The 2024 NATIONAL ASSOCIATION OF REALTORS® Profile of Home Buyers and Sellers provides a wealth of insights into the ever-evolving real estate market. Based on transactions between July 2023 and June 2024, this comprehensive report sheds light on the behaviors, challenges, and trends among buyers and sellers in today’s housing landscape. Here are 10 personalized highlights from this year’s report:
1. Median Age of Buyers Reaches Record Highs
The age of buyers continues to climb, with the median age of first-time buyers reaching 38 years old—the highest ever recorded. Repeat buyers are also aging, with a median age of 61. This shift reflects changing demographics and financial hurdles for younger buyers.
2. First-Time Buyers Face Historic Lows
First-time buyers accounted for just 24% of the market, the lowest share since the NAR began collecting data in 1981. High prices, limited inventory, and rising interest rates have made homeownership increasingly difficult for new buyers.
3. Increasing Importance of Large Downpayments
Repeat buyers benefited from substantial equity, with a median downpayment of 23%—the highest since 2003. First-time buyers, meanwhile, faced the challenge of offering a 9% downpayment to compete with cash buyers, the largest share since 1997.
4. Multigenerational Homes on the Rise
An all-time high of 17% of buyers purchased multigenerational homes, driven by cost-saving needs, elder care, and adult children moving back home. These homes accommodate shifting family dynamics and economic realities.
5. Neighborhood Quality Tops the List of Buyer Priorities
When choosing a home, 59% of buyers prioritized neighborhood quality, while 45% valued proximity to friends and family. Affordability was also a significant factor for 36% of buyers.
6. Virtual Tools Remain Essential
The digital transformation of real estate persists, with 43% of buyers starting their home search online. Mobile devices and virtual tours remain key tools, making the search process more efficient and accessible.
7. Sellers Achieve Full Asking Prices
Sellers continue to benefit from a competitive market, with homes selling at 100% of their asking price. The median time on the market was just three weeks, indicating strong demand despite affordability concerns.
8. Real Estate Agents Remain Indispensable
A staggering 88% of buyers purchased their homes through a real estate agent or broker. Buyers primarily sought agents for finding the right home, negotiating terms, and navigating the complexities of the buying process.
9. FSBO Sales Hit Historic Lows
Only 6% of homes were sold as For Sale By Owner (FSBO), marking the lowest level in history. Sellers overwhelmingly preferred working with agents for marketing, competitive pricing, and navigating the sales process.
10. Homeownership Seen as a Good Investment
Despite challenges, 79% of buyers view purchasing a home as a smart financial decision, with 39% rating it as a better investment than stocks. This sentiment underscores the enduring value of real estate.
Navigating the Housing Market in 2024
The NAR’s latest report paints a clear picture of a housing market shaped by affordability challenges, demographic shifts, and evolving buyer preferences. Whether you’re a buyer or seller, understanding these trends can help you navigate the real estate landscape with confidence.
Ready to make your move? Contact me today for expert guidance tailored to your needs.
For more details, visit the original NAR Profile of Home Buyers and Sellers here.
