Buyers & Sellers Are Older!

 It's been tough on the younger generation in regards to affordability in the housing market. Let's take a look at some of the all time high and low stats.

• First up the median home buyer age in 2023 was 49 years old  and in 2024 it was 56 years old.

• First time home buyer median age in 2023 was 35 years old and in 2024 it was 38 years old.

• 73% of buyers did not have a child under 18 in the home.

• 26% of  transactions were cash purchases, and 17% of purchases were multi-generational homes.

• In 2023, first-time home buyers came in at 32% and in 2024 only 24% were first time home buyers.

• The typical age of sellers in 2024 was 63 years old.

• The Empty Nest home sellers comprised 77% of homes sold in 2024

• Under the tab of years lived in a home before it was sold, well, in 2024 the median years was 10 compared to 5-6 years in the past. 

• And finally, only 6% of homes sold in 2024 were comprised of for sale by owner.

For more information about the latest housing trends, affordability and pricing reach out to me so I can help you navigate all the changes in the housing market.