Let’s hear it for the girls! Or as Beyonce would say, “All the single ladies! All the single ladies!” Multiple reports show single women are becoming a real force in the real estate market… outbuying single men!
Single women comprised 15.7% of total home purchases throughout the U.S. in the fourth quarter of 2020 according to Redfin. A National Association of Realtors reports shows that single females are the second-largest group of homebuyers. A fourth of those female buyers were in the 54-63 and 73-93 year old range.
I was a single lady buyer for my first house in Seattle WA. It was in the early 2000s. I can relate to the single lady buyer. I’ll tell you there is some magic connection between women and real estate long before these new reports. There is just an innate natural relationship between a woman and her real estate. Notice I don’t say house or home because that is true too. However, women are very naturally drawn to the value of real estate in general.
I work with several single women real estate investors. The first person who comes to the top of my mind is my client and friend Myra. She called me after being a reader of my real estate blog Short Walk home. In fact, she read my series a few years ago about my energy-efficient renovation.
Myra has a job that moves her every few years and this smart young woman has purchased real estate in each of the cities where she has lived. Myra developed a smart pattern of researching the areas of a city that were funky, cool, and walkable (sound familiar?) — Places where she would actually want to live and where she knew once she had moved on would be easily rented.
Then she got word she was headed to Charlotte. She quickly learned Charlotte is a fantastic real estate city. Myra contacted me to find her, her first home in Charlotte and one that would serve her well in the future both as a rental and resale. We found a gem in the Druid Hills area of Charlotte. Myra has loved living in the house, and is ready for house #2 in Charlotte. I’m sure I can find her next house even in this busy market.
Although homes are being bought all over, there are a handful of markets where women are buying most. Top 10 Metro Areas for Women Home Buyers (from highest to lowest): Vineland-Bridgeton, NJ; Goldsboro, NC; Warner Robbins, GA; Las Cruces, NM; Rocky Mount, NC; Santa Fe, NM; Washington-Arlington-Alexandria, DC-MD-VA-WV; Dalton, GA; Anchorage, AK; Flint, MI. Thanks Kim Pfleeger at Flagstar Bank for bringing this to my attention!
Within the largest metro areas, single women currently own 44% more homes (5.2 million) versus single men (3.6 million).
Myra plans to stay here for as long as she can.
Go ladies, go! As homebuying activity picks up throughout the summer, maybe looking for houses will become the new girls’ night out!