The median age of US homebuyers has increased to an all-time high, with the median age of first-time homebuyers rising from 35 to 38 over the last year.
The average age of all US homebuyers has also risen drastically, from 49 in 2023 to 56 in 2024, the highest median age recorded since 1981.
Driving the news: Factors contributing to the increased age of homebuyers include high home prices, mortgage interest rates, limited inventory, and the ability of current homeowners to make cash purchases or large down payments on dream homes.
- The National Association of Realtors’ report also revealed that first-time homebuyers accounted for just under a quarter of buyers over the last year, marking the lowest share since data collection began.
- Furthermore, the report highlighted that homebuyers overall were making cash purchases more often than in previous years, reaching an all-time high at 26% of purchases.
