How Do Home Sales Affect the Economy in Your State?

Real estate has been, and remains, the foundation of wealth building for the middle class and a critical link in the flow of goods, services and income for millions of Americans.  Accounting for nearly 17 percent of the GDP, real estate is clearly a major driver of the U.S. economy.  

How is the housing market in your state affecting the local economy? NAR calculated 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.

Nationwide, NAR estimates that each home sale at the median generated nearly $85,000 of economic impact in 2018.

The top 10 states with the highest income generated from a home sale in 2018 are:

1. Hawaii - $246,980
2. District of Columbia - $224,730
3. California - $173,130
4. Colorado - $129,050
5. Washington - $126,170
6. Massachusetts - $125,090
7. Oregon - $116,840
8. Nevada - $96,150
9. Maryland - $95,910
10. Utah - $95,400

Find out how much the real estate industry is affecting the gross state product for your area.

https://www.nar.realtor/reports/state-by-state-economic-impact-of-real-estate-activity