The surprising age shift in home buyers revealed in 2024 report

The 2024 National Association of Realtors report shows a significant shift in homebuyer demographics.

First-time buyers now represent only 24% of the market, with their median age rising to 38.

In contrast, the median age of repeat buyers increased to 61.

These trends highlight challenges in the real estate market, as rising prices and limited availability challenge potential homebuyers.

This year’s Profile of Home Buyers and Sellers reveals that the share of first-time home buyers dropped to a historic low of 24%, while the median age of first-time homebuyers climbed to a record high of 38.

Overall, the median age of homebuyers hit 56, up from 49 in 2023. Both are record highs.

At the same time, the age of repeat buyers jumped to 61 years from 58 last year.

Fewer first-time buyers

Not only are first-time buyers getting older, but fewer are making purchases. The number of first-time buyers dropped to 24% of the market, compared to 32% last year.

That’s the lowest market share since the realtor association started collecting data in 1981.

First-time buyers also struggle to make down payments and increasingly turn to their parents or relatives for help.

According to a Redfin survey, 36% of potential millennial or Gen Z homebuyers use a cash gift from family to help pay their down payment. About 16% of millennials and Gen Zers plan to use an inheritance.

Other homebuyer details

Marital breakdown: 62% were married couples, 20% were single females, 8% were single males, and 6% were unmarried couples.

Fewer kids: 73% don’t have a child under 18, the highest share recorded.

Multigenerational families: 17% of home buyers purchased a multigenerational home for cost savings (36%), to take care of aging parents (25%), because children or relatives over the age of 18 moved back home (21%), or because of children over the age of 18 who never left home (20%).

money matters: 26% of buyers paid cash, a record high.