The Housing Market: By the Numbers
We are all aware of the general state of the housing market in Los Angeles: the prices are going up, mortgage rates are going down, and there is a shortage of available houses in relation to the number of buyers in the current market (driving prices even higher). However, the specifics of the housing market can be informative as well.
According to the National Association of Realtors, the statistics paint an interesting picture of the market. The median age of home buyers is 47 (compared to 1981, where the median age was 31), with the median age of first-time home buyers at 33 years old.
Further, roughly 61% of individuals who had recently purchased a home were married. 38% of those questioned had obtained an advanced degree, 31% had a bachelor’s degree, and 12% had an associate’s degree, and 19% had ended their education after high school.
Turning to assets and demographics, the median household income for individuals purchasing homes was $93,200 (compared to $61,937 in 2018). Additionally, 84% of home purchasers were white, 7% Hispanic, 5% Asian, and 4% African American.
When it comes to people selling homes, they paint a picture of older, more established, individuals. The median age of a seller is 57 years old, their average household income is $102,900, and 72% are married. Many sellers are also represented in the buyers’ market, as they sell their homes and move to another home in their own state. According to the study, people who sell their homes make a $60,000 profit.
It is important to keep in mind that these numbers are national averages and that the numbers for California, and Los Angeles specifically, are much higher.
At the Chernov Team we understand that knowledge is power, and knowing the market statistics is powerful knowledge to have. At the Chernov Team we know that whoever comes to the table most prepared leaves with the most, and the Chernov Team always leaves the table with the most.