Homebuyers In 2024 Are Older & Wealthier Than Ever Before
According to the National Association of Realtors®, first-time home buyers have reached a historic low of 24% (falling from 32% last year).
The average age of buyers has climbed to a record high of 56 years overall—with 38 years for first-time buyers and 61 for repeat buyers.
The report shows buyer incomes have surged, including those of first-time buyers, but the latter face heightened challenges in a competitive housing market.
A record 26% of home buyers are paying cash for their purchases.
Source: Sarah Lentz, BAM