Homes Sold Each Year
Are you searching to buy a new home and are wondering how many homes are sold each year and the real estate trends? Keep reading to learn more about previous years and the 2023 data.
The number of homes sold each year can vary depending on various factors, such as the economy, housing market trends, and demand. When comparing sales in 2023 to those of previous years, significant differences can be noted, as each year has its own unique characteristics. Therefore, predicting the state of the market in the upcoming years can be a challenging task.
Selling a home and buying a home are two different things. When you're trying to sell a home, it can be challenging to find the correct information to help you out. In the United States, the number of home sales peaked in 2021, but the market started contracting in 2022.
The volumes are expected to continue to fall in 2023. However, comparing the numbers to the predictions, the housing market is forecasted to rise by about 6 percent leading into next year. If you're planning on moving somewhere new, it's important to understand the real estate market for that area.
The housing market and economy reflect off of each other, so it's essential to know the trends to be prepared if you're selling or buying a new home. Keep reading to learn more about how many homes are sold each year and the real estate trends that will help you understand the housing market better.
1. Average Homes Sold in the United States
The median sales price of homes in the United States during Q2 of 2023 was about $416,100. This represents a 3% decrease compared to the first quarter of the year. Hawaii is known to be the most expensive state to buy or sell a house, while West Virginia is the least costly.
Existing home sales in the US were about 0.7% lower than the previous month, with sales declining for single-family homes but increasing for townhomes. Existing home sales refer to the closing of mortgages, which typically takes place 30-60 days after the sales contract has closed. As of August 2023, home sales have improved in the Midwest but declined in the South.
Based on the current rate of home sales, it is estimated that all the listed homes will be sold within 3.3 months. This indicates that the market currently favors sellers. As more people are searching to buy homes than are looking to sell, home prices are expected to rise until a balance is achieved between buyers and sellers.
According to the National Association of Realtors, the inventory for August 2023 was 1,100,000, while the sales price for existing homes in the United States was about $407,100, representing a 4.9% increase compared to last year.
It's important to understand that the number of homes sold in the United States can vary significantly from year to year due to numerous factors, so there's no definitive answer. As we're currently in the middle of 2023, we don't have exact figures yet, but we do have predictions for the year as a whole and for this quarter specifically.
Here is a chart showing the number of existing homes sold in the United States from May 2019 to May 2023. This will help us understand how the sales numbers have evolved over the years.
| 2023 | 4.3 million (as of May 2023) |
| 2022 | 5.03 million |
| 2021 | 6.12 million |
| 2020 | 5.64 million |
| 2019 | 5.34 million |
2. Real Estate Trends
Understanding the real estate market can often prove challenging due to various factors that impact the housing market. These factors include low inventory, rising home values, high-interest rates, and risky buying options, among others.
It is important to note that there is currently a shortage of available homes, which has worsened since 2020. However, the trend is improving, and there are now more listing options available compared to previous years. If you are looking to buy a home, it is essential to be aware that it may be more challenging due to limited options, and prices may be higher than usual. However, if you are a seller, you may have less competition and receive many offers.
Home prices have been increasing year over year, but the pace of growth has slowed down in 2023. Due to the economy and high-interest rates, buying or selling a home may be more competitive than usual, especially during certain seasons.
Recently, there has been a rise in risky buying options, such as rent-to-own and taking out personal loans, since prices are high. It is essential to consider all options carefully and seek professional advice before making a decision.
It's important to note that the housing market is subject to fluctuations, and trends can change quickly due to various factors such as economic, demographic, and political shifts. Therefore, it's crucial to stay informed and up-to-date on the housing market and the economy of the areas you're interested in.
In conclusion, regardless of your location, demand for housing will always be present, and it is vital to remain vigilant for a better housing market in the future.
3. Real Estate Predictions
Over the past few years, the median sales price of existing homes has slightly declined and is forecasted to continue falling until the fourth quarter of 2023. Although the home sales fluctuate throughout the year, the prices are expected to continue growing at a slower rate.
However, the housing market remains weak due to high mortgage rates and home prices. The Fed has decided not to raise the federal funds rate in September 2023, which indicates that the mortgage rates will likely remain the same throughout the year.
The high-interest rates and low inventory volume will continue to keep the costs higher than usual in the housing market until it cools off. However, buying real estate in 2023 could still be a good investment due to property appreciation, keeping in mind that there are always risks involved.
In 2022, the housing market experienced significant volatility, but experts predict that the market will stabilize in 2023. Mortgage rates are also expected to stabilize, while home sales and prices are predicted to moderate after recent highs. However, it's important to note that these changes will vary depending on location.
The housing market is known for its fluctuations, making it challenging to predict future trends. However, according to forecasts, home values are expected to rise by 6.5% in the upcoming year, leading up to 2024. It is important to note that while some areas may experience a decline, others will see growth. Therefore, finding the right location and timing is crucial.
| Year | Unit Sales | Home Price | Dollar Value |
| 2019 | 0.0% | +4.9% | +5% |
| 2020 | +5.6% | +9.1% | +15% |
| 2021 | +8.5% | +16.9% | +25% |
| 2022 | -16% | +9.6% | -6% |
| 2023 Forcast | -7% | +0% | -7% |
| 2024 Forcast | +10% | +5% | +15% |
Sourced from the National Association of Realtors.
4. Real Estate Demand
The housing inventory in 2023 is lower compared to previous years, with only about a 1 percent increase each month. Despite high-interest rates and prices, buyer demand is expected to remain strong throughout the year. However, it has slightly decreased.
Currently, the United States housing market is considered a seller's market. If you plan to sell your house, you can expect a quick close and a price close to your asking price. There are more people searching for new homes than selling them, so it is unlikely to become a buyer's market soon.
If you plan to buy, you may have fewer options and less competition due to prices and trends. However, homes are selling fast because there are more buyers than available homes.
Overall, even though there are trends, demand, and predictions for the housing market in 2023, it could be a great year to buy a house or an awful time to buy one. The housing market has a significant impact on decisions to buy or sell, but don't let that scare you if you're ready.
If you're feeling uncertain about the process of buying or selling a house, seeking the expert guidance of a real estate agent can provide reassurance and help you find the perfect deal for your needs.
5. Selling Your Home
Selling a home can be a daunting task, especially if it's your first time. However, with proper guidance, you can make it a profitable experience. Selling and buying homes are different concepts, but both can be accomplished with the appropriate assistance.
It's essential to find a reliable real estate agent who can help you figure out the best listing price for your home so that you're able to sell it.
Selling your home can be a complex process, but there are many things you can do to ensure a smooth transaction and maximize your chances of success. Home selling involves careful planning, preparation, and execution to achieve the most profitable sale possible.
Before selling your home, you must prepare it and decide when's the best time to put it on the market. Due to the current shortage of homes available for sale, now is an excellent opportunity to sell your home.
Knowing the tips and tricks of selling your home can increase your chances of success. To achieve this, it's crucial to find a competent real estate professional who can guide you through the entire process of selling and buying a home.
FAQS
What will the housing market look like in the US in 2023?
The housing market in 2023 is on the rise, with high-interest rates, high prices, and low inventory available.
How many homes are in the US in 2023?
As of 2018, there were approximately 142.33 million homes in the United States. By 2023, this number is predicted to reach about 241.19 million.
Is house prices going down in the US in 2023?
Sadly, as of June 2023, the median home price in the United States rose to $410,200, which is very close to an all-time high.
Should I sell or wait until 2024?
If you wait until 2024, the mortgage rates may be lower than they are now. However, that would indicate higher home prices, which will make it more expensive for you. There is never a good or bad time to invest in the housing market since it will always fluctuate. It ultimately depends on your personal circumstances and preferences.
Homes Sold Each Year - The Bottom Line
Understanding the trends of the housing market is crucial if you're planning to buy or sell a home. The economy and the housing market are interdependent, so it's important to be aware of the real estate market's fluctuations. In this regard, it's essential to know how many homes are sold annually and what real estate trends are emerging.
There are many reasons why home sales fluctuate, such as economic conditions, demand, inventory, social media, rates, government policies, and several other factors. Real estate data will always vary, especially with location and time, so staying up-to-date with your area's housing market is essential.
According to experts, the number of homes sold is expected to decrease further in 2023. However, compared to the predictions, the housing market is expected to rise by approximately 6% in the coming year. If you're planning to move to a new location, it's vital to understand the real estate market trends in that particular area.
If you are considering moving or selling your home, do not hesitate to contact us to get you connected with one of our Real Estate agents to help you through any process.
