MARKET UPDATE: Home Buyer Activity in 2015

Posted by Helaine Cohen on Thursday, November 26th, 2015 at 9:24am.

Chicago Home BuyersWhen it comes to home sales for 2015 it seems that the suburbs, single-family residences and larger homes were all at the top of the wish list.  That’s according to nationwide data on home sales from January through late November.

Most buyers, 83 percent to be exact, chose to purchase single-family homes in 2015.  For a lot of people, though, it appears they were simply trading homes.  Only about 16 percent of buyers over the year purchased new construction homes.  That number has stayed relatively steady for the past several years.

It also turns out that more than half of home buyers settle in the suburbs.  According to nationwide research, 52 percent of home sales for 2015 were in the suburbs and just 14 percent were located in urban areas.  Another 20 percent of home buyers chose small towns and the rest purchased homes in rural areas.

As for the size of the homes, buyers continue to want more for their money.  The median square footage for homes purchased in 2015 inched up to 1,900 square feet for the year.



Helaine Cohen, Chicago Real Estate Broker

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