Name: Marnie Greenwood
Address: 4200 Westheimer Road #1000, Houston, TX, 77027
Telephone: (713) 416-8402

Each morning Leonard Steinberg from Compass sends out an email with the latest updates in real estate news. I found his Economic Impact essay today made several intriguing points:

– Real estate is an enormous driver of economic activity. How much economic activity is generated in the US when a home sells for $1 million (The higher the price, the larger the impact)? The estimated economic activity generated is a minimum of $250,600, not including the sale price itself!

– The total economic activity is driven by the median economic impact per home sale, and includes commissions, moving costs, and spending on renovations, gardens, pools and furniture.

– Real estate commissions, appraisal fees, legal fees, and title insurance, a big chunk of economic impact, and all deliver tax revenues too.

– Then there are moving services, furniture, decorating, painting, wallpapers, etc, new appliances or systems, maybe some (or complete) renovations and additions. As all these real estate professionals and home-related businesses earn income, they spend that money locally, creating a ripple effect of spending throughout the economy…and this also generates sales taxes.

– Affluent homebuyers are often likely to spend more on high-end remodeling, designers, architects, new furniture, and landscaping, which further boosts economic activity in their local community.

– The more expensive the home, the higher all of these costs are. And the more they contribute to overall GDP. The sale price of an existing home does not directly contribute to GDP because the house was built in a prior year. The economic activity comes only from the services and ancillary purchases surrounding the sale. The construction of a new home is counted in its entirety in the GDP because it represents new production.

– GDP growth could soar with an improvement in the volume of home sales. Housing contributes over 15-18% to U.S. GDP. The value of U.S. residential real estate was approximately $49.7 trillion at the end of 2024.

It’s fascinating to look beyond your own home sale at the bigger picture. But as your Houston real estate agent, I will always focus on meeting your family’s individual goals! Ready to make a move?

XX,
MG

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Last updated: 12/5/2025

Economic Impact of Home Buying

Economic Impact of Home Buying

Economic Impact of Home Buying

Economic Impact of Home Buying

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