The National Association of Realtors’ 2024 Profile of Home Buyers and Sellers provides fascinating insights into the evolving preferences and demographics of today’s real estate market. As reflected in the charts below, buyers continue to seek homes and neighborhoods that align with their lifestyles and values, while trends in home size, type, and location highlight shifting priorities.
Key Highlights from the Report
- Family Dynamics in Home Purchases: The share of homebuyers without children under 18 in the home has risen significantly, reaching 73% in 2024, compared to just 41% in 1981. This trend underscores how demographic changes are shaping the housing market, with more buyers focusing on personal preferences or retirement needs rather than family-centric requirements.
- Neighborhood Selection Drivers: When choosing a neighborhood, 59% of buyers cited the quality of the neighborhood as the top factor, while proximity to friends and family came in second at 45%. Affordability, shopping convenience, and walkability were also notable influences.
- What Homebuyers Want: Detached single-family homes remain the gold standard, with 75% of buyers opting for this type of property. However, preferences between new and previously owned homes differ—31% of buyers chose new homes for features like energy efficiency, while 31% opted for previously owned homes citing better overall value.
Emerging Trends in Home Sizes and Environmental Features
The report reveals that the median size of homes purchased by first-time buyers remains modest at 1,500 square feet, while repeat buyers prefer larger homes averaging 2,000 square feet. Meanwhile, the importance of energy-efficient features continues to grow, with heating and cooling costs cited as very important by 33% of buyers.
For those interested in diving deeper, the complete report can be accessed below. As always, if you’re considering buying or selling a home in the St. Louis metro area, the expert agents at MORE, REALTORS® are here to assist. We pride ourselves on understanding the market trends and finding the perfect fit for your needs. Contact us today to explore your options!
