Top 10 Facts about the Market in 2023!

1. About 83% of non-homeowners want to buy a house but can’t because of financial reasons. The top reasons are that they don’t have enough for a down payment (53%), homes are too expensive (43%), and interest rates are too high (36%).
   
   
2. Homes are out of reach for many Americans because home prices have risen more than 2x faster than income since 2000. Home values have soared 162%, while income has increased only 78%
   
   
3. To afford a home today, Americans need an average income of roughly $166,600, but the median household income is just $74,580.
   
   
4. As home prices rise, Americans are paying more for less space. Since 1980, the median price per square foot for single-family homes has increased 368%—from $41 to $192. At $133 per sq ft, Cleveland is the least expensive city, while San Jose is the most expensive at $845 per sq ft.
   
   
5. The percentage of homeowners who said buying a home was more difficult than expected increased from 30% in 2022 to 44% in 2023 because of financial reasons, such as exceeding their budget (45%), high-interest rates (42%), and expensive home prices (42%).
   
   
6. Nearly 3 in 4 Americans (73%) don’t think homes are affordable right now, but 60% continue to underestimate the median home price. Just 14% know the median price ranges between $400,000 and $499,999.
   
   
7. Although competition has eased nationwide, a surprising 38% of home buyers still paid more than the asking price for a home in 2023. However, 58% of recent buyers and 63% of first-time buyers admit they overpaid for their home.
   
   
8. Mortgage lenders recommend putting down 20% on a home, but 62% of Americans believe it’s a requirement. More than 1 in 5 Americans (21%) said homebuyers need to put down more than 20%.
   
   
9. The percentage of homes that sold within one month decreased by half—from 55% in 2022 to 28% in 2023—indicating a cooling market.
   
   
10. More than half of home sellers (58%) said earning the most money from their home sale was very important, but 38% weren’t satisfied with the profit they made on their sale. A majority of sellers (57%) made less than $50,000 on their home sale, and 1 in 14 (7%) actually lost money or broke even.

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