01/20/2025
Below are some interesting stats I wanted to share. Which one stands out the most for you?
2024 Stats:
1. First-time buyers decreased to 24% of the market share and the lowest since 1981.
2. The median first-time buyer age increased to 38 years old, up from 35 years old last year.
3. 62% of buyers were married couples, 20% were single females, 8% single males, 6% unmarried couples.
4. 16% of recent home buyers were veterans and 2% were active-duty service members
5. The primary reason 64% of first-time buyers bought a home was because of their desire to own a home of their own.
6. 88% of home purchases were made through a real estate agent or broker
7. 40% of buyers found their agent through a friend, neighbor, or relative (referral).
8. Most buyers interviewed only 1 agent before making their decision β this was true for 77% of repeat buyers and 67% of first-time buyers.
9. 74% of all buyers financed their purchase, down from 80% last year.
10. 52% of first-time buyers used conventional financing, 29% used FHA, and 9% used VA.
*Source: National Association of Realtors