Only 40% of new agents are confident about a long-term career in real estate
The no-cost coaching program gives real estate pros training, tools and mentorship to help them find early career success and build a lasting real estate business
Santa Clara, CA – Calif., July 13, 2023 (PRNewswire) With the number of real estate professionals nearly double that of homes currently for sale, agents may be getting squeezed out of potential transactions by their competitors just as often as their home buying clients. Realtor.com®‘s newly launched #ThrivePastFive Coaching Program is designed to help new agents find business success and growth in a vigorously competitive market.
Far too many new real estate agents don’t make it past year five. Last year, Realtor.com®surveyed more than 2,000 agents and discovered lead generation and conversion, marketing and advertising, and adequate hands-on training were among the top challenges for those early in their real estate careers. Given the early struggles to find success in the business, which are often heightened during a challenging market, only 4 in 10 new agents said they are confident about having a long-term career in real estate.
The #ThrivePastFive Coaching Program is designed specifically with new agents and their success in mind. Through blogs, workbooks, webinars and more, the no-cost coaching program dives into business critical areas that #ThrivePastFive survey participants highlighted as top pain points, including lead generation and conversion, personal branding, and marketing/budgets. With a new theme each quarter, the program is intended to provide agents with actionable takeaways that they can implement into their real estate business.
“Realtor.com® is a trusted partner to agents and brokers in building and sustaining their real estate business,” said Donna August, vice president of B2B Marketing at Realtor.com®. “Our #ThrivePastFive Coaching Program is designed to give new agents access to intel, expertise and actionable strategies at a time when they likely need it most, so they can find success not only in today’s challenging market but in the years to come.”
To provide valuable support to new agents, Realtor.com® is teaming up with experienced agents from various regions of the country to bring the latest and greatest information and tried-and-true best practices to new agents through articles, webinars and live Q&As. With proven track records for finding business success, the 2023 #ThrivePastFive Coaches are:
Lindsey Skye DellaSala, DJ & Lindsey Real Estate, St. Augustine, Fla.
Jennie Gardner, Coldwell Banker Howard Perry and Walston Realty, Inc., Raleigh, N.C.
Jeff Hoover, Realty ONE Group, Flagstaff, Ariz.
Jeffery Sweet, Sweet Group Realty, Meridian, Idaho
Allie Thomas, ERA Live Moore Real Estate, Charlotte, N.C.
Stephen Votino, CENTURY 21 Triangle Group, Raleigh, N.C.
Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today’s on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com® .
Hartford-West Hartford, Conn., El Paso, Texas, and Louisville, Ky. take top spots in annual ranking of areas poised for highest home price appreciation and sales growth
Santa Clara, CA – Dec. 7, 2022 (PRNewswire) With affordability on home buyers’ minds as interest rates continue to increase and outsized price tags have become the pandemic-born norm, Realtor.com® offers hope – and helpful information – for buyers with its 2023 Top Housing Markets forecast. These markets are not only poised to see the strongest combined growth in home sales and listing prices in the coming year, but up to this point they have seen lower price increases, a relatively smaller affordability crunch than other markets across the U.S.
Mainly concentrated in mid-size markets east of the Mississippi, with local industries tied to manufacturing, education, healthcare and government, this year’s top 10, in rank order, are Hartford-West Hartford, Conn., El Paso, Texas, Louisville, Ky., Worcester, Mass., Buffalo-Cheektowaga N.Y., Augusta-Richmond County, Ga., Grand Rapids-Wyoming, Mich., Columbia, S.C., Chattanooga, Tenn., and Toledo, Ohio. (See below for the full ranking of the 100 largest U.S. markets.)
Home sales across the top 10 markets are forecasted to grow by 5.2% year-over-year in 2022, whereas the national homes sale projection is for declining sales (-14.1%). Additionally, average home prices in the top 10 are expected to increase 7.3% – compared to 5.4% for the U.S. as a whole.
Top Markets of 2023
At a time when housing costs are a concern for many, these areas offer relative affordability, having experienced less of a price surge than other extremely hot, pandemic-era markets. They also have a greater share of homeowners who own their homes outright, without a mortgage, giving more residents equity to build on. In the top 10 markets, about 23% of housing inventory is affordable at the median income level, compared to just 17% of affordable homes nationally. Better affordability offers some insulation from the impact of rising mortgage rates.
“As many households keep a close watch on their spending, we expect these top housing markets to be in relatively high demand,” says Realtor.com® Chief Economist Danielle Hale. “We’ve seen lower price increases, more general affordability and more use of government-backed mortgage products for veterans, first-time and minority buyers in these top markets, providing opportunities for all home buyers to stretch their homebuying dollars. Many of these areas flew under the radar in the pandemic frenzy, and are now well-positioned to bubble up with solid job prospects without the big-city price tag.
Top Markets Sidestepped Steep Prices of 2022 This year’s top 10 housing markets didn’t get as caught up in the wild buying frenzy – and price increases – of 2022 as other areas. Sale prices in the 12 months ending August 2022 increased by 10.5% on a year-over-year basis, compared to a growth rate of 12.6% for all 100 largest metros. The top markets have also seen less of a dip in sales in recent months, with sales declining by 9.1% year-over-year, compared to an average decline of 12.3% for all 100 metro areas.
“Made in America” Mid-Sized Metros Poised to Bubble Up Representing a shift from remote-work and tech-industry influenced home buying, this year’s top markets have a renewed focus on domestic industry and trade. The pandemic exposed an achilles heel of the far-flung supply chains that had become the norm, namely, that logistics can be disrupted by a wide array of events. This has renewed corporate, government, and consumer focus in these markets where “Made in America” happens.On average, these mid-sized metros employ a higher proportion of workers in manufacturing, government, education and healthcare jobs relative to the 100 largest US metros, while jobs in tech, professional services, information technology and leisure/hospitality are less common in these areas. Having largely avoided the pandemic housing boom that we saw in other markets, home buyers in the top markets can find solid job prospects and affordable housing options.
Attractive to Out-Of-Town Buyers Almost half of the buyers looking at the top 10 markets are from areas outside those states. For example, in Hartford, Conn., with a median price of $375,000 in October 2022, homebuyers from New York, Boston and Washington, DC, were leading the wave of out-of-state views in the third quarter of 2022, finding a significant value proposition compared not only to the high price of houses in New York City ($670,000), but also the national median ($425,000). With remote work opportunities still robust, and affordability top of mind, these markets will continue to draw buyers from out of state.
Buyers Take Advantage of Government-Backed Loans Home sales in the top 10 metros also tend to leverage more government-backed mortgage products such as VA loans and FHA loans. Between Jan.-Aug. 2022, the share of mortgaged-sales with a VA loan was 9.4% in the top 10 markets vs. 7.5% among all the 100 markets reviewed. These types of loans help buyers safely enter the market with lower down payments and often slightly lower mortgage rates.
Realtor.com® 2023 Top Housing Markets
1. Hartford-West Hartford et al, Conn. November 2022 median home price: $372,000 Forecasted 2023 home sales change: +6.5% Forecasted 2023 home price change: +8.5% Forecasted 2023 combined sales and price change: +15.0%
2. El Paso, Texas November 2022 median home price: $291,000 Forecasted 2023 home sales change: +8.9% Forecasted 2023 home price change: +5.4% Forecasted 2023 combined sales and price change: +14.3%
3. Louisville et al, Ky-Ind. November 2022 median home price: $290,000 Forecasted 2023 home sales change: +5.2% Forecasted 2023 home price change: +8.4% Forecasted 2023 combined sales and price change: +13.6%
4. Worcester, Mass.-Conn. November 2022 median home price: $447,000 Forecasted 2023 home sales change: +2.5% Forecasted 2023 home price change: +10.6% Forecasted 2023 combined sales and price change: +13.1%
5. Buffalo-Cheektowaga et al, N.Y. November 2022 median home price: $240,000 Forecasted 2023 home sales change: +6.3% Forecasted 2023 home price change: +6.0% Forecasted 2023 combined sales and price change: +12.3%
6. Augusta-Richmond County, Ga.-S.C. November 2022 median home price: $319,000 Forecasted 2023 home sales change: +6.2% Forecasted 2023 home price change: +5.7% Forecasted 2023 combined sales and price change: +11.9%
7. Grand Rapids-Wy., Mich. November 2022 median home price: $358,000 Forecasted 2023 home sales change: +1.6% Forecasted 2023 home price change: +10.0% Forecasted 2023 combined sales and price change: +11.6%
8. Columbia, S.C. November 2022 median home price: $300,000 Forecasted 2023 home sales change: +7.7% Forecasted 2023 home price change: +3.6% Forecasted 2023 combined sales and price change: +11.3%
9. Chattanooga, Tenn.-Ga. November 2022 median home price: $397,000 Forecasted 2023 home sales change: +2.9% Forecasted 2023 home price change: +8.2% Forecasted 2023 combined sales and price change: +11.1%
10. Toledo, Ohio November 2022 median home price: $161,000 Forecasted 2023 home sales change: +4.2% Forecasted 2023 home price change: +6.7% Forecasted 2023 combined sales and price change: +10.9%
Realtor.com®2023 Housing Forecast – 100 Largest U.S. Metros (Ranked)
*Methodology Realtor.com®‘s model-based forecast uses data on the housing market and overall economy to estimate 2023 values for these variables for the 100 largest U.S. metropolitan statistical areas by population size. These markets are then ranked by combined forecasted growth in home prices and sales. In cases of a tie, forecasted year-over-year sales growth was used as a tiebreaker.
About Realtor.com® Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today’s on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®.
In October, the national inventory of active listings grew 33.5% year-over-year to a two-year high; affordability challenges continued to drive home shopper interest in relocating in Q3
Santa Clara, CA – Nov. 3, 2022 (PRNewswire) The U.S. supply of for-sale homes hit a milestone on the road to recovery from the shortage of the past two years in October, as active listings soared 33.5% year-over-year to the highest level since 2020, according to the Realtor.com®Monthly Housing Trends Report released today. However, October data suggests that fewer home shoppers could afford to take advantage of the rise in available inventory, with time on market continuing to climb amid still-high listing prices.
“As the rapid runup in rates reshapes housing market dynamics this fall, both buyers and sellers are taking a step back to recalibrate their plans. Home shoppers are looking at a monthly mortgage payment that is roughly $1,000 higher than at this time last year, and incomes are rising but not by that much. Combined with asking prices that are still climbing at a double-digit yearly pace, the average American has taken a huge hit to their homebuying power,” said Danielle Hale, Chief Economist for Realtor.com®. “Still, our data indicates that some aspiring homeowners are finding ways to make the most of inventory conditions, such as by exploring relatively affordable metros. For buyers with the flexibility, relocating to a lower-priced market could help offset higher mortgage costs. There’s also a takeaway for sellers in these areas – on a well-priced home, you could still see strong interest from these out-of-towners.”
October 2022 Housing Metrics – National
Metric
Change over Oct. 2021
Change over Oct. 2020
Change over Oct. 2019
Median listing price
13.3% (to $425,000)
21.8 %
37.1 %
Active listings
33.5 %
2.8 %
-37.6 %
New listings
-15.9 %
-23.1 %
-16.3 %
Median days on market
6 days (to 51 days)
5 days
-18 days
Share of active listings with price reductions
10.3 percentage points (to 20.9%)
10.7 percentage points (from 10.2% in 2020)
3.9 percentage points (from 17.0% in 2019)
Inventory recovery accelerates amid higher rates and moderating demand
In October, the U.S. supply of active listings grew at a record-fast1 annual pace and surpassed 2020 levels for the first time, even as new sellers declined year-over-year for the fifth consecutive month. Additionally, pending listings, or homes under contract with a buyer, continued to drop. These trends indicate that October’s accelerated inventory improvements were largely due to moderating buyer demand, fueled by mortgage costs that are rising at a faster pace than inflation and incomes. While some softening in seller participation is typical in the fall, this year’s significant new listings declines reflect the impact of home shoppers’ diminished buying power on seller sentiment. However, sellers may still see strong buyer competition for fewer options in some regions, with inventory still lagging October 2020 levels in the Northeast and Midwest, regions where home sales declines have also been more modest.
Nationally, active inventory grew 33.5% year-over-year in October, reaching the highest level in 24 months. Meanwhile, both newly-listed homes (-15.9%) and pending listings (-30.0%) declined year-over-year.
Among the 50 largest U.S. metros, 42 markets posted yearly active inventory gains in October, led by Phoenix (+173.9%), Raleigh, N.C. (+167.4%) and Nashville, Tenn. (+145.0%). The number of for-sale homes was still down year-over-year in the remaining eight markets, by the largest amounts in Hartford, Conn. (-25.7%), Virginia Beach, Va. (-11.0%) Milwaukee (-9.6%) and Chicago (-9.6%).
On average across the 50 largest metros, no regions saw year-over-year new listing increases in October, with the greatest declines registered in the West (-20.6%), followed by the Northeast (-17.4%), Midwest (-15.0%) and South (-9.8%). Furthermore, newly-listed homes increased in just four markets: Nashville, Tenn. (+10.5%), New Orleans (+6.2%), Dallas (+5.6%) and San Antonio (+1.4%).
Compared to October 2020, active inventory was higher in 32 of the 50 biggest markets, led by western (+33.9%) and southern metros (+7.2%): Phoenix (+132.0%), Austin, Texas (+120.8%), Riverside, Calif. (+67.2%), Memphis, Tenn. (+59.7%) and Nashville (+55.7%). Inventory remained lower than two years ago in the Northeast (-21.1%) and Midwest (-7.9%).
Competition stalls as home listing prices and time on market hold steady
With home sales activity declining along with affordability in October, national trends reflected a market in which competition continued at a cooler pace than during this year’s summer peak. However, compared to last month, there was little change in both listing prices and time on market. This may be partly attributed to regional variations in supply and demand dynamics, with still-strong home shopper interest in relatively affordable markets balancing out the slowdown in other areas. In the Midwest and Northeast, where buyers saw relatively smaller inventory improvements in October, time on market and the share of homes with price reductions posted smaller year-over-year increases than in other regions.
In October, national listing price trends were relatively unchanged from the prior month, with the median listing price dipping just $2,000 to $425,000. Additionally, annual home listing price growth decelerated just slightly, to 13.3% from 13.9% in September.
On average across the 50 largest U.S. metros, yearly listing price growth entered single-digit territory in October (+9.2%). However, for-sale home prices continued to rise by double-digits year-over-year in 20 markets, led by Milwaukee (+34.5%), Miami (+25.1%) and Kansas City (+21.4%).
The share of homes with price reductions was up 10.3 percentage points to 20.9% in October, well above 2017 (18.1%) and 2019 (17.0%) levels, but just under the 2018 share (21.2%). Western (+18.9 percentage points) and southern metros (+13.6 percentage points) posted the greatest increases in the share of price reductions: Phoenix (+35.9 percentage points), Austin (+31.2 percentage points) and Las Vegas (+24.4 percentage points).
The typical home spent 51 days on the market in October, six days more than last year, but still 20 days faster than the typical 2017-2019 pace. The metros where homes spent longest on the market compared to October 2021 were Raleigh (+27 days), Austin (+26 days), Phoenix (+21 days) and Las Vegas (+21 days).
Time on market declined year-over-year in October in 10 of the 50 largest metros, led by New Orleans (-21 days), where last year’s pace was impacted by Hurricane Ida, followed by Richmond, Va. (-15 days) and Birmingham, Ala. (-6 days).
Spotlight On: Higher housing costs fuel demand from out-of-town home shoppers
Similar to October’s for-sale housing trends, the Realtor.com®Q3 Cross-Market Demand Report also released today highlights regional variations in homebuying activity. With rising rates pushing the typical monthly mortgage payment up 77.1% in October compared to a year ago, some buyers are potentially trying to add room in their budgets by searching further from where they live for lower-priced homes.
Nationwide in Q3 2022, 60.7% of listings views on Realtor.com® came from users located outside of the listing’s metro, compared to 56.9% during the prior quarter and 52.1% at the same time last year. Regionally, northeastern (69.0%) and western (65.7%) home shoppers were most likely to search out-of-market in Q3. This may be attributed to buyers looking for relative affordability, as October median listing prices were higher across large metros in the Northeast ($440,000) and West ($763,000) than in other regions, on average.
Q3 & October 2022 Housing Metrics – Regional*
Region
Q3 2022 Share of Outbound Views to Other Metros Y-Y (Percentage Points)
*Note: Regional Q3 2022 Cross-Market Demand metrics include all metros across the U.S. 50 States and District of Columbia. Regional October 2022 housing metrics reflect the combined average of the 50 largest U.S. metro areas.
October 2022 Housing Metrics – 50 Largest U.S. Metro Areas
Realtor.com® housing data as of October 2022. Listings include the active inventory of existing single-family homes and condos/townhomes/rowhomes/co-ops for the given level of geography; new construction is excluded unless listed via an MLS. Realtor.com® data history goes back to July 2016. 50 largest U.S. metropolitan areas as defined by the Office of Management and Budget (OMB).
Q3 2022 Cross-Market Demand Report: Analyzes views of for-sale listings on Realtor.com®. Share of outbound views (i.e. out-of-metro views, out-of-market views) are quoted as percentage of views originating from home metros or states to other metros or states. Note: The Q3 analysis focuses on domestic views from metro areas only, and thus the percent of out-of-metro views will not match previously-published reports/releases in which international and non-metro views were included.
About Realtor.com®
Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today’s on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com® .
