Crucial Real Estate Statistics for 2024

Real estate is one of the most fascinating industries out there. Ranked as one of the best sales jobs available, real estate brings a lot of job satisfaction. It’s even an area of interest for those who don’t work in the industry - you’ve only got to look at the number of property-based reality shows to see that.

Key Real Estate Statistics for 2024 - Editor’s Picks

• Homes are selling at their fastest rate since 1990, with the average listing finding a buyer within a week.
• 88% of buyers hired an agent or broker to buy their home, with 90% of sellers hiring an agent to sell their property.
• The length of the average home tenure is 10 years.
• The median profit on a home in 2024 was $135,000.
• Real estate agents earn a median rate of $54,300.
• The share of first-time buyers has droppem from 32% in 2023 to 24% in 2024.

The US has over 2 million active estate agents in 2024.

(HomeLight)

More than 1.5 million real estate agents are classed as Realtors, which means they are licensed by and registered with the National Association of Realtors. 

Florida is home to the highest number of active Realtors.

(National Association of Realtors)

There are more than 220,309 active Realtors in Florida in 2024, while California ranks a close second with 194,964. 

88% of buyers in 2024 hired an agent or broker to buy their home.

(National Association of Realtors)

The vast majority of buyers hire a real estate agent to find their home, and out of those the majority, or 49%, contacted an agent to help them find the right home to purchase.

90% of sellers use the services of a broker to sell their homes in 2024.

(National Association of Realtors)

Even with online selling methods, 90% of sellers will still choose a broker or an agent as their first choice. Meanwhile, 6% of sellers chose the for-sale-by-owner option in 2024, which is a historical low.

51% of first-time homebuyers hired a real estate agent based on a recommendation in 2024.

(National Association of Realtors)

Homebuyers mostly rely on recommendations from friends and family to help them choose an agent. 21% of buyers hired an agent they’d worked with previously, while 88% said they would go to their agent for a future transaction or would recommend them to others.

65% of Realtors are women.

(National Association of Realtors)

A typical Realtor is a 52-year-old white female who is a homeowner and has attended college. 

77% of homebuyers in 2024 only needed to interview one agent before deciding to hire them.

(National Association of Realtors)

Securing the first interview is an important step for an agent or broker. If they can impress during the initial interview, they stand a strong chance of securing a client.

66% of sellers in 2024 chose an agent based on a referral or a previous transaction. 

(National Association of Realtors)

Recommendations are a popular choice for finding an agent or a broker, and 81% of sellers go with the first agent they interview to sell their property. 

Buyers take about ten weeks to find a home to buy.

(National Association of Realtors)

Finding the right home is one of the most difficult elements of buying a property, but most buyers find a home within eight weeks. 

Real Estate Market

Homes are selling at their fastest rate since the 1990s.

(Fortune)

Most listings for homes secure a seller within a week of going on the market. In September 2024, the number of newly listed homes was up by 11.6% when compared to the year before.

The median profit on a home is $135,000 in 2024.

(ATTOM)

Sellers are selling their homes for significantly more than their original purchase price. The median home prices rose by 6% compared to 2023.

People aged 65-plus are the age group most likely to own their homes.

(U.S. Census Bureau)

Nearly 80% of people aged 65 or older own their homes in 2024. The rate is almost half for those under 35, with only 38.6% of people in this age group owning their homes.

There were 610,000 houses sold in October 2024.

(U.S. Census Bureau)

The median sales price for homes sold in October was $437,300. During the same month, 481,000 new homes were put up for sale.

Real Estate Income Data

The median salary for a real estate broker stands at $63,060 as of August 2024.

(U.S Bureau of Labor Statistics)

The lowest 10% of real estate brokers earn less than $36,490, while the highest 10% receive up to $160,980.

Real estate agents earn a median rate of $54,300 in 2024.

(U.S Bureau of Labor Statistics)

Real estate agents don’t need to be registered, but it helps if they are. The lowest-earning agents have a yearly income of $31,410, while the higher earners earn up to $119,590. 

Home Buyer Numbers

The average down payment on a house is 18% in 2024.

(National Association of Realtors)

Most people believe that the amount you need for a down payment is 20%. However, the average is actually closer to 18%, which is still a sharp increase compared to 12% just three years earlier. The amount needed for a down payment will vary depending on the type of  home loan being applied for, as well as the criteria of the bank providing the loan.

The homeownership rate in the US is 65.6% in 2024.

(U.S. Census Bureau)

As of the third quarter of 2024, homeownership rates are down 0.1% compared to the year before.

The average home tenure is 10 years.

(National Association of Realtors)

The average tenure has increased by two years compared to numbers from 2021, for example, and has stayed at the same level compared to the year before.

Neighborhood quality is an essential factor for 59% of buyers.

(National Association of Realtors)

Almost two thirds of buyers place neighborhood quality as one of the major influences on their buying choice. The next big factor is conveniece to friends and family, which was the primary factor for 45% of buyers in 2024.

42% of people buying a new home do so to avoid renovations.

(National Association of Realtors)

Among the reasons for buying a new home, wanting to avoid renovations was one of the key factors, as well as avoiding critical problems such as issues with plumbing or electricity. 

The share of first-time buyers dropped to a historical low of 24% in 2024.

(National Association of Realtors)

The sharp decrease from 32% in 2023 highlights the increasing challenges faced by first-time buyers to save for deposits amid soaring rent prices, inflation and rising student debts.

The average age of a first-time homebuyer is 38 in 2024.

(National Association of Realtors)

The age of first-time buyers continues to increase, jumping from 33 in 2021, while the average repeat buyer age has also increased - to 61. First-time buyers face a lot of challenges, meaning they’re not in a strong enough financial position to buy until they reach their 30s. 

A gift or loan from a family or friend helps 25% of first-time homebuyers make their down payment.

(National Association of Realtors)

Saving for the initial down payment is one of the biggest challenges faced by first-time homebuyers today. For repeat buyers, the situation is drastically different since equity from their existing home helps them purchase the next one.

The number of married homebuyers continues to fall.

(National Association of Realtors)

In 2024, just 62% of buyers were married, compared to 81% in 1985. 

Single women now make up 20% of buyers.

(National Association of Realtors)

This is up from 15% in 2014, while the number of single men or unmarried buyers remains stable at 8%.

36% of homebuyers purchased a larger home in 2024.

(National Association of Realtors)

This is a significant drop from 46% just three years before. Wanting a larger home is one of the biggest reasons for selling up and buying a new home. Meanwhile, 30% of people bought a home that was the same size as their existing home and 32% traded down and purchased a smaller home in 2024. 

The median homebuyer income is $106,500.

(Zillow)

This is significantly more than the median household income, which stands at $80,610.