The 2024 National Association of Realtors report shows a significant shift in homebuyer demographics. First-time buyers now represent only 24% of the market, with their median age rising to 38. In contrast, the median age of repeat buyers increased to 61. These trends highlight challenges in the real estate market, as rising prices and limited availability challenge potential homebuyers. This year’s Profile of Home Buyers and Sellers reveals that the share of first-time home buyers dropped to a historic low of 24%, while the median age of first-time homebuyers climbed to a record high of 38. Overall, the median age of homebuyers hit 56, up from 49 in 2023.

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BING NEWS:
  • The surprising age shift in home buyers revealed in 2024 report
    The 2024 National Association of Realtors report shows a significant shift in homebuyer demographics. First-time buyers now represent only 24% of the market, with their median age rising to 38. In ...
    11/29/2024 - 1:49 pm | View Link
  • Older home buyers are flocking to this New England state. It’s not Mass.
    And Metro Boston is attracting more older home buyers than it did in 2022, but the region is well under the national average.
    11/21/2024 - 1:56 pm | View Link
  • Home prices soar as mortgage rates increase, pushing average buyer age to record highs
    A common misconception is that mortgage rates are directly tied to the Federal Reserve's short-term interest rate, which has been decreasing in recent months.H ...
    11/18/2024 - 6:19 pm | View Link
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