The COVID-19 pandemic has escalated dramatically in recent weeks, and many state and local governments have shut down their economies, apart from essential services. Most of the states that have declared a stay-at-home order have deemed real estate to be an essential service. 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 18% 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 added $88,500 to the economy in 2019.
Here are the top 10 states with the highest income generated from a home sale in 2019:
Find out how much the real estate industry is affecting the gross state product for your area.
Find out more about the economic impact of real estate activity in your state.