Residential Real Estate - US Market Size
Based on the findings, the number of existing home sales in the US in 2017 was 5,510,000 which was worth approximately $1.53 trillion. The number of new homes sold during the year was 612,000. Using the average price of new homes sold, the market size was calculated as $234.5 billion.
These research findings have been based on the actual number of homes sold/purchased during the year 2017 and not the number of listings. The unit sales data have been extracted from the National Association of Realtors and the Census Bureau.
residential real estate us market size
The Census Bureau state that the official statistics related to the sales of existing homes are provided by the National Association of Realtors. According to their research, the number of existing homes sold in 2017 was 5,510,000 and 41% of these sales were from the South (2,260,000/5,510,000*100). It further shows that the US median price of the homes sold in 2017 was $247,200.
The National Association of Realtors has reported that out of the 5,510,000 existing homes sold, 4,892,000 had been single family sales at a median price of $248,800. The number of condo/coop sales was 619,000 at a median price of $234,300.
According to Forbes, sales of foreign homes in the US was worth $153 Billion in 2017 and accounted for 10% of the existing home sales. Based on this finding, we can calculate that the total market size of existing home sales will be around $1.53 trillion ($153 Billion/.1) in 2017.
According to the Census Bureau, there were 612,000 new home sales in 2017 at a median sales price of $323,200. This figure only includes the number of units that were actually sold during the period. Based on the report, 55% of the sales during 2017 were from the South (339,000/612,000*100).
Since average price of new home sales was $383,200, we can estimate the market size of new homes sold during 2017 as $234.5 billion ($383,200*612,000).