The National Association of Realtors analyzed the amount of revenue generated by a real estate transactions across U.S. states.
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.
Hawaii saw the highest income generated from a home sale in 2018, at $246,980. It was followed by the District of Columbia ($224,730), California ($173,130), Colorado ($129,050), and Washington ($126,170).
Advertisement
Related Stories
Housing Markets
States Seek Long-Term Solutions to Reform Property Taxes
Rising home prices typically lead to higher property tax assessments, which has been the case in many Mountain West states, prompting lawmakers to grapple with property tax relief
Housing Markets
Metros Where Housing Prices Have Doubled in Less Than 10 Years
Historical data show it's taken less than 10 years for home prices to double in 68 of the country’s 100 largest cities
Housing Policy + Finance
Even With Inflation Running Hot and Elevated Mortgage Rates, Buyer Demand Rises
Mortgage rates will likely stay high for the next few months, but that doesn't seem to be deterring homebuyers