A recent survey by the National Association of Realtors (NAR) reveals that first-time homebuyers are now older than ever before, with a median age of 38, up from 35 last year. This is a significant increase from the 1980s, when the typical first-time buyer was in their late 20s.
The real estate survey also showed a rise in the ages of repeat homebuyers, with the median age reaching a record high of 61, up from 58 last year, while the median age of all homebuyers climbed to 56, an increase from 49 in 2023.
Covering transactions from July 2023 to June 2024, the report highlights key trends in buyer and seller behavior, including a historic low in first-time homebuyer numbers. First-time buyers made up just 24% of buyers during this period, down from 32% the previous year, marking the smallest share since NAR began tracking this data in 1981. The news comes as zombie foreclosures shrink across the US but are likely to spike in Tampa Bay.
READ: Zombie Foreclosures Drop Sharply Across the US But Likely to Spike in Tampa Bay
NAR Deputy Chief Economist Jessica Lautz told FOX Business that limited housing inventory and affordability challenges have significantly impacted young prospective buyers. Lautz added that potential first-time buyers have likely struggled to save for a down payment, facing inflation, rising rents, student debt, and other loan obligations.
Follow us on Facebook, Instagram, Threads, X
(Image credit: Free Range stock)
St. Pete-Clearwater Sun 
Leave a reply to Controversial Real Estate Firm Offering Sale-Leaseback Deals Suddenly Shuts Down – St. Pete-Clearwater Sun Cancel reply