Insights on 2024 the NAR Home Buyer & Seller Report

We’re at an all-time low in the market for first-time home buyers, who share 24% of the market. The median age for home buyers is 38, which used to be the late 20s.

Why are people waiting so long to buy homes? What are more interesting home-buying statistics that realtors need to know?

Well, if you tune into episode 56 of Realestatable, you’ll find out. We’re sharing all the data from the 2024 NAR report in this episode. Below is our blog post about the report. Get ready to learn these statistics with us so you can use them to help market your real estate business.

Multigenerational Homes Are Winning

One downside of living in America is that parents are expected to kick their kids out by the age of 18, while other countries let their adult children live with them until they’re actually ready to move out on their own.

However, the NAR report is showing that multigenerational homes are becoming more popular. Buyers are looking for homes with in-law suites or land to build multiple homes so family members can continue to live with them longer.

Also, 75% are preferring homes with a median home size of 1,900 square feet. This is usually a home that has three bedrooms and two baths.

Americans are trying to get the most for the money they can afford in today’s economy. If you can help with this, then you may become the go-to realtor in your area.

Getting leads in a down market is never easy, but luckily, you have us by your side. Hear our tips in episode three to learn how to generate leads for your real estate business.

Location Matters More

Buyers are not only worried about the quality of their neighborhood but also how close they are to their family and friends. The NAR report shows that 59% of buyers care about neighborhood safety, and 45% want to be close to their loved ones.

Despite the rise of social media, people still care about being close to the ones they talk to every day. They crave that connection to their family and friends.

However, being close to the workplace is becoming less of a concern for buyers. They want to be further away from where they work because it provides more of a relaxing environment in a place where they’re supposed to decompress.

Home Search Process

When it comes to finding a home, technology wins! 43% of buyers are using their mobile phones to search online for a home. Also, 69% of buyers are scrolling through Zillow to check out homes in their area.

Sellers, this means you must put more effort into how you showcase your homes online. You may not be the best at photography, but it’ll help a lot if you put your best work out there.

Buyers want to see the best out there, and they want to see all of the home. So, if a home comes with a pool or another special feature, be sure to include that in your listings.

Lastly, since more people are working from home, you may want to turn that dining room into a home office. Since 55% of buyers find it difficult to find their ideal home, thinking outside the box with staging may help individuals in this process.

For those needing more help with open housing, listen to our ultimate guide here. You learn everything you need to know from start to finish. 

Financing and Investments

At a record high, 26% of homebuyers are using cash instead of loans. This is due to individuals selling existing properties and using the proceeds to buy new ones outright. Also, people are seeing that it is smarter to do this when trying to relocate to less expensive areas from more expensive ones.

Another trend is that 79% of buyers see homeownership as a good investment. Realtors can use this to their advantage by educating potential buyers on the financial benefits of homeownership, including equity building and tax advantages.

Shift in Buyer and Seller Demographics

One shocking trend we’re seeing in the buying demographics is the rise of women owning their own homes. Within the NAR report, there has been a 20% increase in women buying homes, which was typically at 2%.

Also, the typical age of a seller has increased to 63 years, the highest on record. Most sellers—90%—use a real estate agent, and for-sale-by-owner (FSBO) transactions have hit a low of 6%.

How To Use These Statistics to Your Advantage

Understanding and applying these NAR statistics can help you stay informed with your community and market area. Use these trends to guide your marketing efforts, client consultations, and overall business strategy for a successful 2025. 

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