A Peek Into Realtor.com Data Across 50 Metros, November 2023
This Realtor.com data found the combined annual median list-price growth rate for active listings was 5.1%. The data below looks at regional specifics, showing that on average, Northeastern metros had the highest price-growth rate (with an average increase of 7.8% year over year). Larger Southern metros saw the lowest growth (3.2%). Data like this help inform pricing on the sellers’ side and offers on the buyers’ side.
Source: Realtor.com
And these data points help sellers know how to price and buyers know what to offer.
“What makes this kind of data analysis appealing to consumers is—whether buying, selling or investing—they can now do their research the way appraisers do it,” Friedman says. “We’re seeing more (consumers) coming in better informed, with their research done, because everything is online now. They come to us with a much cleaner picture, and they can make their regional neighborhood comparisons easier.”
However, Friedman adds the suburbs or more rural areas involve more complex factors, such as venue amenities (lakeside, park adjacent, landscaping, view, etc.), era of construction, architecture, and build quality. Such elements can significantly vary the pricing of homes even within a generally limited location.
Real estate data collection and analysis is especially important in newly booming areas without a reliable value and pricing history, he says. For example, banks suddenly looking to set acceptable loan amounts for such rapidly developing regions need something to set their financial amounts before they turn to the analytics for a foundation.
AI and VR in Real Estate
Real estate agents from across Sotheby’s International Realty weighed in on which of the new technologies they're currently using in their business.
Source: Sotheby’s International Realty Luxury Outlook 2024 Agent Survey
