Future homeowners are increasingly citing sustainability as a key purchase consideration, a study by the US-based National Association of Realtors (NAR) has found.
The NAR 2024 Sustainability Report saw the association carry out a study of its members to determine the state of the housing market as regards sustainability considerations, with the findings indicating that the sector may be at the start of a ‘green revolution’.
Some 40% of those seeking homes are ‘somewhat interested’ in sustainability, the study found, while 5% are ‘very interested’.
At the same time, 29% answered that they are ‘neither interested or uninterested’, 15% said that they were ‘somewhat uninterested’, and 11% noted that they were ‘very uninterested’.
‘Societal shift’
‘Nearly half of the respondents noted that their clients expressed some level of interest in sustainability,’ the study found. ‘This reflects a broader societal shift towards eco-conscious living and underscores the importance of aligning with client priorities.’
The study also sought to dispel some myths about the marketability of properties with green certifications, noting that more than 40% of homes with said certifications spent ‘neither more nor less time’ on the market.
Client priorities when it came to sustainability included windows, doors, siding, and comfortable living spaces, indicating the dual importance of both comfort and eco-consciousness.
Eco-conscious properties also offer a positive financial proposition, with 13% of respondents noting that high-performance homes command a premium of between 1% and 5% in dollar value compared to similar homes.
A green future
‘The NAR 2024 Sustainability Report unveils a landscape ripe for change in the residential real estate sector,’ the association said. ‘From the integration of green data fields to the growing market acceptance of eco-friendly certifications, the industry is poised to lead the charge toward a more sustainable future.
‘As client interest in sustainability grows, real estate professionals play a pivotal role in promoting eco-friendly homes and practices. By investing in education, advocating for energy efficiency, and actively engaging with properties featuring green elements, the industry lays the groundwork for a greener and more resilient future in residential real estate.’
