The 2024 Profile of Home Buyers and Sellers from the National Association of REALTORS has been released.

Here are some highlights from the 2024 Profile of Home Buyers and Sellers report:

In 2024, 24% of Home Buyers were first-time homebuyers, which down a good amount from 2023, where 32% of homebuyers were first time homebuyers. This is also down from up from 2022, where 26% of homebuyers were first time homebuyers.

The median age for a first-time homebuyer was 38, while the median age of a non-first-time homebuyer was 61. Both of those are a rise in age from last year, when they were at 35 and 58.

The final sales price for 2024 home sales was a median of 100% of the final listing price.

74% of homebuyers financed their purchase in 2024. This is down from 80% in 2023. 91% of first-time homebuyers  got loans on their new home, while only 69% of repeat-buyers financed their home purchase.

Down payments came from multiple sources. For 49% of homebuyers, their down payment came from their savings (up slightly from 47% last year.) Meanwhile, 25% of first-time homebuyers used a gift or loan from friends or family for at least part of their downpayment.

For Home Sellers, 23% of home sellers stated that they wanted to move closer to family as a reason for selling their home.

The time a home was on market in 2024 was a median of three weeks, which is one more week than last year.

The 2024 Profile of Home Buyers and Sellers report is many pages, so please understand that this is a brief recap. I thank the National Association of REALTORS(R) for their research and sharing this data.

Please keep in mind that each area of the Baltimore real estate market may be different – zip codes, neighborhoods, housing types all can affect value. Your Baltimore house value may not be reflected in the above general real estate data.

If you would like to know how your local Towson real estate market is doing, please contact me. I would love to help you move forward.