Home Buying Has Changed Over a Decade

The home buying business has changed dramatically over the past decade, according to data from the National Association of Realtors.

According to information released by NAR, just 37 percent of homebuyers searched for a home online in 1999, compared to 90 percent today.

According to the most recent existing-home data available from NAR, median home values have shot up more than 25 percent over the past decade to $172,600 last month.

The home type and location have also changed. While 82 percent were buying detached, single family homes in 1999, that number has dropped to 78 percent. More people (54 percent) are flocking to suburban areas, compared to 46 percent in 1999.

The profile of the home buyer is also different, with more single men and women becoming home buyers. While married couples made up 68 percent of all home purchases at the beginning of this century, they represent 60 percent of all buyers today. Single men bought 10 percent of all homes last year, compared to only 7 percent 10 years ago. Single women now represent 21 percent of all home buyers, up from 15 percent in 1999.

Some statistics haven’t changed: The top priorities in buying a house still include neighborhood quality, affordability and convenience to work and school.