The Two Housing Markets

• November 4th

by UrbanTurf Staff

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A new report out today finds that the current housing market is essentially split into two groups: the haves and the have-nots. 

The National Association of Realtors 2024 Profile of Home Buyers and Sellers finds that the market share of first-time homebuyers fell to 24% this year, the lowest level on record, while the median age of home buyers hit an all-time high of 56 years. 

“The U.S. housing market is split into two groups: first-time buyers struggling to enter the market and current homeowners buying with cash,” said Jessica Lautz, NAR deputy chief economist and vice president of research. “First-time buyers face high home prices, high mortgage interest rates and limited inventory, making them a decade older with significantly higher incomes than previous generations of buyers. Meanwhile, current homeowners can more easily make housing trades using built-up housing equity for cash purchases or large down payments on dream homes.”

Cash buyers this year accounted for approximately 1 out of 4 home sales, the highest level on record. As for home sellers, they have never been older: the typical age of a seller is now 63 years old.

For the full report, click here. 

This article originally published at https://dc.urbanturf.com/articles/blog/the_two_housing_markets/22890.