Highlights from the “2024 Profile of Home Buyers and Sellers” Published by the National Association of Realtors®, 11/4/24*
❑ The typical first-time buyer was 38 years old; the typical repeat buyer was 61 (both historic highs). ❑ 62% of buyers were married couples, 20% single females, 8% single males, and 6% were unmarried couples. First-time buyers made up only 24% of home purchases, an all-time low. ❑ 27% of buyers had a child under 18 in their home (down from 58% in 1985). ❑ 15% of buyers purchased a new-construction home; 85% bought a previously-owned home. ❑ Buyers typically searched for 10 weeks before purchasing. ❑ 17% bought a multi-generational home – for care of aging parents (25%), cost savings (36%), and/or to accommodate children aged 18+ years moving back in or who never left home (41%). ❑ Senior-related housing constituted 19% of purchases (involving buyers over the age of 60). 58% of seniors purchased a detached single-family home (vs. 75% of all buyers). ❑ The median distance between the home purchased and the home moved from was 20 miles. ❑ 59% of buyers cited quality of neighborhood, 45% proximity to friends and family, and 36% Purchasing a home is commonly one of the largest financial transactions of a buyer’s life. Homes are purchased because buyers want to own their own home, due to changes in employment and family situations, the desire for a smaller or larger living space, to change one’s state or neighborhood, as a way to build household wealth, and a hundred other personal and economic reasons. The U.S. homeownership rate is approximately 66%.
housing affordability as the most important factors in choosing a neighborhood. ❑ 74% of buyers financed their purchase, and 26% paid all cash (an all-time high).
❑ The typical home seller was 63 years old (highest age ever), and had lived in their home for 10 years before selling. Most common reason for selling was to be closer to friends & family. 36% bought a larger home, 32% a smaller home, and 30% a home of similar size. ❑ Homes sold were on market for a median 3 weeks, selling at a median of 100% of final list price. ❑ 90% of buyers and sellers worked with a real estate agent; 6% of sales were for-sale-by-owner. (38% of FSBO sales were to relatives, friends or neighbors, i.e. parties already known to seller.)
*© National Association of Realtors®: https://www.nar.realtor/research-and-statistics/research-reports/highlights- from-the-profile-of-home-buyers-and-sellers. Used with permission. Survey of recent buyers & sellers.
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