Two important renter and homeowner trend reports were released this month, beginning first with Zillow’s Consumer Housing Trends Report 2022. Here are the highlights for real estate investors:
- The median age of U.S. sellers is 46.
- The largest share of sellers live in the South (39%), followed by the Midwest (23%) and West (22%).
- The annual median household income among sellers is approximately $80,000 to $84,999.
- The typical (median) seller sold a 3-bed, 2.5-bath, single-family detached house between 2,000 and 2,999 square feet.
- Almost a quarter (26%) of sellers reported getting at least four offers, continuing the upward trend from 14% in 2020.
- Most sellers (62%) said that at least one of the offers they received was all cash or did not include a financing contingency.
- Sellers are more likely to use a real estate agent (88%) than other resources to sell their homes.
- Most sellers (71%) said they completed at least one improvement project as part of selling their home.
Similarly, earlier this month Apartments.com published its July 2022 Rent Growth Report. Here are some of the takeaways from this report:
- Sunbelt cities dominated the top 10 rent growth markets in July with eight out of 10 located within the region.
- San Francisco’s average asking rents are now just $18 below their all-time peak of $3,116 in Q2 2019 as rents rose 40 basis points over the past 30 days to 5.0%.
- 12 markets saw absolute asking rents decline over the past month, the first occurrence since 2020.
- Markets that saw negative or flat rent growth in July are dominated by Sunbelt locations, including Fort Lauderdale, Austin, Orlando, Charlotte, and Tampa, amongst others.
Source: CoStar, August 3, 2022
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