Home sweet home” is far more than a well-known saying. It has become one of the core values of human existence. While the term “real estate” sounds far removed from this cinnamon-scented idiom, the two are inseparably linked. And that makes real estate one of those essential and unavoidable elements in the 21st-century lifestyle.
This topic stirs a lot of emotion, be it positive or negative, but knowing some of the key real estate statistics and fun facts might help you as you search for your dream home. Or perhaps you want to use your impressive DIY skills to turn an old and rundown property you just bought into the house you’ve so clearly envisioned.
So let’s plow through this medley of information on the United States real estate market and perhaps learn some interesting property tidbits from all around the globe.
The Top 10 Key Real Estate Facts and Statistics
- 90% of the world’s millionaires became rich thanks to real estate.
- The most expensive residence in the world is Buckingham Palace, England.
- There are no restrictions on foreign property ownership in Japan.
- 79% of Americans consider owning a home one of the greatest goals to achieve.
- The average American is likely to move 12 times in their lifetime.
- In 2019, the average age of all homebuyers in the US was 47 years old, according to real estate statistics.
- With an average rent of $695 for a single-family residence, Springfield, Montana, is the cheapest among the US’s most populous cities.
- 94027 is the most expensive zip code in America.
- Zillow is the most popular real estate and rental marketplace in the US.
- Unsurprisingly, “staged homes” sell 87% faster than non-staged ones.
Real Estate Fun Facts From Around the World
Want to find out what’s the most expensive property or where are the biggest homes in the world? Read on!
1. 90% of the world’s millionaires became rich thanks to real estate.
Investing in real estate is a great method to begin building your wealth. A significant portion of millionaires worldwide were made possible by purchasing a property to use as their house and then renting it out to dependable renters. Following the coronavirus epidemic, pre-construction real estate in Miami gained enormous popularity and has since drawn investors to Florida.
2. The most expensive residence in the world is Buckingham Palace, England.
Estimated to be worth around $1.55 billion, the residence of Queen Elizabeth II is not likely to ever be listed for sale. Still, this remarkable place is not only the most expensive “house” in the world but also the most famous one.
3. According to US property facts, Macedonia, Bosnia, Croatia, Serbia, and Slovenia are co-owners of a Manhattan mansion worth $50 million.
To deem this a tough sale is putting it lightly since all five countries need to sign the deal, as well as agree on every aspect of it, if this real estate is ever to be sold. Given the complicated relationships among former Yugoslav countries, this is set to be an interesting and challenging task.
4. When they pay off their mortgage, Scots paint their front door red.
Other fun facts about real estate note that in the early days of America, a red-painted front door told passing travelers this was a safe place to stay the night.
5. There are no restrictions on foreign property ownership in Japan.
This makes Japan a very desirable location for eager real estate investors from all over the world.
6. The average English home is 774 square feet (71.9 square meters).
This means that England has the smallest average home in Europe, real estate stats show.
7. Australia has the biggest homes in the world.
With an average home size of 2,032 square feet, Australians are certainly enjoying large living accommodations. Americans come second since their homes average 1,901 square feet.
8. Hong Kong is the capital of the most expensive property in the world.
Real estate facts show that Singapore, Shanghai, New York, Vancouver, London, Los Angeles, and Paris are also among the most expensive places in the world to rent or buy a property. Furthermore, Hong Kong has the most expensive office market in the world. You’re likely to pay $306.57 per square foot for office space in central Hong Kong or $235.01 in London’s West End.
Interesting US Real Estate Stats and Facts
Here, we‘ll be looking at some captivating facts and stats about real estate in the United States specifically.
The Number of Homes Sold in the US (Source: Statista)2011201220132014201520162017201820192020456The number of sold homes in million units
| Year | Number of Homes Sold |
|---|---|
| 2011 | 4.26 |
| 2012 | 4.66 |
| 2013 | 5.09 |
| 2014 | 4.94 |
| 2015 | 5.25 |
| 2016 | 5.45 |
| 2017 | 5.51 |
| 2018 | 5.34 |
| 2019 | 5.34 |
| 2020 | 5.52 |
9. 79% of Americans consider owning a home one of the greatest goals to achieve.
Owning a home is more important to Americans than having a successful career, having a car, or retiring. However, 51% of Americans say insufficient income prevents them from owning a home. Additional hurdles preventing homeownership in the US include high closing costs, insufficient funds for the down payment, and high home prices. Of course, once a person owns a home, that comes with additional costs like home insurance.
10. The average American is likely to move 12 times in their lifetime.
Be it due to getting married, retiring, wanting a change of scenery, downsizing, or upsizing, not to mention job relocations, Americans will probably move some 12 times, these fun real estate facts show.
11. In 2019, the average age of all homebuyers in the US was 47 years old
Interestingly, 12% of homebuyers opted for a multi-generational house so they could care for their aging parents (44%). Another 34% of them did it to accommodate adult children living in the same household.
12. The average age of home sellers in 2019 in the US was 57 years old.
16% of sellers sold their house to be closer to family and friends, and they usually managed to sell their property for approximately $60,000 more than the price they bought it for (this is the median value).
13. In California, real estate statistics show that this state has the largest number of registered realtors in the US.
California is followed by Florida, Texas, New York, and New Jersey. Meanwhile, Vermont, Puerto Rico, Guam, and the Virgin Islands have the fewest registered realtors.
14. There are more single female homeowners in the US than single male homeowners.
With 16.4% of homeowners in Tampa, Florida, being single women, this is the leading city in America in this respect. However, women also tend to pay 2% more when buying homes, and their homes sell for 2% less than those owned by single men.
15. Real estate market statistics indicate that a penthouse in Manhattan is the most expensive home ever sold in the US.
(Business Insider)
At nearly $240 million, the penthouse at 220 Central Park South stands out in the history of real estate as the most expensive living accommodations ever sold.
16. Jeff Bezos, CEO of Amazon, spent $165 million on a Beverly Hills mansion.
The 13,000-square-foot mansion in Beverly Hills—featuring a golf course, a swimming pool, a tennis court, and two guest houses—was bought by Bezos in February 2020. It’s the second most expensive house sold in America.
Real Estate Statistics by Zip Code
In this section, we’ll be exploring stats on real estate from different areas in the United States.
17. The city of Stockton, California, has the fastest-growing rents in the US.
Rents in Stockton, CA, grew by 28.5% over the last five years. The city is followed by Colorado Springs, Mesa, Arlington, and Tampa. However, the national average grew by only 11.1%, real estate statistics by city point out.