Who's Buying and Selling Right Now?

Lately it seems like everyone and their brother is trying to buy a house. Every market across the nation is seeing hot hot hot sales markets with low inventory and high prices, so of those who actually get to buy a house… who’s buying? The annual Home Buyers and Generational Trends Reports by the National Association of Realtors gives us all that data. 

In such a challenging market, the report showed that (despite all odds) first-time homebuyers were able to break into the market. The first-time homebuyer demographic represented 34% of all homebuyers, up 31% from the last year. 

This is hopeful, seeing as the current narrative is that cash rich investors are swarming the market. While that may be true to an extent, it’s encouraging to see others able to get a piece of the pie. 

Millenial Homebuyers

The report also showed that 43% of homebuyers in the last year were millennials, up from 37% the year before. It also reported that elder millennials were already selling their first homes, ready to upgrade or move to the suburbs. This millennial demographic is also realizing the importance of investing and the inevitability of inflation. With rising rent costs, the ability to purchase a home is a chance to build and store long-term wealth. This is done by locking in mortgage rates and minimizing monthly expenses. 

For a full breakdown of each demographic, their likelihood of purchase, and a study on the median income ranges of first time homebuyers, check out the National Association of Realtors annual Home Buyers and Generational Trends Report.