But that’s a 6.3% fall from a $27.6 billion high water mark in 2015, according to Borrell Associates’ Real Estate Advertising Update released Wednesday. Falling home sales are behind the trend, with millennials opting for renting over buying, and even digital ads are a casualty with an 8.5% cut.
Real estate advertising is experiencing a comback and digital media are the biggest winners, according to a new report from Borrell Associates. The firm estimates that real estate advertising will hit $27.3 billion in 2013, with digital taking the biggest role in real estate, garnering 56% of spending.
The housing market is finally starting to recover from a disastrous 2008 and 2009, when the mortgage bubble burst, foreclosures skyrocketed, and new home sales plummeted.But while the industry may be recovering, real estate advertising spending is not. Dollars will be down 16.4% this year, according to a new forecast from Borrell Associates, to $23.69 billion.