Will 2016 bring a boost in smart home technology?

By Kelly Leighton | Jan. 15, 2016 | 2 min. read

Nearly half, or 45 percent, of Americans either already own smart home technology or they plan to invest in it this year.

According to the recent Smart Home Marketplace Survey from Coldwell Banker Real Estate, most respondents believe a home is considered “smart” if it has smart security, temperature, lighting and/or safety.

More than two-thirds, or 70 percent, of respondents who already have smart home technology, said that buying their first smart home product made them more inclined to purchase another one.

If smart home products would help sell a home faster, 54 percent of homeowners would purchase or install the products if their home was on the market. And of these homeowners who said they’d purchase or install smart home products to help sell their property, 65 percent would pay $1,500 or more and 40 percent would pay $3,000 or more.

Seventy-two percent of millennials who own homes would pay $1,500 or more for smart home products and 44 percent would pay $3,000 or more to make their home smart.

What smart home products are most attractive to consumers? The top options were security, such as locks and alarm systems, and temperature, such as thermostats and fans, according to a tied 63 percent of respondents.

Lighting, such as light bulbs and lighting systems, were must-haves for 58 percent and safety, such as fire and carbon monoxide detectors and night lights, were important to 56 percent.

But just one category is not enough for 76 percent of respondents, who think you need at least two smart home products in different categories for a home to be considered smart. Sixty percent go even further, by saying a home needs to have smart products in three categories to be considered a smart home.

However, entertainment is the most popular type of technology that people already have in their homes, such as smart TVs and speakers, according to the report. Nearly half of people with smart home technology own a smart entertainment product.

Of those who own smart home products, more are males (57 percent) than females (43 percent), and 43 percent are millennials. And of Americans who already have smart home technology or plan to invest in this year, 36 percent said they don’t consider themselves early adopters of technology.

The survey polled more than 4,000 U.S. adults.

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