many
people move around the same significant changes, there is no set moving schedule.
June is the best month to sell a house with a 9.2% seller premium. (Source: Bankrate) More Americans move during the summer than at any other time of the year because
of the warm weather for moving day and the timing between school years. This is beneficial to sellers because people are more willing to pay higher prices for homes which results in higher seller premiums. To achieve a June sale, sellers should
start getting their house ready a few months prior and list in April.
Real estate sales in May, June, July, and August make up 40% of the volume for annual home sales. (Source: Bankrate) People are more likely to move in the warmer months
than during the winter months. The absence of cold weather, ice, and snow make moving boxes and furniture much easier. Summer weather is usually more predictable which makes it easier to move, and the days are longer which means more available
moving time.
Out of interstate moves, 650,000 people hired a professional moving service while 1 million people rent a moving truck and 1.35 million people have unassisted moves. (Source: Move.org) The
greatest majority of interstate moves happen using the consumer's vehicle or a borrowed vehicle. Another moving option is to rent trucks to pack up their homes for relocation. Truck rentals are an economical choice for people that have both
the time and physical ability. An additional option for interstate moves is to pay professionals to move items, and the main benefit of hiring a professional company is that consumers don’t have to do anything themselves.
In 2019, there were 1.4 million licensed real estate agents in the United States. (Source: Statista) Buying and selling
a home is a complex venture for the average American. With over 1.4 million licensed real estate agents, both first-time and veteran homebuyers have someone to help them throughout the process of preparing a home to be listed, bidding, accepting
an offer, inspections, bank loans, and the alternate purchasing procedures. Since 2012, the number of National Association of Realtors members has steadily increased, and from 2018 to 2019, it increased by 1.4%.
Approximately 33% of people purchasing homes in 2019 were first-time homebuyers. (Source: Statista) More people are purchasing homes for the first time,
and the majority believe that homeownership is part of the traditional American dream. As more of the younger population is becoming financially responsible, more first-time homebuyers are entering the real estate market. Many people save
money to pay cash for their first home, and competitive borrowing rates are enticing long-time renters to make the transition to first-time homeowners.
Across the United States, people are packing boxes and loading them onto moving trucks each day. The real estate industry is thriving because home sales are on an upward trend. Compared to homes of past generations, homes today are larger and have special
features. Real estate agent jobs have steadily risen in the last eight years as consumer and commercial demand has also increased. Americans are happily finding better homes and supporting a thriving real estate market.