The real estate market is evolving, and the latest National Association of REALTORS® Profile of Home Buyers and Sellers offers some fascinating insights into recent trends.
Covering data from July 2023 to June 2024, this report sheds light on how buyers and sellers are navigating today’s market. Let’s explore the highlights.
First-Time Buyers at a Historic Low
First-time homebuyers now make up just 24% of the market—the lowest share since 1981. The median age of these buyers has climbed to 38 years old, a significant increase from their late 20s in the 1980s. Repeat buyers are also older than ever, with a median age of 61. Sellers, too, have reached a record median age of 63. These shifts reflect broader changes in the market, including rising home prices and economic pressures that delay first-time purchases.
What Buyers Are Prioritizing
For buyers, the quality of the neighborhood remains the top factor, cited by 59% of respondents. Being close to friends and family is also a major consideration, with 45% marking it as a priority. Multigenerational living continues to rise in popularity, hitting an all-time high of 17% of all buyers. This trend is driven by cost savings, elder care, and young adults moving back home. Interestingly, only 27% of buyers this year have children under 18 at home, the lowest percentage ever recorded. As a parent of young children who pays for daycare for two toddlers, I feel this!
Challenges in the Home-Buying Process
Finding the right home to purchase was the most challenging task for many buyers. On average, buyers spent about 10 weeks searching for their dream home. When they did find it, most opted for single-family homes, which accounted for 75% of all purchases.
Rising All-Cash Deals and Down Payments
All-cash transactions are at an all-time high, with 26% of buyers paying in cash. Down payments are also increasing. First-time buyers reported a median down payment of 9%, while repeat buyers put down a median of 23%. These figures represent the highest down payments for both groups in over two decades. The 2024 housing market is seeing unprecedented changes, from older buyers and sellers to record levels of multigenerational living and cash transactions. These trends highlight the importance of understanding the market’s nuances whether you’re buying or selling. Are you planning to make a move this year? Let’s connect! You can search Pensacola area real estate here and reach out with your questions.
