2024 Real Estate Market Trends

As we kick off 2025, the real estate market is changing in ways that might surprise you. Whether you’re considering buying your first home, selling your property, or even helping a family member purchase a home, understanding the latest trends can help you make smarter decisions. Here’s a look at what’s shaping the market this year—and what it means for you.

Who’s Buying, Who’s Selling?

- Median Buyer Age: The typical buyer is now 56 years old, reflecting a shift in the market toward older, more financially established individuals.- First-Time Buyer Age: First-time homebuyers are entering the market later in life, with a median age of 38. This shows how rising home prices and financial challenges have pushed back homeownership for many younger buyers.- Median Seller Age: The average seller is 63 years old, often looking to downsize or relocate for retirement.

If you’re buying, this data suggests you might face competition from seasoned buyers. If you’re selling, you’re likely targeting buyers who are experienced and know what they’re looking for.

Trends That Could Affect Your Move

1. More Buyers with Family Support:   Nearly 17% of buyers are purchasing homes with financial help from their parents. This reflects rising housing costs and families pooling resources to secure property. If you’re a buyer, this might mean exploring options like joint ownership or creative financing.

2. Cash is King:   Cash sales make up 26% of transactions, thanks to competitive markets and high interest rates. If you’re selling, cash buyers could offer a faster closing process, but it’s important to assess their offers carefully to ensure you’re getting fair market value.

3. Child-Free Buyers Dominate the Market:   About 73% of buyers have no children, driving demand for homes with flexible spaces that can be used for home offices, hobbies, or guest rooms. Whether you’re buying or selling, consider the appeal of multi-purpose areas in your property.

4. First-Time Buyers Face Challenges:   Only 24% of buyers are purchasing their first home, reflecting ongoing affordability issues. If you’re a first-time buyer, working with an experienced realtor who understands financing options can give you an edge.

What This Means for Sellers

With just 6% of homes sold without a realtor, most homeowners are recognizing the value of working with professionals to navigate pricing, marketing, and negotiations.If you’re selling, this is your time to shine. With inventory remaining tight in many areas, buyers are looking for move-in-ready homes, attractive pricing, and clear communication. By partnering with a trusted real estate professional, you can position your property to stand out in this competitive market.

What This Means for Buyers

Buying a home in 2025 comes with challenges, from rising interest rates to competitive offers from cash buyers. However, these challenges also present opportunities. Here are a few things to keep in mind:- Leverage Technology: Virtual tours and online listings make it easier to explore options before committing to a showing.- Plan for Financing: Work with your realtor to explore creative financing options, including grants, low-down-payment mortgages, and other programs.- Think Long-Term: With fewer homes on the market, it’s worth prioritizing properties that meet both your current and future needs.