Women are a dominant force in the U.S. real estate industry, comprising 62% of REALTORS®. Moreover, single women are the second-largest group of buyers after married couples. Therefore, it’s fitting that we celebrate how women impact the real estate market during Women’s History Month.
According to the 2023 National Association of REALTORS®’ Profile of Homebuyers and Sellers, 19% of recent buyers were single women, while 10% were single men. Single female buyers are redefining norms and shaping trends in the real estate market.
What do we know about single female buyers?
According to data from the National Association of REALTORS®’ 2023 Member Profile, 2023 Profile of Home Buyers and Sellers and 2023 Home Buyers and Sellers Generational Report:
The average age for a single female first-time buyer is 38—slightly higher than that of single male buyers (33).
Generally, single female first-time buyers have a lower median income than single male buyers and married couples. The average household income for single female buyers in 2022 was $70,600, while single men averaged $90,000 and married couples averaged $121,900.
Convenience to friends and family was a factor that influenced 55% of single women’s choice of neighborhood.
Single women primarily bought detached single-family homes, but 14% purchased a townhouse or rowhouse—the highest percentage of all household composition groups.
Comparatively, single women bought the smallest homes with a median square footage of 1,500.
When working with agents, single women considered responsiveness, communication skills, people skills and skills with technology as “very important” significantly more than single male buyers.
Looking ahead, single women are poised to become even more influential in the real estate market, not just as buyers, but also as sellers. Single women accounted for 20% of all sellers in 2022—the highest percentage to date, and this trend is expected to grow.
What does this mean for real estate agents?
Understanding the factors that influence the purchasing decisions of single women—such as location preferences, type of housing and budget constraints—will enable agents to serve the needs of this growing segment of homebuyers more effectively.
NAR’s Center for REALTOR® Development offers valuable resources and education for agents looking to enhance their expertise in serving diverse markets. By leveraging these educational opportunities, agents can broaden their understanding and develop strategies to help them thrive in this “single-female homebuyer era.”
For more information, visit https://crd.realtor/.
