The pandemic hasn’t only affected people’s lives but also the real estate industry. Since 2020, the housing market has experienced price changes, demand shifts, and size changes in the professionally managed real estate market.
One of the things that affected the real estate market was people’s desire to move away from the busy city to the suburbs, as cities are where the pandemic has exploded the most.
Whether you are looking for a new home or you’re just curious about where the market stands right now, the data presented in this article will boost your knowledge.
In this post, we’ll take a look at market share and data analysis. What is market share, and how can you use it to inform your investment decisions? We’ll also take a closer look at data analysis, including what goes into it and how you can use it to forecast future trends.
When you’re looking to invest in real estate, it’s important to understand the market share. For example, if you’re looking to invest in a certain city, you’ll want to know what the real estate market share is for that city.
By understanding the market share, you can better understand where you should focus your attention. There are a few different ways to calculate market share. The most common is by revenue, but you can also calculate it by the number of transactions or units sold. It all depends on what information you’re looking for.
When people talk about market share, they’re referring to the market percentage controlled by a particular company or industry. But how is that calculated? It’s actually a pretty simple formula.
You take the total value of all sales in a particular market and divide it by the total value of all sales within that market by the company or industry you’re interested in.
So, if you’re looking at real estate and want to know how much of the market is controlled by, say, the apartment industry, you would take all of the apartment sales in your city and divide it by the total value of all sales in your city.
That number would then tell you what percentage of the market is controlled by apartments. And if you wanted to drill down further and look at a specific apartment complex, you could do that too.
By analyzing market share, you can better understand the real estate market and where it’s headed. You can also see how your properties compare to others in your area.
With this data at your fingertips, you can make more informed decisions about where to invest your money. And if you’re a real estate agent, this information can help you target your marketing efforts and find potential buyers and sellers.
You can use market share to your advantage in several ways.
For starters, market share can give you an idea of how much market share your competitors have. This information can help you in your strategic planning, focusing on areas where you’re weak, and your competitors are strong.
You can also use market share to predict future trends. By keeping track of how much market share the industry has and how it’s changing over time, you’ll see which type of property is growing in popularity and invest in those areas.
Last but not least, market share can help you set prices. By knowing how much you can charge for your properties without losing customers to your competitors, you’ll be able to stay ahead of the curve and maintain a healthy profit margin.
What Are Some Other Important Real Estate Statistics?
Let’s move on to some other important real estate statistics.
For example, market share is a key indicator of a particular market’s performance. By understanding market share, you can get a sense of how much of the market is controlled by a particular company or type of property. This data can help you make more informed decisions about where to invest your money.
Another key statistic is data analysis. By analyzing data, you can identify trends in the market and make predictions about the future. This information can be immensely helpful when it comes time to make investment decisions.
How Can You Find Reliable Real Estate Data?
So, you want to invest in real estate? Great! But before diving head-first, you need to arm yourself with reliable data. How do you do that?
Well, a good place to start is by looking at market share. This will give you a broad overview of what’s happening in the industry and which segments are growing or shrinking.
Once you have a sense of the bigger picture, you can drill down into more specific data, like average sale prices or vacancy rates. For example, according to Ofirio, the average sale prices for single-family homes with a pool in Florida is $517k and the asking price is $719k with 43 days spent on the market.
Some Important Real Estate Statistics
The key is to gather as much information as possible and then analyze it in a way that makes sense to you. Only then will you be able to make informed decisions about your next real estate investment.
37% of Millennials Are Buying Homes
Millennials make the biggest home buyers in the real estate market. In fact, 37% of homebuyers are millennials, showing that this generation is interested in long-term stability and safety.
Besides, 26% of the home-buying real estate market share is held by people between 29 and 38 years old. The following generation with a high market share is Gen X, which has a market share of 24%.
More Single Females Were Homebuyers in 2021 Than Single Men
Statistics show that single females amounted to 20% of 2021 homebuyers. In comparison, only 10% of homebuyers were single men in the same year.
40% of Millennials Search For Homes Online
The world has truly made a digital shift in the past years, especially during the pandemic. With people having to stay home so much, solutions had to be found for those looking to buy homes.
However, in the housing market, things started happening online even before the pandemic took over. According to the National Association of Realtors, 40% of Millennials search for house information online.
Also, back in 2018, 44% of homebuyers shopped for homes online. 41% of those who purchased a new home reported that looking for properties online was the first thing they did. Meanwhile, only 19% of homebuyers first reached out to a real estate agent.
The Highest Homeownership Rate Is Held by the Midwest
According to the U.S. Census Bureau, The Midwest has the largest homeownership rate, sitting at 70.8%. Then, it is followed by the South, which has a 67.7% homeownership rate, and the Northeast, with a rate of 62.6%. Meanwhile, the west has a rate of homeownership of 60.4%.
When analyzing market share and real estate statistics, it is important to understand what is being measured and what the numbers are telling you.
Real estate data can also help you understand the trends in the market. This information can help you make better decisions about when to invest in real estate and which properties are likely to increase in value.