Real Estate Statistics

Real Estate Agent Statistics

The United States has a bustling real estate business market.

Real estate agents, who help people buy, rent, and sell homes and other property, have a large impact on the real estate market. The Association of Real Estate License Law Officials (ARELLO) estimates that there are at least 3 million active real estate licensees across the U.S.

Real Estate Attorney Statistics

Real estate attorneys are critical in resolving any real estate law disputes.

Job recruiter Zippia analyzed a database of 30 million profiles and reported the following about real estate attorneys:

• There are over 7,165 real estate lawyers currently working in the U.S.
• 51.5% of real estate attorneys are men, and 48.9% are women.
• 81.6% of real estate lawyers are white

Real Estate Law Statistics by Case Type

Real estate case law statistics vary according to type. Here’s a breakdown of the most important real estate case stats.

Foreclosures

ATTOM, a leading curator of real estate, land, and property data, revealed in its April 2023 U.S. Foreclosure Market Report that there were a total of 32,977 U.S. properties with foreclosure filings, which is an 8% bump from April 2022.

Fraud

The Federal Bureau of Investigation (FBI) in its 2021 Internet Crime Report noted that there were 11,578 victims of real estate and rental fraud in 2021, down from 13,638 in 2020 and 11,677 in 2019. Victims of real estate and rental fraud lost a total of $350,328,166 in 2021.

Property Crime

Property crime occurs when someone steals or destroys private property without using or threatening to use force against the victim. It can affect any kind of private property, including real estate.

Lawsuits Against Real Estate Agents & Brokers

Per Victor Insurance Manager, a global insurance underwriter, lawsuits against real estate brokerages and agents increased by 9% from 2021 to 2022.

A ground-breaking class action lawsuit may change the role of real estate agents.

State-Specific Real Estate Statistics 2023

Real estate statistics vary depending on the state.

Here are some key real estate stats from ATTOM’s April 2023 U.S. Foreclosure Market Report:

• States with the highest foreclosure rates were Illinois, Maryland, New Jersey, South Carolina, and Delaware.
• States that had at least 100 foreclosure starts in April 2023 and had the greatest monthly increases were Maryland, New Mexico, Iowa, Utah, and Florida.
• States with the greatest number of lenders repossessing properties through completed foreclosures (REOs) in April 2023 were Illinois, Pennsylvania, New York, Texas, and California.

Real Estate Market Statistics by Demographic

Real estate market statistics also vary by demographic.

Race and Ethnicity

In 2022, 75% of white families owned their own homes compared to 45% of Black families and 48% of Hispanic families. These disparities in homeownership rates have not changed much in the past 30 years despite legislation like the Fair Housing Act of 1968, which targeted racial discrimination in housing.

Sex

Male homeowners may be more likely to experience foreclosure. According to ATTOM Data Solutions, 73 out of every 10,000 homes with individual male homeowners were in foreclosure in the third quarter of 2016. In contrast, 72 out of every 10,000 homes owned by individual female homeowners were in foreclosure.

Age

In 2022, about 39% of people under 35 owned their own home compared to 79% of people 65 and older. Younger Americans are less likely to own a house because they usually don’t have enough money saved for a down payment. Additionally, they may have student debt that prevents them from buying real estate.

Marital Status

Married households are far more likely to be homeowners. According to Urban Institute, 80% of women-headed married households and 81% of men-headed married households own homes.

Income Level

The income level of people who buy houses is generally higher than those who don’t buy houses.

According to the 2020 Federal Reserve Bulletin, the median net worth of homeowners was $255,000, while renters only had an average net worth of $6,300.

One of the reasons behind this staggering difference is the high median home price in the U.S. As of May 18, 2023, the average sales price for a single-family home is $393,300.

Factors Affecting Real Estate Statistics 2024

Several factors may affect real estate market statistics, including:

• The economy: The economy can impact supply and demand and, ultimately, real estate prices. A weak economy may cause property to spend more days on the market.
• Home prices: Higher list prices per square foot mean fewer housing units being sold, even if there are many homes for sale.
• Flow of people: Reduced migration of people usually hurts the demand for real estate.
• Technology: As the number of remote workers increases, the number of real estate sales in metro areas — such as Miami, San Francisco, Los Angeles, and New York City — may decrease. Due to the economy, remote workers may decide to live with their parents or other family members in small towns or suburbs to avoid buying or renting expensive urban real estate. This also leads to a decrease in the number of first-time homeowners.
• Mortgage rates and interest rates: Higher mortgage and interest rates mean the number of homes being sold is lower.