The real estate landscape is constantly evolving, and 2024 is no exception. Buyer demographics have shifted, motivations for purchasing a home have changed, and the profile of the typical home buyer looks different from just a year ago. Understanding these trends isn’t just useful—it’s essential for buyers, sellers, and real estate professionals looking to navigate today’s market effectively. Let’s explore who were the home buyers in 2024.
Who’s Buying? A Look at 2024 Home Buyer Demographics
Home buyers in 2024 are older than ever. The median age of all home buyers has climbed to 56 years old, up from 49 last year. First-time buyers are also getting older, with the median age rising to 38 years old (compared to 35 last year). Repeat buyers are typically 61 years old, increasing from 58. These changes reflect broader economic shifts, including rising home prices and affordability challenges that delay younger buyers from entering the market.
The Household Makeup of Today’s Buyers
- Married couples dominate the market, making up 62% of all buyers.
- Single women represent 20% of buyers—slightly up from last year.
- Single men make up 8% of buyers, showing a slight decline.
- Unmarried couples saw a slight drop to 6%.
Diversity in Home Buying
While home ownership remains overwhelmingly white, the market is gradually diversifying:
- 83% of recent home buyers identified as White/Caucasian.
- 7% identified as Black/African American.
- 6% identified as Hispanic/Latino.
- 4% identified as Asian/Pacific Islander.
- 3% identified as another ethnicity.
When it comes to sexual orientation, most buyers identify as heterosexual (88%), while smaller shares identified as gay/lesbian (3%), bisexual (2%), or preferred another self-description (1%). Six percent preferred not to answer.
The Decline of First-Time Buyers
First-time home buyers now represent only 24% of the market, a significant drop from 32% last year. This marks the lowest percentage since the National Association of Realtors (NAR) started collecting this data in 1981. Rising home prices, student debt, and higher interest rates have made homeownership less accessible for many first-time buyers, delaying their entrance into the market.
The Role of Veterans and Active-Duty Service Members
Veterans and military service members continue to be a steady presence in the housing market:
- 16% of recent buyers (or someone in their household) are veterans.
- 2% are active-duty service members.
These buyers often utilize VA loans, which offer competitive mortgage rates and reduced down payment requirements, helping them secure homeownership more easily than many civilian buyers.
Why Are People Buying Homes in 2024?
The motivation behind home purchases is a key factor in understanding market trends. Here’s what’s driving today’s buyers:
- The desire to own a home remains the top reason for purchasing, cited by 22% of all buyers.
- For first-time buyers, this number jumps dramatically to 64%, highlighting the strong emotional and financial motivation to become homeowners.
- 43% of buyers said the timing was simply right for them to purchase.
- 23% of buyers felt they had no choice but to buy when they did—whether due to job relocation, life changes, or market conditions.
What This Means for the Housing Market
These statistics tell a compelling story about the evolving nature of homeownership. With buyers getting older and first-time home buyers struggling to enter the market, affordability and financing options will continue to be major discussion points. Meanwhile, understanding the motivations behind purchases can help sellers position their homes more effectively and help agents better guide their clients.
If you’re considering buying or selling a home in 2024, knowing these trends can give you a competitive edge. Whether you’re a first-time buyer strategizing your entrance into the market or a seller looking to attract the right buyer, staying informed is key to making the best real estate decisions.
