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The Home Inspection Industry in 2023
Olivia Oksenhorn
2/9/24 11:45 AM
Earlier this month, we published our annual Industry Snapshot to provide a view of the home inspection industry in 2023. In this article, we break down our findings.
In 2023, the average quote for a home inspection was $462, marking a slight increase from the previous year's average of $449. Although the 2.9% year-over-year increase is modest, it is significant as the cost of a home decreased year-over-year from 2022 to 2023.
We found that company size plays a significant role in pricing. Enterprise-level companies commanded the highest average quote at $524. Multi-inspector companies fell in the middle at $481, while solo inspectors saw the lowest average quote of $423.
It's important to note that this data specifically shows inspection quotes and does not encompass potential ancillary services or add-ons that were added after the initial quote.
The cost of a home inspection varies from state to state. The Northeast region has the highest average inspection cost, standing at $547 in 2023. The South had the lowest home inspection cost in 2023, with an average quote of $436 per inspection.
The West and the Midwest occupy the middle ground with average inspection quotes of $456 and $440, respectively.
Connecticut inspectors charged the most for home inspections, with an average quote of $743. On the other end of the spectrum, Nevada claims the title as the most budget-friendly state for homebuyers, with an average home inspection cost of $272.
To see a full breakdown of home inspection quotes by state in 2023, read our full Industry Snapshot.
Number of Inspections in 2023
The rise and fall of home inspections throughout the year provides valuable insights into the dynamics of the real estate industry.
January and December of 2023 saw the fewest inspections per month, with just over 79,000 in January and just under 77,000 in December. That is not unusual, as home sales usually slow during winter.
May was the peak month for home inspections in the U.S. in 2023, reaching a bit over 116,000.
Important note: these figures are based solely on Spectora's inspectors, and the actual number of home inspections in 2023 surpasses the reported numbers. Instead, this data is meant to offer a snapshot of the ebb and flow of inspections throughout the year.
How many inspections did home inspectors average per month?
In 2023, home inspectors in the U.S. averaged 12 inspections per inspector per month. While this might seem low, this does account for part-time inspectors as well as full-time inspectors, which likely accounts for the discrepancy.
If you've ever wondered how many defects are severe, look no further.
We found that 11.6% of defects reported were categorized as severe or high.
Nearly 60% of defects fell into the moderate or medium severity category, highlighting areas that may require attention but may not pose immediate threats.
On the lower end of the severity scale, 28.7% of defects were classified as maintenance or low severity.
While these numbers are valuable for home inspectors, they're even more important for homebuyers to understand, as they underscore the value and importance of a home inspection.
No, the average costs presented here are based solely on initial inspection quotes and do not include any potential add-ons or ancillary services.
The average of 12 inspections per inspector per month includes part-time inspectors, contributing to the seemingly modest workload. Full-time inspectors likely handle a higher volume, and this average serves as a broad overview that may not capture the workload of all inspectors.