NAR 2014 Research | Buyers & Sellers

January 30, 2015

To sum up 2014, NAR released a compilation of research on buyers and sellers across the US. Here are some of the highlights from the 2014 report.

The typical first-time buyer was 31 years old.
The typical repeat buyer was 53.
33% of recent home buyers were first-time buyers.
The typical home purchased was 1,870 square feet in size, was built in 1993, and had three bedrooms and two bathrooms.
79% of home buyers purchased a detached single-family home.
92% of buyers used the internet in someway in their home search process and 50% of buyers used a mobile website or application.
Real estate agents were viewed as a useful information source by 98% of buyers who used an agent while searching for a home
88% of buyers purchased their home through a real estate agent or broker—a share that has steadily increased from 69 percent in 2001.
40% of home sellers traded up to a larger sized home, 47% purchased a more expensive home, and 53 percent purchased a newer home.
For-Sale-By-Owner (FSBO) homes typically have a lower median selling price:

$208,700 compared to $235,000. Thus, the typical agent-assisted home sale typically has a 13% higher sales price than the typical FSBO sale.