One of the most notable trends is the rising age of both first-time and repeat homebuyers:
- First-time buyers now have a median age of 38, marking a significant shift from the late-20s median seen in the 1980s. This increase reflects the growing challenges of affordability and tighter lending standards.
- Repeat buyers have also reached an all-time high median age of 61, suggesting that many established homeowners are now looking to downsize, relocate, or move closer to family.
The report further indicates a strong preference for using real estate professionals. A remarkable 88% of buyers purchased their homes with the assistance of a real estate agent. The majority valued support in:
- Finding the right property (49%)
- Negotiating terms (14%)
- Managing paperwork (7%)
These services are particularly important as buyers continue to face a competitive market with low inventory levels and relatively high prices.
On the selling side, the report highlights the quick turnover in home sales. Sellers typically achieved 100% of their asking price and sold their properties within an average of three weeks. This reflects strong demand and a limited supply of homes for sale, allowing sellers to command competitive prices and rapid sales.
For anyone considering a move, the insights in NAR’s 2024 Profile of Home Buyers and Sellers can serve as a valuable guide. For personalized advice, the experienced agents at MORE, REALTORS® are here to assist you with every step of your real estate journey. Please refer to the full NAR report below to explore additional insights and trends.
National Association of REALTORS® 2024 Profile of Home Buyers and Sellers
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