In-depth Data Visualization and Infographics
Here are some data points and details regarding real estate visualization, infographics, and house predictions:
- Visualizations can boost recall and comprehension of data by 65–80%. Infographics can increase learning retention by up to 65%. Visualizations can also make data two times more memorable.
- Real estate professionals who utilized data visualization saw an average 35% boost in sales volume, according to RE/MAX.
- Agents who used infographics experienced a 25% increase in social media engagement, as found in a HomeLight survey.
- According to data visualization by Realtor.com, home sales are expected to climb by 5.6% in 2023.
- Due to increased demand and a lack of available inventory, property prices are expected to climb 7.5%.
- Demographic data Visualizations can show projections of population growth or decline, household income changes, and age distribution shifts in specific neighborhoods. All of which impact the housing market.
- Interest rate forecasts in visual form can help clients understand how mortgage rates may impact their purchasing power and monthly payments.
- Maps and heat maps can illustrate housing trends in different pockets of a city, highlighting hot zones for price appreciation. They can highlight specific neighborhoods that will likely be in high demand.
- Pie charts, bar graphs, and line graphs are commonly used to visualize historical home sales data, price trends over time, and changes in the for-sale housing supply.
- Tools like ArcGIS, Tableau, InfoGram, Piktochart, and Venngage make it easy for real estate pros to turn their data into visualizations and infographics.
Here are some key points that visualization and infographics could highlight about the future real estate market in 2024:
- Home ownership rates: Showing trends in home ownership rates over time could reveal if ownership is expected to increase or decrease by 2024. This could depend on factors like demographics, interest rates, and affordability.
- Housing inventory: Visualizing trends in housing inventory, particularly the supply of homes for sale, could show if the current undersupply is expected to improve or worsen by 2024. This affects home prices and buyer competition.
- Home prices: Infographics could illustrate projections for average home price growth from 2020 to 2024. Various factors like mortgage rates, housing supply, and demand will influence future price trends.
- Buyer demographics: Pie charts or other visualizations could showcase how the demographics of home buyers may shift by 2024, in terms of factors like age, income level, and household composition. This impacts the types of homes in demand.
- Remote work trends: Illustrating the potential impact of long-term remote work and hybrid schedules could show how this trend may reshape the real estate market. It could increase demand for vacation homes or suburban/rural properties.
- Mortgage rates: Showing projections for mortgage rates in 2024 and comparing to current rates would reveal how rates may impact affordability and home buyer budgets. Rising or falling rates impact what buyers can afford and how competitive the market will be.
Those are some of the key factors that visualization and infographics could highlight to explain the potential future state of the real estate market in 2024. The actual trends will depend on economic conditions, policies, and other factors that are difficult to predict that far in advance.
