The real estate market in 2024 is rewriting the rules, with the median homebuyer age hitting an all-time high of 56 years, according to the National Association of REALTORS® (NAR). First-time buyers are older than ever, relying on savings and family assistance to enter the market. Meanwhile, repeat buyers are leveraging equity to make significant cash purchases.
If you’re navigating today’s market, having a bilingual or multilingual REALTOR® can make a significant difference in understanding your options. Let’s dive into the trends shaping the homebuying landscape.
Older Homebuyers Are the New Norm
The median age of homebuyers rose dramatically in 2024:
- First-time buyers: Median age is now 38, up from 35 last year.
- Repeat buyers: Median age climbed to 61, up from 58.
Why the shift? High home prices, elevated mortgage rates, and limited inventory are pushing buyers to delay purchases. Many are waiting longer to build savings or improve their financial standing before taking the plunge.
For international buyers or those relocating, multilingual REALTORS® can help bridge the gap, ensuring cultural nuances and local market specifics are well understood.
Savings Are Key to Homeownership
Buyers are increasingly dipping into their nest eggs, with 49% using savings to finance their purchases. Among first-time buyers, 69% used savings to cover down payments, and 24% lived with family or friends beforehand to save.
Here’s the breakdown:
- Median household income of buyers: $108,800 (up from $107,000 last year).
- Median home price: $435,000, with buyers putting down an average of 18%.
Need help navigating down payment options or assistance programs? Auburn International Real Estate Group’s bilingual agents are here to explain every step, ensuring buyers feel confident in their decisions.
Married Couples and Multigenerational Homes Lead the Way
Married couples dominate the market, making up 62% of buyers. Single women (20%) and single men (8%) follow. Interestingly, multigenerational living is at an all-time high, with 17% of buyers purchasing homes for multiple generations.
Reasons for this rise include:
- Cost savings (36%).
- Caring for aging parents (25%).
- Adult children moving back home (21%).
Whether you’re a family exploring multigenerational living or an individual seeking support in your preferred language, a bilingual REALTOR® can tailor their approach to meet your needs.
What Buyers Value Most
Today’s buyers prioritize:
- Quality neighborhoods (45%).
- Proximity to family and friends (34%).
- Affordability (30%).
While urban areas are gaining popularity (16%), suburbs and small towns remain top choices. Buyers are moving shorter distances, with the median move being just 20 miles—a significant drop from 50 miles during the pandemic.
The Role of Multilingual REALTORS®
With the market growing more complex, 86% of buyers and 90% of sellers rely on real estate agents for guidance. Multilingual REALTORS® offer distinct advantages:
- Helping international or bilingual clients navigate financing options.
- Providing clear explanations of market trends in the client’s preferred language.
- Supporting cash buyers and first-time buyers with culturally informed strategies.
What These Trends Mean for You
As the market evolves, both buyers and sellers must adapt to new challenges and opportunities. Older buyers are using savings and equity to make smarter financial moves, while multigenerational households are redefining what homeownership looks like.
At Auburn International Real Estate Group, we combine deep market knowledge with multilingual expertise to guide you through every step of your real estate journey. Ready to explore your options? Contact us today to get started!
