- The median age of first-time buyers rose to 38 (up from 35 in 2023).
- The median age of all buyers jumped to 56 (from 49 in 2023).
- 88% of buyers transacted through a real estate agent or broker.
- The median age of all sellers was 63 (up from 60 in 2023).
- 90% of sellers sold with the help of a real estate agent (up from 89% in 2023).
- FSBO (For Sale By Owner) sales dropped to 6% of transactions, an all time low.
- 87% of sellers said they would definitely (72%) or probably (15%) recommend their agent for future services.
- 26% of all transactions were all Cash
- 17% of transactions were multi generation homes
So 63-year-olds are selling to 56 year-olds? On average, yes. But what’s really happening here is:
1) Many first-timers have been priced out of the market by high home prices and mortgage rates,
2) Boomers own lots of homes and have been selling/downsizing, and that
3) It’s mostly older people and investors who have the money to make all-cash purchases.
Just don’t forget housing builds long-term wealth; a lot of it!