The 2024 housing market tells a story of stark contrasts. While homebuyers—especially first-timers—struggle with rising prices and limited inventory, sellers continue to thrive, leveraging built-up equity for cash purchases and seamless transitions to their next home. According to the National Association of REALTORS® (NAR), these trends paint a mixed picture of successes and challenges.
1. First-Time Buyers Are Retreating
First-time buyers now account for just 24% of home sales, a historic low. Elevated prices and mortgage rates have pushed the median age of first-time buyers to 38—nearly a decade older than in the 1980s. Slim inventory and financial hurdles like student loans and high rents make saving for a down payment increasingly difficult.
Multilingual REALTORS® can assist first-time buyers by navigating local assistance programs and explaining financing options in their preferred language.
2. Cash Buyers Dominate the Market
Cash sales have surged to 26%, the highest on record. Many of these buyers are repeat homeowners leveraging equity or investors sidestepping high interest rates. For international cash buyers, working with a bilingual REALTOR® ensures a smoother transaction process tailored to their needs.
3. Sellers Are Reaping Rewards
Sellers are in a strong position, earning a 55.6% profit margin—about $130,000 on average. Properties are selling at 100% of asking price, with 27% of homes selling for more than list price. Homes typically sell in 28 days, though slightly slower than last year.
4. Multigenerational Living Is Rising
With affordability challenges, multigenerational households are on the rise, reaching an all-time high of 17%. Buyers cite cost savings, elder care, and young adults returning home as key drivers. For families exploring multigenerational homes, bilingual agents can ensure all members of the household feel understood and supported throughout the buying process.
5. FSBO Sales Hit Record Lows
For sale by owner (FSBO) transactions now account for just 6% of sales, a record low. Homes sold with the help of an agent fetched a median price of $435,000, compared to $380,000 for FSBO sales. Real estate agents, especially multilingual REALTORS®, provide crucial expertise in marketing, negotiation, and pricing strategies.
6. Higher Down Payments Are the Norm
The median down payment reached 18% in 2024, the highest in two decades. First-time buyers typically put down 9%, while repeat buyers average 23%. Multilingual real estate professionals can help explain down payment requirements and private mortgage insurance (PMI) costs to clients from diverse backgrounds.
7. Single Women Are Leading the Charge
Single women account for 20% of home sales, significantly outpacing single men (8%). This growing demographic is proving to be a force in the housing market, often seeking low-maintenance homes with strong resale potential.
8. Newly Built Homes Gain Popularity
New construction accounted for 15% of sales, the highest share in 17 years. Buyers are drawn to customization options and modern amenities. A bilingual REALTOR® can help international or first-time buyers navigate the complexities of purchasing new construction homes.
9. Real Estate Agents Are Essential
Despite the rise of online tools, 86% of buyers and 90% of sellers worked with a real estate agent in 2024. Buyers look to agents to identify hidden property flaws, negotiate better terms, and understand local markets. Sellers value agents for marketing expertise and competitive pricing strategies.
Multilingual agents at Auburn International Real Estate Group offer tailored services for diverse buyers, including those seeking Chinese-, Korean-, German-, or French-speaking support.
What These Trends Mean for You
Whether you’re buying or selling, understanding these trends is essential to navigating the 2024 housing market. First-time buyers face hurdles, but opportunities exist for those leveraging financial tools and assistance programs. Sellers, on the other hand, can capitalize on high equity and strong buyer demand.
Auburn International Real Estate Group: Your Multilingual Partner
At Auburn International Real Estate Group, we’re committed to helping clients from all backgrounds achieve their real estate goals. Whether you’re a first-time buyer needing guidance, a cash buyer seeking support, or a seller looking to maximize your profit, our bilingual REALTORS® are here to assist.
Let’s turn market challenges into opportunities. Contact us today to start your journey!
