Who we serve: NAR's 2024 Buyer & Seller Profile

Main Points:

• Median Age: the age of buyers is rising in all categories; you’re currently serving an older client with younger people accumulating on the sidelines as pent up demand waiting for an opportunity
• Marital status: married couples and single females make up 82% of of buyers; first time buyers are primarily the same groups, but make up slightly less of all buyers at 74%
• Children: surprisingly, more people buying are without kids which relates to the aging buyer
• First-Time Buyers: declining and at lowest point on record (24%)
• Prior living arrangement: significant rise in percentage of people buying who had previously owned a home (61% = highest on record) as renters hit pause
• Reason for buying: desire to own home for first time buyers; relationships, size, jobs driving repeat buyers
• Reason for timing: “it was the right time” = 43%; how to know when the time is right; “didn’t have a choice” = 23%; what to do when you have to move
   

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