Buyer Profile

Buyers are important to all real estate transactions, here’s specifics about them!

According to the National Association of Realtors 2024 Profile of Homebuyers, first-time homebuyers made up 24% of home purchases, down from 32% last year. This is being attributed to higher mortgage rates. Meanwhile, the average homebuyer age has reached a new record high of 56 years, up from 49 last year. The age for the average first-time homebuyer is 38 years (up from 35) and 61 is the average for repeat buyers (up from 58). In short; older buyers are dominating the market.

Married couples made up 62% of all homebuyers, while the share of single female buyers grew slightly to 20% and the share of female first-time homebuyers increased by 5%. Single male buyers showed a decreasing share of buyers (now at 8%) and unmarried couples made up 6% of buyers.

A record 26% of homebuyers paid cash for their homes.

If you or anyone you know is looking to buy in 2025, give me a call!