This Month's MagazineDining and SpiritsArts and EntertainmentTravel and LeisureHome and Real EstateHealth and WellnessShopping & FashionEvents and PicsElegant Wedding Magazine

Bookmark and share

Issue Date: July 2006 Issue

By the Numbers

A look at the figures behind home sales in the United States:  What we're buying, how much we're paying for it and what it says about how we live.

Joanna Bello

The Big Picture
• New home sales reached a record high of 974,000 in 2002.
• The average annual sale price for a new home in 2005 was $292,300.
• The median average sale price for a new home in 2005 was $237,300.
• There were 7,072,000 homes sold in the U.S. in 2005.
• Atlanta topped the 2005 list of Top 50 metropolitan areas for single-family homes. Columbus was No. 38 on the list.
(Source: National Association of Home Builders)

• The most expensive place in the United States to buy a house is the San Francisco metropolitan area, where the median home costs $835,000.
(Source: Fiserv Lending Solutions)

• The most expensive home on the market in the United States is Donald Trump’s home in Palm Beach, Fla., which is being offered for $125 million.

Features and Upgrades
• In 2004, 30 percent of new homes were 2,400 square feet or larger with 52 percent of new homes having two stories.
• In 2004, 90 percent of new homes had air conditioning, four percent had more than one fireplace, 19 percent had a three-car garage and 24 percent had three or more bathrooms.
• Americans spent just less than $500 million remodeling their homes in 2004.
(Source: U.S. Census Bureau)
• Today, the average luxury remodeled kitchen costs $57,000, which is $48,000 more than it would have cost in 1950.
(Boston Consulting Group’s “The New Luxury: Why the Middle Market American Consumer Wants Premium Goods and How Companies Create Them.”)

Who’s Buying What
• The U.S. home-ownership rate is now approaching 70 percent, which is up from 65 percent a decade ago, while the household wealth attributable to real estate ownership has increased by more than 50 percent since mid-2001.
• The National Association of Realtors expects the national median price for existing homes to rise 5.7 percent this year.
• Between 2000 and 2005, existing-home prices rose by more than 50 percent.
• A 2006 National Association of Realtors survey of homebuyers found 15 percent of buyers owned two or more homes.
• Those who have vacation homes reported a median income of $120,600 in 2005, while the median income of investment property owners was $98,600.
• According to recent purchase trends, the median home size is 1,727 square feet. Median home size among first-time buyers is 1,451 square feet and 1,920 square feet for repeat buyers. Custom-built homes are larger, with a median size of 2,186 square feet.
• Recent purchase trends show homes in the South were larger compared to homes in the Northeast, the Midwest and the West.
• Buyers between 18- and 44-years-old more frequently buy homes in the suburbs or subdivisions compared to older buyers.
(Source: National Association of Realtors)

Compiled by Joanna Bello

Comments. All comments must be approved by our editorial staff.
Choose an identity
Other Anonymous
All of these fields are optional.
CAPTCHA Validation
Retype the code from the picture
CAPTCHA Code Image
Speak the code Change the code

Home | Subscribe | Archives | Advertise | Newsstands | Contact Us | Jobs | Legal
© Cleveland Magazine 2014 | P: (216) 771-2833 | F: (216) 781-6318 | 1422 Euclid Ave. Suite 730 Cleveland, Ohio 44115
This site is a member of the City & Regional Magazine Association