From hyperlocal to big picture: Understanding our market
At Better Homes and Gardens Real Estate The Shanahan Group, we love our local market. We spend lots of time looking at data on Winchester, Reading, Medford and our other surrounding communities. We believe that's where the really valuable information is and how we can track the real estate market real-time. There is value, however, in picking our heads up and looking at a broader picture of how our market compares to other areas of the country. Every year, the National Association of Realtors (NAR) prepares a report of Homebuyers and Homesellers. We dig through this report every year for a national picture of consumer trends.
Homebuyers: Who, what and where?Below is a subset of that report, focused on Homebuyers by region of the U.S. This piece of the report is a really interesting look at buyers by region, breaking down buyers by age, type of property etc. Here are some of the things we found interesting:
- New England's percentage of first time homebuyers is the highest at 45%, with the Mountain region being the lowest at 29%
- The Mountain region saw the highest percentage of buyers purchasing multi-generational homes (17%), with New England and the North Central region having the lowest multi-generational home purchases (11%)
- Single female homebuyers represent 19% of purchasers in the North Central region (highest) and only 13% in the Mountain region
Check out the full report here: Presentation: Profile of Home Buyers in Sub-Regions