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What percentage of home sales are facilitated by real estate agents or realtors in the United States?
In 2020, there were approximately 5.64 million existing home sales and around 822,000 newly constructed homes sold in the United States.
There are over 3 million active real estate licensees in the United States, as estimated by the Association of Real Estate License Law Officials (ARELLO).
The National Association of REALTORS (NAR) releases monthly reports on existing-home sales price and volume statistics.
In 2023, for-sale-by-owner (FSBO) sales accounted for 7% of all home sales, while 89% of buyers used a real estate agent to purchase a home.
The average REALTOR sells about six homes per year, considering both buying and selling transactions.
Sixty-seven percent of buyers interviewed only one real estate agent during their home search.
Eighty-nine percent of buyers would use their agent again or recommend their agent to others.
The typical FSBO home sold for $310,000 compared to $405,000 for agent-assisted home sales in 2023.
From 1981 to 2023, FSBO sales dropped from 15% of all sales to 7%, according to NAR.
Realtor commissions are usually between 5% and 6% depending on location and average home sale price.
In 2022, the national average Realtor commission was 5.37%.
Twenty percent of home buyers paid cash for their home without financing it in 2022.
The typical home buyer had a household income of $107,000 in 2022, up from $88,000 the previous year.
Over the past decade, home prices have risen, leading to an elevated share of buyers who are not financing their home purchase.
FSBO sales have a median sale price of just $310,000 versus $405,000 for homes listed by an agent in 2023, a difference of $95,000 or about 30%.
The lower sale price of FSBO homes may be due to these homes being more likely to be mobile homes or in rural areas.
In the past, FSBO sales resulted in a lower median price than with agents, at $217,900 versus $295,000, but the FSBO price has increased over 2019, rising up from $200,000.
In 2022, the national average home price was $380,000, assuming a 5.37% commission rate, the commission would be $20,406.
Sales for non-primary residence use accounted for 12% of sales in 2021, according to NAR.
Distressed sales, such as foreclosures or short sales, accounted for 1% of sales in 2021, down from 2% in 2020.
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