45 Real Estate Stats Agents Should Know in 2024

There are many stats real estate agents should know with the ever-evolving landscape. The industry trends are tough to keep tabs on and even tougher to predict. Agents need to stay on top of a host of different trends and factors — a challenge that's rarely straightforward.

To help agents stay up-to-date, we‘ve compiled a list of 38 key statistics that cover some of the most pressing issues real estate professionals face. This includes changing digital trends, potential clients’ generational differences, and the impact of pandemic-related workplace shifts.

Let's dive in.

The Real Estate Landscape in 2024

• In December 2023, the median sale price for an existing home was $382,600, and the median sales price for a new house was $413,200. (U.S. Department of Housing and Urban Development)
• In the U.S., the inventory of unsold resale homes dropped by 11.5% between November and December 2023. With 1 million homes available, the stock will last around 3.2 months at the current sales pace. (Forbes)
• Of new builds, over 73% are single-family homes. (Redfin)
• In 2023, homes spent an average of 48 days on the market. (Realtor.com)
• In the last week of 2023, mortgage rates were at 6.61%. (LendingTree)
• In 2023, 26% of homebuyers sought to move to a different metro area in three months ending August 2023. That’s a new record, up from 24% during the same period months in 2022. (Redfin)
• There were just 5.4 million new listings in 2023, the lowest level on record. (Redfin)
• Of active listings, 15.3% experienced price drops. (Redfin)
• In 2023, nearly 33% of homes were purchased in cash. (Redfin)
• Total home sales have declined monthly since July 2021. Sales were down 11% year-over-year as of October 2023. (Freddie Mac)
• Since May 2023, the market has seen month-over-month house price growth. (Freddie Mac)
• That averaged 0.8%. This is higher than the 2017 to 2019 pre-pandemic average of 0.4%. (Freddie Mac)

What does this tell us?

According to Business Insider, 2023 was a weak year for selling homes. Full-year sales were at 4.09 million units in 2023. That’s the lowest mark since 1995. Full-year sales in 2023 hit 4.09 million units, the lowest mark since 1995. The prices for homes, existing and new, rose last year. Buyers are still facing higher mortgage rates and low inventory. However, mortgage rates have started to decline as the year closed out.

Real Estate in the Digital Age Statistics

Realtor Technology Use

• Of realtors, 79% say that eSignature for documents is impactful on their businesses. (National Association of Realtors)
• 66% cited lockboxes and showing technology as impacting their businesses. Cloud storage for secure access to remote files served 48% of realtors. (National Association of Realtors)
• Of realtors surveyed by NAR, 92% of respondents use Facebook in their real estate business. (National Association of Realtors)
• The next top social media channels were Instagram (68%), LinkedIn (52%), and YouTube (26%). (National Association of Realtors)
• Only 54% of realtors indicated that they were somewhat familiar with AI. (National Association of Realtors)
• 44% of realtors believe that AI currently impacts the real estate world. (National Association of Realtors)
• 32% of realtors believe that blockchain will have an impact on the industry in the next three to five years. (National Association of Realtors)
• According to Matterport, listings with 3D tours of a home sell 31% faster than homes that don’t have this feature. (Forbes)
• The metaverse real estate market worldwide is projected to reach a value of $5.95 billion by 2028. (Forbes)
• 66% of realtors have a website. (Realtor.com)
• Of realtors with a website, almost 90% use the platform to show off their listings. (Realtor.com)
• Further, 70% of realtors use their website as a way to share information on buying or selling a home. (Realtor.com)

What does this tell us?

It appears that the real estate industry is keeping pace with the rising tide of digital transformation. Newer technology has become woven into the fabric of most realtors' day-to-day operations — with an increasing emphasis being placed on social media activity and solid web presence for lead generation and brand awareness.

Realtor Social Media Use

• 48% of agents site social media ads as the most effective form of advertising. (The Close)
• 53% of agents say video marketing on social media is more important than a website. (The Close)
• 47% of real estate agents feel confident with their social media skills. (The Close)
• 67% of agents said posting on social media is more important than having a blog. (The Close)
• Of realtors in 2022, 80% said they planned on growing their social media presence to grow their business. (The Close)

What does this tell us?

Social media-savvy real estate professionals appear to spend their time on more “mature” social media platforms that lend themselves to straightforward, potentially long-form communication for lead generation — namely Facebook and LinkedIn.

Still, other, less conventional platforms that can add a visual element to real estate promotion are also emerging. Instagram is the second most popular social media forum for real estate agents, and more are looking to YouTube as a means of promoting their brands and gaining traction.

Who’s Buying Homes

• First-time buyers made up 26% of all home buyers in 2022, according to NAR’s most recent Home Buyers and Sellers Generational Trends. This is a decrease from 34% the year prior. (National Association of Realtors)
• Of first-time buyers, 70% were Younger Millennials, and 46% were Older Millennials.
• 14% of home buyers purchased multigenerational homes so they could take care of aging parents. (National Association of Realtors)
• Of home buyers 58 and older, the top reason for buying their home was to be closer to friends and families. (National Association of Realtors)
• Baby Boomers made up the largest generation of home buyers in 2023 at 39%. (National Association of Realtors)
• Of home buyers, 61% were married couples. The next largest group was single women at 17%, followed by unmarried couples at 10%. (National Association of Realtors)
• Younger Millennials made up the largest demographic of unmarried couples buying homes, at 20%. (National Association of Realtors)
• Of all the generations, Gen Xers had the highest incomes at
• $114,300 in 2022. Older Millennials come next with a median household income of $102,900. (National Association of Realtors)

What does this tell us?

As a realtor, you're dealing with a diverse group of buyers demographically. Baby Boomers make up a fairly large number of buyers, so you’ll need to make sure that your practices and technology are accessible to this demographic.

Millennials are the future of home-buying. Beyond that, Millennials will likely make up the majority of your first-time home buyers. Be sure you have guidance for them along the way.

Beyond that, Generation X's higher median income and inclination to buy more expensive

Commercial Real Estate Data

• Of experts surveyed by Deloitte, ​​50% expected the cost of capital to worsen. Further, 49% expect capital availability to worsen as well. (Deloitte)
• CRE companies are not prepared to meet environmental compliance regulations. Nearly 60% of respondents said their firm did not have the data, processes, or controls necessary to meet compliance standards. (Deloitte)
• 40% of corporate real estate chief financial officers say they plan to reduce spending in 2024. (Deloitte)
• As of April 2023, 67% of surveyed bank lenders said they are tightening lending standards for corporate real estate purchases. (Deloitte)
• Of experts surveyed by Deloitte, 72% said that their organizations are piloting, implementing, or using AI solutions. (Deloitte)
• As of June 2023, CRE property sales dropped by 59% worldwide. (Deloitte)
• Sales dropped by 63% in the U.S., 62% in Europe, and 50% in the APAC region. (Deloitte)

What does this tell us?

Shifts in working style, with the rise of hybrid and remote work, continue to impact CRE. Beyond that, a tough economic environment is expected to shape the industry through 2024. If you work that niche, you‘re probably already hip to that change. If not, it’s something you should remain mindful of.

Tackling the Market

The real estate industry is never static — and if you want to keep up with it, you need to stay on top of emerging trends in both the practice‘s broader landscape and your niche within it. It’s a fast-paced field, so consistently conducting research on how it's shifting is in your best interest if you want to be the best agent you can be.