Insights into current buyers, per the National Association of Realtors 2024 Profile of Buyers and Sellers.
- First-time Buyers
- Dropped to 24% of the market share, the lowest on record
- Average age was 38, up from 35 the year before
- Repeat Buyers
- Average age increased to 61 years, up from 58 the year before
- Households
- 62% married couples
- 20% single females
- 8% single males
- 6% unmarried couples
- 73% did not have a child under the age of 18
- Financing
- 91% of first-time buyers financed their purchase
- 69% of repeat buyers financed
- 26% paid cash, an all-time high
- 21% used a gift or loan from family or friend for down payment
- 69% used savings for down payment
- 17% of home buyers purchased a multi-generational home
- 36% for cost savings
- 25% to take care of aging parents
- 21% with children or relatives over 18 years old moving back home
- 20% with children over 18 years who never left home
- Most important factor when choosing a neighborhood
- 59% – quality of the neighborhood
- 45% – convenience to friends and family
- 36% – overall affordability
Sharlene Hensrud, RE/MAX Results – shensrud@homesmsp.com
