The real estate market for 2024 offers an opportunity for home buyers and sellers looking for competitive housing prices and more inventory options. Quite important to note that interest rates, while higher interest rates continue to hamper home buying, with the potential of a drop in rates, consumers may not be poised to move into the market.
U.S. Housing Statistics
The National Association of Realtors provides a wide range of details to support a competitive but somewhat volatile market in some areas of the country. In February of 2024, 4.38 million homes were sold with a median price of $384,500. The organization notes that existing home sales are up 9.5% over the previous month, while existing home sales were down 3.3% from February of 2023 figures. This is thanks in part to an increased number of homes on the market. These figures represent a countrywide view of the market, but more important is a state-wide view, which offers more insight into market conditions in local communities.
National Real Estate Statistics
Take a look at some of the most impactful U.S. real estate statistics:
Homeownership rate
65.9%: This is the rate of homeownership in the United States, indicating how many people own a home according to Trading Economics data. This figure is down over 2% from 2020.
This indicates that homes remain difficult for many people to afford in the U.S.
The highest rate of ownership in the U.S. is in the Midwest, where about 70.2% of people own a home. In the West, this figure is 61.7%, the lowest in the country, and often linked to significantly higher home values.
Homeownership over the age of 65
About 78.9% of people who are 65 years of age or older own their home. This indicates that a large portion of people in retirement own their homes. The following data from the U.S. Census Bureau shows insight into how many people own their home based on their age group, on average.
People under 35: 38.5% own their home
People 36 to 44: 63.1% own their home
People 45 to 54: 70.8% own their home
People 55 to 64: 75.5% own their home
People over 65: 78.9% own their home
This does not indicate the number of people who own their home outright without a mortgage. While that figure is higher in those who are older, a significant portion of seniors still have a mortgage on their home.
Rent vs Homeownership and Income
The National Association of Realtors notes that the majority of low-income households rent. Homeownership for low-income households is only 47%. For middle class income, homeownership rises to 69% and for upper-income families, homeownership reaches 87%.
Home Equity
Home equity – the value of a home not under a mortgage but owned outright – is a core factor in building financial stability. The average homeowner in the US had $274,000 in equity in 2023, which is nearly double the amount of equity homeowners had in 2020.
First Time Home Purchases
The investment in a home is often dependent on factors such as earnings, location, and savings power. In 2023, the National Association of Realtors noted that of all real estate transactions that year, first-time home buyers accounted for 26% of all purchases.
It is possible to break down this information by age group as well. Of those who were purchasing their first home that year, the following ages relate to that initial residential real estate purchase:
People 24 to 32 years of age: 70% of all first-time home buyers
People 33 to 42 years of age: 46% of all first-time home buyers
People 43 to 57 years of age: 21% of all first-time home buyers
People 58 to 67 years of age: 9% of all first-time home buyers
People over the age of 68: 7% of all first-time home buyers
90% of people who sell their homes do so with the help of a real estate agent.
People between the ages of 40 and 54 are the most likely group to sell a home, accounting for 23% of all home sellers.
In 2022, the average party selling their home sold their property for $60,000 more than the price they purchased their home for at some time in the recent past.
Commercial Real Estate Market Statistics
The commercial real estate market is one of the most volatile, and with it comes some of the largest investment opportunities. Consider a few key statistics related to this market according to the National Association of Realtors:
The largest commercial real estate sector for 2023 was multi-family properties. The largest markets for multi-family property investment include New York City, Dallas-Fort Worth, Washington, D.C., Phoenix, and Houston.
Though demand for retail properties is lower than it has been in recent years, low availability of vacant properties has kept vacancy rates very low in most areas, to a national average of 4%.
In office space, 12-month net absorption in square feet continues to fall to 119 million. The vacancy rate has reached 13.8% in this sector.
Industrial and warehouse space continues to grow, with demand high due to e-commerce but with significant pressure from the economy. Net absorption is about 70% lower than it was the year prior.
In the retail industry, general retail accounted for 25.43 million in net absorption in 2024, mall space accounted for 1.82 million, and neighborhood centers reached 12.36 million.
Hotel properties, often viewed as an area of demand in some areas, have seen an occupancy rate remain at about 3.2% for 2024, with a 12-month occupancy of 62.7%.
A Breakdown of State Data
The following are the most up-to-date insights on the real estate market in each U.S. state.
Home Buyer Statistics
State Name
Most Recent Median Home Sale Price
February Price per Square Foot According to the St. Louis Fed
