6 Must-Know Homebuying Statistics for 2024

With how quickly the U.S. real estate market shifts, it can be challenging for busy agents to keep up with the changes.

Nevertheless, understanding the current market is essential as it can help you stand out as an agent, tailor your marketing efforts, and snag better client deals. Not sure what information to focus on?

To start, here are six home-buying statistics you need to know—and what they mean for you as an agent.

1. Millennials Make Up the Largest Portion of Buyers

According to a 2024 NAR homebuyers’ report, Millennials—those 24 to 43 years old—took Baby Boomers’ place last year as the largest percentage of homebuyers (38%).

This shift is at least partially due to the fact that many Millennials aged 30-34 are searching for starter homes as they start families, while older Millennials are looking for larger homes for their growing families.

What does this mean for agents? As younger generations dominate the buyer pool, it’s increasingly critical to adopt digital lead generation tactics, like email marketing, regular newsletters, and cold texting. 

When working with sellers, consider Millennial preferences when staging homes, focusing on minimalist and naturalistic design trends and choosing which features to highlight, like smart technology, eco-friendly features, or customizable spaces. 

2. 32% of Homebuyers Are First-Time Buyers

Are you working with more first-time buyer clients this year? It’s not just you. The percentage of first-time homebuyers rose to 32% in 2023, 6 percentage points higher than in 2022.

Remember, while you may thoroughly understand the real estate process, many first-time buyers aren’t sure what to expect and may feel anxious about making such a big financial decision. It’s up to agents like you to guide them through each step of the process. As their go-to real estate expert, they may come to you with questions about house hunting, the closing period, the lending process, programs that are available to them, and what and how much they can negotiate.

3. Mortgage Searches by First-Time Homebuyers Are Up 12.52% Since Last Year

After several years of high interest rates, rates are beginning to dip again, and experts are hopeful that the trend will continue into next year.

As of August 2024, rates have dropped to their lowest levels since February, partially due to slow job growth. This is the moment many buyers have been waiting for, and as a result, mortgage searches by first-time buyers rose by 12.52% compared to last year.

As an agent, now may be a good time to focus on first-time buyers in your marketing. You could try reaching out to past leads who opted not to buy a few months ago due to towering interest rates or highlighting the rate drop in your next agent newsletter or marketing email.

4. Home Prices Dipped in July for the First Time

According to Realtor.com, the median home price fell from $445,000 to $439,950 in July—normally the peak season for homebuying—due to sluggish home sales as buyers wait for interest rates to dip further.

While sellers may not be thrilled with this recent shift, it’s encouraging news for buyers, and it means you might see more interested buyer clients soon.

5. Single Women Make Up 19% of Homebuyers

As homebuyers, single women have been outpacing single men for the last several decades.

In 1981, single women comprised 11% of homebuyers, while single men comprised 10%. Now, single women account for as much as 19% of all homebuyers, while the percentage of single men has stayed at 10%.

Experts say this is likely because women tend to have more caregiving responsibilities than men. Women caring for older, sick relatives and single moms with kids under 18 may be more likely to prefer the stability of owning a home.

If you’re working with a single buyer, try to find out what they’re looking for, such as living near schools or healthcare facilities or in neighborhoods where they can be part of a community. When selling, highlight the home’s safety features, such as motion-sensor floodlights, security cameras, and well-lit streets.

6. 48% of Americans Would Consider Buying a Home With a Non-Romantic Partner

A 2024 survey found that a rising number of people are interested in co-owning a home with a non-romantic partner.

While 15% of Americans have co-purchased a property with someone other than their romantic partner, as many as 48% are interested in doing so. Around 25% of those who have co-purchased a home say they couldn’t have afforded it alone.

If you have a co-buying client, it’s essential to discuss the nuances of this type of partnership. For example, when buying an investment property—even between family members—it’s wise to sign a contract that clearly outlines each partner’s down payment contribution, equity percentage, and responsibilities.