I’m a data freak. I love to sift through all kinds of numbers about the real estate market. And I think it makes me a better Realtor.
The Illinois Association of Realtors recently crunched it’s wealth of data to determine who buys homes in our state, and I thought you might be interested in the information it uncovered about home buyers. So here goes…
- 69% of home buyers in Illinois are married, 17% are single women, 5% are single men, and 8% are unmarried.
- The median income of a buyer (or married buyers) is just over $90,000.
- 13% of buyers are veterans.
- First time home buyers make up a little more than a third of the total (37% to be precise).
- 92% choose a previously owned home; 8% buy new.
- 14% of buyers are purchasing senior-oriented homes.
- Home buyers expect to live in their homes for, on average, 15 years.
- Particularly important to a Realtor like me, 86% use the internet during their home search; and they found photos to be extremely important to them. (No surprise there!)
It is important to understand, however, that there is no single real estate market in Illinois. These numbers include buyers in small towns, suburbs, and the city of Chicago. Some buyers buy multi-million dollar single family homes while others purchase starter homes or condos. There are even multiple markets in The Glen (in Glenview Illinois), where I live and work. They are defined by home type and price point. To find a home in a market that is right for you (whether a community, a development, a neighborhood, or even a street), an experienced Realtor can inform and guide you.
Coldwell Banker Realtor and Glen homeowner