Solo females dominate the housing market
Recent data indicates that there are more single females purchasing property than ever before.
As more women break traditional gender roles and embrace their autonomy, the landscape of property ownership is diversifying, with single females playing an increasingly prominent role in shaping it.
According to an article published by RE/MAX, the master franchisor of RE/MAX of Southern Africa, single female homebuyers accounted for 9% more market share than single male homebuyers in 2023, according to the American National Association of REALTORS®. The article also mentions that interestingly, 2023 also saw the lowest share of married couples purchasing homes – 59% – since 2010.’
Similarly, South African statistics reveal that a total of 17,854 solo female buyers worked through SA’s leading bond originator, BetterBond, in 2023 compared to 16,858 solo male buyers. The average age for both solo female and male buyers is 39 years old.
“Over the last few years, a notable trend has emerged with more and more single females taking ownership of property. This shift reflects a broader cultural and economic evolution, where women are increasingly empowered to pursue and secure their own financial futures,” says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa.
There may be subtle differences in how solo buyers determine their affordability and conduct their house hunting which may, in time, cause certain types of homes to be in higher demand than others. However, it is tricky to decide how that might look because the needs of every buyer are unique and can differ greatly, even among solo buyers who, for example, could be a single mother looking for a spacious home close to a school district, or a working professional looking for a lock-up-and-go apartment near to the city centre.
Further commenting on the trend, RE/MAX writes that a ‘benefit to solo buyers is having to take only their own wants, needs, and design choices into consideration when perusing properties.’ In the same vein, however, this also means that they have to shoulder all the decision making alone, which can sometimes feel overwhelming and daunting.
“This is where a trusted real estate agent can be so helpful. Having a local industry professional provide expert guidance and share market-driven insights can help buyers feel more supported in their decision-making, especially if a buyer doesn’t have a partner with whom to share the load,” Goslett concludes.
Writer: Kayla Ferguson
