Average Age of U.S. Homebuyers Hits Record High of 56 Years, First-Time Buyers at Record-Low 24%

Nov 4, 2024, 04:55 PM

The age of the typical U.S. homebuyer has reached an all-time high of 56 years in 2024, according to the National Association of Realtors (NAR). This marks a significant increase from 49 years in 2023. The median age for first-time homebuyers has also risen to 38 years, while repeat buyers now have a median age of 61 years. First-time homebuyers now make up a record-low 24% of the market, down from 32% last year and the lowest in 43 years. High home prices, limited inventory, and elevated mortgage rates are pushing many younger buyers out of the market. Newly built homes made up 28% of single-family homes for sale nationwide in the third quarter, the lowest level in three years.