Research Reports

Appraisal Process Report

NAR surveyed its members pertaining to data collectors in the appraisal process. This report contains the findings.

Appraisal Survey

This report focuses on the impact of appraisals on the current market and member business in terms of cost, turn-around times, and other challenges and to measure member experiences with bias and discrimination in the appraisal process.

Commercial Lending Survey

The annual Commercial Lending Survey provides insights into REALTORS®' commercial financing conditions. The report details liquidity conditions, market impact, funding sources, and respondents' comments.

Analysis and Case Studies on Office-to-Housing Conversions

NAR analyzed how vacant office buildings are being converted into housing, examining conversions in 27 markets with the largest decline in occupancy since the pandemic and looking at market conditions and factors that led to the success of eight office-to-housing conversions in Maryland, Washington DC, New York, California, and Illinois.

Career Choices in Real Estate: Through the Lens of Gender, Race, and Sexual Orientation

This survey looks at how and why members of the National Association of REALTORS® chose real estate as a career. The report also examines how each gender, race, ethnicity, and sexual orientation is doing once active in real estate. It includes data on both residential and commercial specialists.

Case Studies in Repurposing Vacant Hotels/Motels into Multifamily Housing

The five case studies presented in this report demonstrate that hotels and motels can be repurposed as multifamily housing and without Low Income Housing Tax Credit (LIHTC).

Case Studies in Repurposing Vacant Retail Malls

The case studies in this report showcase how vacant retail malls are being repurposed and the sources of financing for these projects.

Commercial Real Estate Market Insights

The Commercial Real Estate Market Insights reports provide in-depth analysis and market insights on the commercial real estate market, with a focus on multi-family, office, industrial, and retail properties.

Commercial Real Estate International Business Trends

This annual report focuses on this significant segment of the economy and real estate markets.

Commercial Real Estate Metro Market Reports

The reports include economic, demographic, and commercial market data that provide REALTORS® with information on the factors driving commercial real estate transactions in 52 markets.

Expectations and Market Realities in Real Estate

This annual report focuses on economic outlook, capital markets, highlights and expectations for the five major commercial property sector markets, and a collective analysis of the commercial investment environment.

Like-Kind Exchange Survey

This report provides the REALTOR® perspective on 1031 like-kind exchanges, which allow for the deferral of tax owed on any gain from the sale of a real estate property as long as the proceeds are reinvested in a similar property.

Local Market Assessments

Globalization affects the U.S. real estate industry with impacts far beyond large transactions in major markets. Foreign investment occurs in both the commercial and residential sectors in every state and in markets of all sizes.

Marijuana and Real Estate: A Budding Issue

As marijuana intersects with real estate, the demand for both residential and commercial properties is a growing market. NAR surveyed its membership regarding their interaction with marijuana and the real estate sector in states where marijuana is legal.

Member Safety: Commercial
NAR surveyed members about their feelings of safety in commercial real estate, their experiences, and precautions they take to protect themselves.

NAR Flash Survey: Economic Pulse

This report looks at the effects on leasing, purchasing, and building practices such as offering more hand-sanitizer or requiring more frequent cleaning.

REALTORS® and Sustainability: Commercial

REALTORS® were surveyed about the building features that were most important to their commercial clients.

Profile of Home Buyers and Sellers

This annual report provides information on demographics, housing characteristics and the experience of consumers in the housing market. Buyers and sellers also share information on the role that real estate professionals play in home sales transactions.

Animal House: Pets in the Home Buying and Selling Process

This report analyzes REALTOR® recommendations and actions taken by home buyers and sellers to best accommodate their pets and present their homes in the best light.

Buyer Bios

This report contains information from the Profile of Home Buyers and Sellers about specific buyer and seller types.

Consumer Financial Literacy

The research contained in this report shows an opportunity to help narrow the racial gap in homeownership and bring more first-time home buyers into the housing market.

Home Buyer and Seller Generational Trends

This annual report examines the generational differences of home buyers and sellers in the current real estate marketplace.

Housing Wealth Gains for the Rising Middle-Class Markets

Homeownership is the primary source of wealth creation. This study looks at the distribution of housing wealth between 2010 and 2020 across income groups and in 917 metropolitan or micropolitan areas.

Meeting the Needs of Buyers and Sellers During and After the Pandemic

Real estate agents provide high value, and during a pandemic need to meet high expectations.

Migration Trends

Millions of people moved during the pandemic, driven by the opportunity to work remotely, the desire for more space, and better affordability. Where do people move a year into the pandemic? Are suburbs and small cities gaining even more movers?

Mind the Gap: U.S. Home Purchase Price Among Hispanics/Latinos or Blacks/African-Americans and Those With Student Debt

This paper looks at the price differences among homes and how the purchase price can lead to further wealth gaps through equity in homeownership.

Most Popular Areas for Millennials

NAR analyzed employment gains, population trends, income levels and housing conditions in the largest 100 metropolitan statistical areas across the country to identify the best purchase markets for millennial homebuyers. This report focuses on the top 10.

Moving With Kids

The information in this report comes from NAR's Profile of Home Buyers and Sellers, and highlights the characteristics of families with children who are buying or selling a home.

NAR Flash Survey: Economic Pulse

NAR conducted a flash survey of members on the impact of the coronavirus on their market, including mortgage rates, buyer interest, and seller behavior.

Obstacles to Home Buying

Both potential and successful home buyers across races and ethnicities tested say they faced or are facing obstacles like a lack of affordable homes, a lack of homes that fit their criteria, competing with multiple offers, and saving for a down payment.

Profile of Home Buyers and Sellers in Subregions

This report contains information from the Profile of Home Buyers and Sellers about buyers in subregions of the United States.

Profile of LGBTQ Home Buyers and Sellers

This report examines the distinct differences found between LGBTQ, and heterosexual home buyers and sellers.

Snapshot of Race and Home Buyers in America

This report looks into the characteristics of who purchases homes, why they purchase, what they purchase, and the financial background for buyers based on race.

Top 10 Most Favorable Areas for Millennials During the Pandemic

These markets were chosen for affordability, inventory availability, strong presence of millennial residents, a lower share of the industries most affected by the lockdown, and fewer job losses during the pandemic than the average.

Vacation Home Counties

This report breaks down the share of home sales by primary residences, vacation homes, or investment properties, and presents several characteristics of the non-primary residence transaction.

Veterans and Active Military Home Buyers and Sellers Profile

This survey examines the differences and similarities between veteran and active military home buyers and sellers and those who have never served in the military.

Wealth Gains by Income and Racial/Ethnic Group

This report looks at how homeownership can be a catalyst for building wealth for households in low-/middle- income and minority groups.

Remodeling Impact Report

This report takes a deep dive into the reasons for remodeling, the success of taking on projects, and the increased happiness found in the home once a project is completed.

Remodeling Impact Report: Outdoor Features

This report looks at the reasons homeowners complete outdoor remodeling projects, the value of taking on such projects, and the increased happiness experienced by homeowners once a project is completed.

Home Price Gains by Years of Tenure

This study analyzes whether homeowners are more likely to experience a home price gain or loss during the period when they hold a home.

Profile of Home Staging

This report gives the results of a survey of REALTORS® on the effectiveness of home staging.

Social Benefits of Homeownership and Stable Housing

This report looks at how homeownership leads to positive social outcomes. It examines not only the ownership of homes, but also the impact of stable housing.

International Transactions in U.S. Residential Real Estate 

This annual report reveals the top five countries of origin for foreign home buyers and how these buyers are utilizing the services of REALTORS®.

Commercial Real Estate International Business Trends

The Commercial Real Estate International Business Trends report focuses on this significant segment of the economy and real estate markets.

Global Alliances International Residential Real Estate Business Survey

Survey respondents were asked about the characteristics of five closed transactions with international clients. An international client is defined as one who is not a citizen of the country of the respondent.

Inbound Referral Business of International REALTOR® Members

This study looks at the referrals International Realtor® Members (IRMs) receive from their contacts abroad and the challenges and opportunities regarding the international referral business.

Local Market Assessments

Globalization affects the U.S. real estate industry with impacts far beyond large transactions in major markets. Foreign investment occurs in both the commercial and residential sectors in every state and in markets of all sizes.

Mainstreet Organization of REALTORS® International Residential Transactions

Following the step-by-step processes discussed in these state-level case studies can help you learn to identify and cultivate global business, which is a growing real estate specialty in the U.S.

Profile of International Residential Real Estate Activity in Florida

Florida is the state which produces the largest share of U.S. residential home sales to international clients, accounting for 23 percent of total sales. NAR estimates these sales at $68.2 Billion to resident and non-resident foreigners. This is an annual report.

Profile of International Residential Transactions of the Raleigh Regional Association of REALTORS®

This annual report highlights the results of a survey of international residential transactions experiences of members of the Raleigh Regional Association of REALTORS®.

REALTORS® Land Institute—NAR Land Market Survey

This annual report is conducted jointly by the REALTORS® Land Institute and NAR. Its focus is to present accurate information on current trends in the land markets and on the general state of land sales.

The Impact of Student Loan Debt

Student loan debt is one of the biggest hurdles holding potential buyers back from being able to save for a downpayment on a home or to qualify for a mortgage due to the loan holder's debt-to-income ratio.

Downpayment Expectations and Hurdles to Homeownership

This report looks at downpayment expectations from U.S. home buyer households, consumers, and REALTORS®. It examines downpayment amounts, assistance, sources of downpayment, factors holding back savings for a downpayment, and related topics.

Loan Type Survey

The Loan Type Survey looks at multiple aspects of financing, including the types of loans and loan products members' clients are using, how they affect home buyers' offers, and what loan products are least attractive to home sellers.

Mortgage Originators Survey

These quarterly surveys ask a sample of mortgage lenders about the QM rule’s impact on their business and how the rule could in turn impact consumers.

Member Profile

Based on a random sampling of NAR’s membership, the annual Member Profile strives to answer the question: Who are REALTORS®? It looks at a variety of economic and demographic characteristics, and business practices.

Association Profile

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With varying sizes, resources, and local markets, this report looks at how REALTOR® associations operate and compare to each other.

Adopt to Adapt

The COVID-19 pandemic kicked adaptations into overdrive. This report provides insight into changes that were made during the pandemic across the real estate industry that are here to stay.

Appraisal Survey

This report focuses on the impact of appraisals on the current market and member business in terms of cost, turn-around times, and other challenges and to measure member experiences with bias and discrimination in the appraisal process.

Career Choices in Real Estate: Through the Lens of Gender, Race, and Sexual Orientation

This survey looks at how and why members of the National Association of REALTORS® chose real estate as a career. The report also examines how each gender, race, ethnicity, and sexual orientation is doing once active in real estate. It includes data on both residential and commercial specialists.

CARE Report: Community Aid and Real Estate

This report provides insight on the monetary and volunteer contributions that general members at-large, broker-owners, and Association Executives (AEs) or Multiple Listing Service (MLS) Staff give to society.

Health Insurance Survey

This survey focuses on NAR members' health insurance: Do they have insurance? If not, why not? If so, what does it cover? What are the premiums and deductibles and terms of the policies? Are members interested in an NAR-sponsored health insurance plan?

Member Safety: Commercial
NAR surveyed members about their feelings of safety in commercial real estate, their experiences, and precautions they take to protect themselves.

Member Safety: Residential
NAR surveyed members about their feelings of safety in residential real estate, their experiences, and precautions they take to protect themselves.

Profile of Real Estate Firms

This annual report focuses on firm executives who are members of NAR. The report provides insight into the business characteristics, business activity, franchised firms, benefits and education at firms, and the future outlook of firms.

Teams Survey

This survey focuses on NAR members' involvement in real estate teams.

REALTORS® Confidence Index

The monthly REALTORS® Confidence Index is a key indicator of housing market strength based on a monthly survey sent to over 50,000 real estate practitioners. Practitioners are asked about their expectations for home sales, prices and market conditions. In addition, the "Questions of the Month," feature results of a timely aspect of the housing market.

The Double Trouble of the Housing Market

Since 2019, home prices rose nearly 30%, while inventory of homes for sale dropped significantly, reaching record lows in 2021 and creating "double trouble" for the residential market.

The Dual Impact of Lower Mortgage Rates on Affordability and Availability of Homes

With expected lower mortgage rates, buyers at all income levels will be able to afford a greater number of listings, thereby expanding their choices.

Flood Insurance Reports by State

Based on flood data from FEMA, CoreLogic, and the First Street Foundation, NAR has created reports underscoring the importance of flood insurance to property owners across the U.S.

Foot Traffic

Foot traffic has a strong correlation with future contracts and home sales, so it can be viewed as a peek ahead at sales trends two to three months into the future.

Hidden Gems in the Housing Market

NAR identified top 10 markets with prices that were still undervalued relative to their underlying market fundamentals in 2021. These "hidden gem" markets are expected to experience stronger price appreciation relative to other markets in 2022.

Housing Affordability and Food Sufficiency

The housing affordability crisis is an issue that has widespread budgetary implications for families. Using publicly available data, a strong connection is made between housing affordability and food insecurity in this report.

Housing Affordability & Supply

This unique analysis identifies the number of homes missing from a balanced housing market at each income level, and can help federal and local governments tackle issues of low affordability and low supply of homes.

Local Market Reports

Every quarter, NAR Research compiles and publishes local information on markets, state taxes and fiscal conditions, wealth gain by metro area, subprime ARM performance, mortgage conditions, the economic impact of real estate, and existing home sales and prices.

Marijuana and Real Estate: A Budding Issue

As marijuana intersects with real estate, the demand for both residential and commercial properties is a growing market. NAR surveyed its membership regarding their interaction with marijuana and the real estate sector in states where marijuana is legal.

Markets With the Most Pent-up Housing Demand

NAR considered indicators that influence a metro area's market in identifying markets which will experience stronger activity in 2024.

Market Recovery Survey

The coronavirus has affected markets across the nation, but members are in the process of regaining their footing. This report provides a snapshot of the recovery process for both residential and commercial markets.

Metro Area Housing Wealth Gains

Homeownership is the largest source of wealth among households, and contributes positively to the homeowner’s and children’s economic condition because the home equity can be tapped for other expenditures. These calculations, by metropolitan statistical area, are illustrative of the magnitude of the wealth gains over time.

NAR Flash Survey: Economic Pulse

NAR conducted a flash survey of members on the impact of the coronavirus on their market, including mortgage rates, buyer interest, and seller behavior.

The Real Estate Mantra: Locate Near Public Transportation

This study compares residential and commercial property sales near fixed-guideway stations with those in areas without public transit access.

REALTORS® and Sustainability: Residential

Almost half of agents and brokers found that consumers were interested in sustainability, and nearly one-third of Realtors® were concerned about the effects of climate change events on the real estate market.

Research Update

Each month, the Research Update report provides a summary of the data, reports, blog posts, and instant reactions produced by NAR's research team.

Residential Real Estate Market Snapshot

The Residential Real Estate Market Snapshot Report, updated monthly, provides important insight into the economic indicators that affect the housing market, such as interest rates, mortgage rates, employment, and inflation, among many others.

State-by-State Economic Impact of Real Estate Activity

How is the housing market in your state affecting the local economy? These annual reports outline the total economic impact of real estate related industries on the state economy, as well as the expenditures that result from a single home sale, including aspects like home construction costs, real estate brokerage, mortgage lending and title insurance. Find out how much the real estate industry is affecting the gross state product for your area.

Work From Home Counties

NAR developed a Work from Home Score that reflects the current fraction of workers already working from home and factors that support remote work.