In March 2023, the National Association of REALTORS® (NAR) conducted an extensive survey of its members to explore sustainability issues within the residential real estate industry. The survey report, 2023 REALTORS® & Sustainability Report–Residential, shows a transformative shift toward eco-conscious practices among residential real estate professionals and homeowners. Let’s delve into the key findings to see how the industry is embracing sustainability, promoting greener homes and fostering an environmentally responsible future.
Promoting Sustainability Through MLS Green Data Fields
One of the significant revelations from the report is that 32% of respondents reported using green data fields in their multiple listing service (MLS) to highlight eco-friendly features and energy information in property listings. The integration of green fields promotes energy efficiency, simplifies the search for sustainable properties and addresses the rising demand for green homes. By completing green data fields, real estate professionals empower potential buyers to make informed decisions, creating a positive ripple effect in the market.
Energy Efficiency: A Valuable Selling Point
An overwhelming 63% of respondents recognized the value of promoting energy efficiency in property listings. As the awareness of environmental issues grows, buyers increasingly prioritize energy-efficient features that reduce their carbon footprint and lead to cost savings in the long run. This finding highlights the critical role of real estate professionals in championing sustainable features that enhance the marketability and appeal of properties, contributing to a greener future.
Client Interest in Sustainability
Approximately 48% of respondents noted that their clients expressed interest in sustainability. While homebuyers are seeking eco-conscious properties, this is down slightly from last year’s survey (51%). Real estate professionals are stepping up to meet this demand, working to connect buyers with the features they seek: 50% of respondents said that in the past 12 months, they had been directly involved with a property that had green features, either on the buyer or seller side. As sustainability becomes a defining factor in residential property choices, the brokerage industry can play a pivotal role in shaping a greener real estate landscape.
Solar Panels and Perceived Property Value
Solar energy has moved into the mainstream, with 74% of respondents acknowledging the availability of properties with solar panels in their markets. Moreover, 34% of REALTORS® reported that solar panels positively impacted the perceived property value. This finding underscores that, in some markets, renewable energy solutions bring at least some return for sellers. As solar adoption grows, homeowners are contributing to a more sustainable future and reaping the rewards of increased property value.
Client Priorities: Green Features That Matter
The report looks at what members are noticing when working with buyer or seller clients who have an interest in green features. Clients consistently listed windows, doors, siding, proximity to frequently visited places and comfortable living spaces as crucial considerations in the sustainability of a home. This emphasis on eco-consciousness and comfort underscores the importance of green construction practices and energy-efficient designs that do not compromise the quality of living. As REALTORS® align with these priorities, they are catering to a growing demand for sustainable living experiences.
Embracing Residential Building Repurposing
The industry is taking strides toward sustainable urban development by embracing and advocating for the repurposing and revitalization of existing structures. Nine percent of brokerage firms had experience working with residential building repurposing, demonstrating a dedication to environmentally responsible practices and reducing the environmental impact of new construction. Real estate professionals’ commitment to repurposing showcases the industry’s proactive approach to reducing its carbon footprint.
Direct Involvement With Green Features
Half of the respondents in this year’s research had direct involvement with properties featuring green elements on either the buyer or the seller side in the past 12 months. This indicates a significant integration of sustainability as a factor in the real estate transaction. REALTORS® are actively participating in driving the demand for green homes.
NAR’s 2023 REALTORS® & Sustainability Report–Residential establishes that green features are becoming more highly valued in residential real estate. Real estate agents can support eco-friendly buying thanks to the establishment of MLS green data fields. Buyers have long valued energy efficiency. However, an increasing environmental consciousness is making the marketing of green features more important than ever. Whether it’s the walkability of the neighborhood, the presence of solar panels or the repurposing of existing properties, it’s clear that for a significant segment of buyers, green sells.
NAR includes sustainability in its strategic priorities, and in the coming year, sustainability will be spotlighted as a “point of light” in president Tracy Kasper’s Ignite Others campaign. As REALTORS® create a greener residential real estate scene, they’re part of a critical movement to ensure sustainability for future generations.
For more information visit https://www.nar.realtor/.
