2024 Home Buyer Trends: Quiz Answers & What They Mean for You

Did you take our midweek home buyer quiz? Now it’s time to see how well you did! Below are the answers along with key insights into the latest homebuyer trends shaping the market this year.

Quiz Answers:

What percent of buyers were first-time homebuyers?
Answer: 24%

First-time homebuyers made up only 24% of the market in 2024, down from 32% last year. This marks the lowest percentage since the National Association of Realtors (NAR) started tracking this data in 1981. Rising home prices and interest rates continue to make homeownership challenging for first-time buyers.

What is the median first-time homebuyer age?
Answer: 38

The typical first-time buyer is now 38 years old, up from 35 last year. Economic factors and affordability challenges are pushing homeownership later in life. The trend of waiting longer to buy continues as buyers save for larger down payments and seek financial stability.

What’s the top reason homebuyers are purchasing multigenerational homes?
Answer: Cost Savings- Surprised?

Multigenerational living is on the rise, with 17% of buyers purchasing homes to accommodate extended family. The leading reason? Cost savings (36%), followed by caring for aging parents (25%) and adult children moving back home (21%).

What These Trends Mean for Buyers & Sellers

With first-time homebuyer numbers at a historic low and the average buyer age increasing, affordability remains a top concern. Multigenerational living is becoming more common as families look for ways to cut costs and support loved ones.

While the numbers show that buyers are waiting longer to enter the market, that doesn’t mean homeownership is out of reach! The key is having the right strategy—and the right team by your side. Our strong network of trusted professionals can help you navigate financing, affordability, and creative solutions to make homeownership a reality for you. Whether you're looking to buy now or planning for the future, we're here to connect you with the resources you need to make informed decisions.

National Association of Realtors. (2024). Highlights from the profile of home buyers and sellers. https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers