All My Single Ladies… Are Driving Home Sales
A recent report from the National Association of Realtors (NAR) has shed light on a pretty interesting trend in the real estate market. Single ladies are increasingly driving home sales. The study, released yesterday, explains the challenges of buying an affordable home in the current market with rising interest rates and limited inventory.
According to the NAR report, from July 2022 to June 2023, the average income of a homebuyer saw a huge increase… $107,000! This is a significant jump from the year before’s figure which was $88,000. This is the biggest jump since the NAR started tracking in 1981!
There may be a bunch of hurdles right now, but, the report shows a cool shift in the demographic of homebuyers, with single women emerging as a prominent force. Yes!!! Who running the world/housing market? Girls! The data indicates that almost double the percentage of single women (19%) compared to single men (10%) are actively participating in the real estate market.
Who runs the world/housing market? Girls!
Before I get ahead of myself, I have to share that married couples still give the largest share of homebuyers at 59%, but it’s still noteworthy that this number is the lowest it has been since 2010. The dynamics of the housing market seem to be evolving, with single women taking on a bigger role in the home buying lane.
The reasons behind the increase in single women entering the real estate market could be a couple of different reasons. Independence, changing social norms, maybe just for personal investment? Those are just some of the potential factors contributing to this trend. Single women appear to be navigating the challenges of the current housing market with serious determination, making their mark on a traditionally male-dominated sector! We are here for it!
As the real estate landscape continues to evolve, we will see if this trend will keep up or if other factors will come into play. Go girls!