US Homebuyer Age Hits Record 56 as First-Time Buyer Share Falls to 24%, NAR Reports

Nov 4, 2024, 02:22 PM

The National Association of Realtors (NAR) reports that the typical age of US homebuyers has reached an all-time high of 56 years in 2024, up from 49 in 2023. The median age of first-time buyers increased to 38 years, while that of repeat buyers reached 61 years, both the highest on record. The share of first-time homebuyers declined to a record-low 24%, down from 32% last year, according to NAR's 2024 Profile of Home Buyers and Sellers. Home sales have reached a 14-year low, with activity not this slow since October 2010 when the housing market was recovering from the real estate crash. Home prices continue to increase, marking the 15th consecutive month of rising prices.