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According to the National Association of Realtors, the average age of homebuyers in the U.S. will reach a record high of 56 in 2024, up from 49 in 2023.
Recorded from July 2023 to July 2024, the average age of first-time buyers also rose from 35 to 38, and the average age of repeat buyers rose from 58 to 61.
NAR released its annual Housing Market Report on Monday, showing that while the age of homebuyers reached a historic high, the market share of first-time homebuyers hit a historic low of 24%. emphasized. According to NAR, prior to 2008, a 40% first-time buyer rate was historically the norm.
It is also notable that in 2024, a record high of 26% of homebuyers will pay cash.
“The U.S. housing market is divided into two groups: first-time buyers who are struggling to get into the market, and those who are buying a home with cash,” said Jessica Lautz, NAR deputy chief economist and vice president of research. “I am a current homeowner.”
NAR found that 73% of recent homebuyers do not have children under 18 in their home. This is the highest percentage ever recorded.
“First-time buyers are 10 years older and have significantly higher incomes than previous generations of buyers, as they face higher home prices, higher mortgage rates, and limited inventory.” continued Mr. Lautz. “Meanwhile, current homeowners can more easily complete a home transaction by leveraging the home equity they have built as a cash purchase or a larger down payment on their dream home.”
Other notable statistics included in NAR’s findings regarding homebuyer characteristics include: 62% of recent buyers were married couples, 20% were single women, 8% were single men, and 6% were unmarried couples. That is to say.
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