The National Association of Realtors (NAR) released its 2024 Profile of Home Buyers and Sellers last month. I got my cliff notes of the report from a newsletter by Jason Barlow of Arbor Financial Group but you can read the full NAR report here.
The NAR Profile helps people like me, Jason, and others in the real estate industry understand what buyers and sellers are looking for. Here are the basic takeaways:
- Shift in First-Time Buyers: first-time buyers made up only 24% of the market this year, the lowest share since 1981.
- Aging Buyer Demographics: the average first-time buyer is now 38, up from 35 in 2023, and repeat buyers are typically 61, showing a trend toward older buyers.
- Family and Home Choices: only 27% of buyers had children at home, the smallest share to date. Plus, 17% purchased multigenerational homes.
- Financing Trends: cash sales are up, with 26% of buyers paying fully in cash – a record high.
- Agent Loyalty: buyers and sellers still overwhelmingly choose agents they know, with 40% of buyers and 66% of sellers using a referred agent.
- Technology’s Role: 43% of buyers’ first step was online, with the internet being the main tool for their search.
If you are considering buying or selling, a discussion about the process, market, and your expectations is a great place to start. Give me a call if you want to understand more about the process or email me directly: Kristin.lanham@bhghome.com.