Selling a home in 2024 was different than it was just a few years ago. The market has shifted, buyer expectations have changed, and home sellers and their selling experience in 2024 reflect these evolving trends. Whether you’re preparing to sell or just curious about the current landscape, understanding who was selling, why they’re selling, and how their experiences have shaped this year’s market can give you a competitive edge.
Who Are Today’s Home Sellers?
The demographics of home sellers in 2024 reveal key insights that can help shape your strategy. The typical seller this year was 63 years old—the highest median age ever recorded. This indicates that more long-term homeowners are entering the market, often with different needs and expectations than younger sellers.
Married couples continue to dominate the market, making up 69% of all home sellers this year, an increase from 65% last year. This marks the first rise in four years. On the other hand, single female sellers saw a decrease, now representing 18% of all sales. Additionally, 77% of homes sold had no children under 18 living in them, reinforcing the trend of older, empty-nest sellers listing their properties.
Where Are Sellers Moving?
A significant portion of sellers are making big geographic moves. This year, 18% of sellers purchased a home in an entirely new region, while 66% opted to stay within the same state. Only 16% stayed within the same region but moved to a different area. This suggests that lifestyle changes, retirement plans, and work flexibility are major factors influencing moves in 2024.
When it comes to home size, sellers had varied preferences. About 36% upgraded to a larger home, while 30% purchased one similar in size, and 32% downsized. More than half (52%) bought a newer home than their previous one, whereas 27% purchased a home of the same age, and 25% opted for an older property.
Why Are Homeowners Selling?
Understanding motivation is crucial for sellers looking to position their home effectively. This year, the top reason for selling was the desire to move closer to family and friends (23%). Other key reasons included needing a larger home (12%), downsizing to a smaller home (11%), and concerns about the neighborhood becoming less desirable (10%).
How Long Are Homeowners Staying Before Selling?
The median tenure of homeownership remains at 10 years, unchanged from last year. However, this was still significantly longer than the early 2000s when sellers typically moved after just six years. With longer ownership periods, many homes hitting the market in 2024 may need updates to attract modern buyers.
Pricing, Market Timing, and Incentives
One of the most encouraging trends for sellers is that homes continue to sell at strong prices. In 2024, the median final sales price was 100% of the asking price—the highest percentage recorded since 2002. This suggests that sellers who price their homes strategically are achieving their full asking price without excessive negotiations.
However, the median time on the market has increased slightly to three weeks, up from two weeks last year. While this is still a relatively quick turnaround, it’s a reminder that patience and the right marketing strategy matter more than ever.
Are Sellers Happy With the Process?
Despite the challenges, most home sellers report a positive experience. In fact, 68% of sellers said they were very satisfied with their selling process, while another 22% were somewhat satisfied. This suggests that with the right approach—strategic pricing, effective marketing, and realistic expectations—home sellers and their selling experience in 2024 remain largely positive.
Selling a home in 2024 requires understanding current trends, buyer behaviors, and market dynamics. If you’re thinking about selling, knowing who is selling, where they’re going, and how they’re navigating the process can help you make informed decisions. As always, partnering with an experienced real estate professional can ensure your sale is as smooth and profitable as possible!
