Key Insights into the Housing Market: 50 Real Estate Statistics for 2024

Current Housing Market Conditions

Real Estate Statistics for 2024

Homeownership is considered by many to be the ticket to financial stability. However, 2023 proved to be quite difficult for homebuyers with demand far outpacing the current inventory of houses for sale.

Housing affordability continues to be an issue, with prices today being 40% higher than they were in 2020.

There are several factors at play that are making the process of buying a home particularly difficult right now.

  1. In 2022, the median home sale price in the US reached an all-time high, soaring to $479,500. Although there has been a slight decrease to $431,000 in Q3 of 2023, it still remains at a historical high level.1
  2. The median US household income in 2022 was $74,580.2

It’s immediately evident that the median income is unable to keep up with the surging property prices. However, there are additional factors that contribute to the challenging landscape of the housing market in 2023, especially for new homebuyers.

  1. Since August 2023, the 30-year fixed rate mortgage average in the United States has consistently stayed above 7%. However, there was a modest decline observed in December 2023, with the average dropping to 6.95%.3
  2. Homeowner vacancy rate in the United States is also at a historic low, plummeting to 0.7% in Q2 of 2023.4

The data clearly demonstrates the correlation between inflation, interest rates, and the housing market. When mortgage interest rates are high, it discourages potential sellers from listing their homes due to the fear of being locked into higher rates if they were to purchase a new property. Consequently, this has led to an alarming shortage of houses available for sale in the market.

Securing a loan may be the first hurdle for the average homebuyer, but unfortunately, the prospects ahead don't appear to be very promising.

  1. The Housing Affordability Index experienced a notable decline in October 2023, dropping to 91.4 from its previous value of 99 in October 2022.5
  2. The share of affordable homes for sale hit a record low at just 15.5% in 2023, down from 20.7% in 2022 and a stark contrast to the pre-pandemic boom when over 40% of homes were within reach for the typical U.S. household.6
  3. Homebuyers in 2023 faced a new record in median monthly housing payments, reaching $2,715. This represented a substantial uptick of 12.6% compared to 2022.7
  4. The average new US homeowner experiences a significant monthly income burden, even after making a 10% down payment. This burden reached its highest point at 40.4% in October 2023 before decreasing slightly to 38.6% in November 2023.8

However, saving up for a down payment is becoming increasingly difficult, adding another layer of challenge to the homeownership journey.

  1. The average homebuyer would need approximately 8.7 years to save for a competitive down payment, according to data from November 2023. However, if we factor in the additional 3% up-front transaction costs, this timeframe increases to 11.3 years.8

It comes as no surprise that homeownership rates have also experienced a decline, given the current circumstances.

  1. As of the first quarter of 2023, the homeownership rate was 66%, which is 3% lower than the peak levels seen in the mid-2000s.9

When analyzing homeownership rates in 2023 across different age groups, the breakdown is as follows:

  1. Among individuals under the age of 35, 39.3% are homeowners, while in the age group of over 35 to 44, 62.6% own their homes. The highest homeownership rates, reaching 78.8%, are found within the age group of 65 and over.9
  2. Interestingly, Millennials have achieved homeownership at a slower rate compared to previous generations. By the age of 30, approximately 42 percent of Millennials owned their homes, in contrast to 48 percent of Gen Xers, 51 percent of Baby Boomers, and nearly 60 percent of Silents.10
  3. More Millennials are giving up on homeownership and opting to rent long-term, with the percentage stating they will rent forever nearly doubling from 13% in 2010 to 24% in 2022.10
  4. Among Millennials who express a desire to rent forever, a significant 74% cite the inability to afford a home as the primary reason for their decision. In contrast, only 27% attribute their choice to the flexibility that renting offers.10
  5. On the other hand, among the Millennials who plan on buying a home, 67% don’t have down payment savings.10

However, the current unfavorable market conditions do not seem to significantly influence the majority of buyers' decision-making process when it comes to purchasing a property.

  1. About 69% of prospective homebuyers are committed to purchasing a home based on their own timeline, irrespective of prices and interest rates.11

That being said, 

  1. A significant 40% of respondents revealed that buyers found the home buying process to be more challenging than they had initially anticipated, with 5% stating it was much harder.12

Despite not meeting all the conditions for buying a home, hopeful buyers still engage with the market in an interesting manner.

  1. For 41% of prospective buyers who spend time scrolling through real estate listings, it's not just about finding a home – it's an enjoyable pastime that they genuinely find pleasure in.11
  2. Another 32% just want to see how others have decorated their spaces.11
  3. Surprisingly, 31% of buyers admit to attending open house events not solely for the purpose of finding a new home, but simply because they find it fun and enjoyable.11 

2024 Homebuyer Profile

  1. The median age of homebuyers in the U.S. is 40, with the average age slightly higher at 42 years old.13
  2. Mirroring their age demographic, Millennials represent the largest generational group of homebuyers, comprising 37% of the total.13
  3. Approximately two-thirds of homebuyers, accounting for 69%, are non-Hispanic white or Caucasian. This percentage exceeds the overall share of the U.S. adult population that identifies as white, which stands at 61%.13
  4. On the other hand, while 17% of U.S. adults identify as non-Hispanic Black or African American, only 7% of homebuyers belong to this group.13
  5. Homebuyers, unsurprisingly, have higher household incomes compared to the U.S. population as a whole, with a median annual income of around $96,590.13
  6. Approximately 49% of buyers have achieved at least a four-year degree, which exceeds the 35% of adults in U.S. households with the same level of education.13
  7. Married or partnered individuals constitute the majority of homebuyers, comprising 70%, while 15% have never been married, and another 15% are either divorced, separated, or widowed.13
  8. Approximately 31 percent of buyers had children under the age of 18 living at home.14

There’s also some optimistic data, trending in the right direction:

  1. A notable rise can be observed in first-time homebuyers, with 50% of buyers indicating their first-time purchase, representing a substantial increase from 37% in 2021.13


  1. Baby Boomers, encompassing both the Younger Boomers and Older Boomers, continue to dominate the homebuyer market, comprising the largest generation at 39 percent.14

Rental Market Statistics

  1. Out of all the households in the United States, approximately 35% are occupied by renters. Interestingly, nearly half of these renters, around 48%, are individuals under the age of 30.15
  2. November 2023 saw the most significant year-over-year decline in the median U.S. asking rent since 2020, with a notable 2% decrease.16
  3. In the first quarter of 2023, the average monthly asking rent for unfurnished apartments in the United States stood at $1,837.17
  4. The National Vacancy Index has rebounded to pre-pandemic levels in December 2023, standing at 6.5% after plunging to 3.9% in 2021.18

However, even though the rental market has cooled down, this doesn’t mean that it’s actually affordable.

  1. The national median rent continues to remain 23% higher than pre-pandemic levels.18
  2. The number of households classified as severely cost-burdened, spending over half of their income on rent, surged by 1.5 million from 2019 to 2022, representing a notable 15 percent increase.19

Real Estate and Technology

  1. An overwhelming 96% of home buyers relied on the internet as their primary tool for searching and exploring available homes.12
  2. When it comes to buyers' agents, having high-quality photos for the listing was considered the most crucial element, with a whopping 94% emphasizing its importance. Following closely behind is traditional physical staging, which received a significant 90% endorsement. Videos and virtual tours were deemed important by 75% and 76% respectively, while virtual staging garnered a respectable 48% in terms of importance.12
  3. A significant 82% of buyers stress the significance of having the floor plan information included in the listing. This indicates that when they come across a floor plan they like, they are much more inclined to schedule an in-person viewing of the home.13
  4. A notable 72% of buyers agree that 3D tours provide them with a more immersive experience, allowing them to gain a better understanding of the space compared to static photos.
  5. Buyers want more 3D tours in listings, with 67% expressing this preference.13
  6. Among buyers, 40% have a preference for 3D tours over in-person viewings. This inclination is particularly strong among buyers in their 30s and 40s, with 52% of buyers in their 30s and 60% of those in their 40s agreeing to some extent.13
  7. A significant 61% of buyers have stated that they would feel at least somewhat confident in making an offer on a home after viewing a 360/virtual tour, even without an in-person viewing.13
  8. 89% of buyers have utilized at least one digital home shopping tool, with 53% opting to sign paperwork digitally. Furthermore, 42% of buyers have been provided with a video tour by their realtor, and 37% have experienced a 3D interactive video tour.13

Home Staging Statistics

  1. A whopping 81% of buyers' agents agreed that staging a home made it much easier for potential buyers to envision the property as their future home.12
  2. Another 40% of buyers report that they were more likely to walk through a staged home they saw online.12
  3. When it comes to staging, the living room takes the lead with 39% of buyers considering it the most important, followed closely by the primary bedroom at 36% and the kitchen at 30%.12
  4. On average, sellers spent a median of $600 when using a professional staging service, while the cost dropped to $400 when the sellers' agent personally handled the staging.12
  5. Fascinatingly, 20% of sellers' agents reported an increase of one to five percent in the dollar value offered by buyers when a home was staged, compared to similar unstaged homes.12
  6. According to 48% of sellers' agents, staging resulted in a decrease in the time it took for a home to be sold on the market.12

In conclusion...

The housing market in 2023 proved to be a challenging landscape for homebuyers. Housing affordability remained a significant issue, with prices soaring to historical highs and outpacing income growth. The surge in property prices, coupled with high mortgage interest rates, contributed to a shortage of available homes for sale.

Despite these unfavorable market conditions, many prospective buyers remained committed to purchasing a home based on their own timeline, showing resilience in the face of challenges. However, the process of buying a home proved to be more difficult than anticipated for a significant portion of buyers.

The rental market also faced its own set of difficulties, with rents remaining high and a notable increase in severely cost-burdened households. Although the rental market cooled down slightly, affordability remained a concern for many renters.

Home staging emerged as a valuable tool in the real estate industry, with a majority of buyers' agents recognizing its impact on helping potential buyers envision a property as their future home. The use of technology, including virtual staging, high-quality photos, 3D tours, and floor plans, played a crucial role in the home buying process, providing buyers with immersive experiences and aiding their decision-making.

Overall, the housing market in 2023 showcased the challenges faced by homebuyers and renters, highlighting the need for solutions to address housing affordability and inventory shortages. As we move forward, it will be interesting to see how the market evolves and adapts to meet the needs of buyers and renters in the coming years.


1. "Median Sales Price of Houses Sold for the United States." Federal Reserve Economic Data,

2. “Income in the United States: 2022.” Census Bureau, 12 September 2023,

3. “30-Year Fixed Rate Mortgage Average in the United States.” Federal Reserve Economic Data,

4. “Homeowner Vacancy Rate in the United States (RHVRUSQ156N) | FRED | St. Louis Fed.” Federal Reserve Economic Data,

5. “Housing Affordability Index (Fixed) (FIXHAI) | FRED | St. Louis Fed.” FRED,

6. “16% of Homes Were Affordable in 2023—Lowest Share on Record.” Redfin, 21 December 2023,

7. “2023 Has Been The Least Affordable Year for Homebuying on Record—But 2024 Is Looking Up.” Redfin, 7 December 2023,

8. “Understanding Affordability.” Zillow,

10. “Apartment List's 2023 Millennial Homeownership Report.” Apartment List, 18 April 2023,

11. “Bank of America’s 2023 Homebuyer Insights Report.” 30 October 2023,

12. “2023 Profile of Home Staging.” National Association of REALTORS®,

16. “The Tide Turns for Renters as Asking Rents Post Biggest Decline in Over 3 Years.” Redfin, 13 December 2023,

17. “Asking rent for U.S. unfurnished apartments 1980-2023.” Statista, 4 September 2023,

18. “Apartment List National Rent Report.” Apartment List, 4 January 2024,

19. Warnock. “More than Half of All Renters Are "Cost-Burdened" According to New Census Data.” Apartment List, 17 October 2023,

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