According to the National Association of Realtors 2023 Profile of Home Buyers & Sellers:
Characteristics of Home Buyers
- First-time buyers made up 32%, up from last year’s 26%. While an increase, it is well under the 38% average seen since 1981.
- The typical first-time buyer was 35 years old this year, declining slightly from the high of 36 last year, while the typical repeat buyer’s age declined slightly to 58 years from an all-time high of 59 years.
- Fifty-nine percent of recent buyers were married couples, 19% were single females, 10% were single males, and nine percent were unmarried couples. This is the lowest share of married couples since 2010.
- Seventy percent of recent buyers did not have a child under the age of 18 in their home. This is the highest share recorded. In 1985, 42% of households did not have a child under the age of 18.
- Fourteen percent of home buyers purchased a multigenerational home, to take care of aging parents, for cost savings, and because of children or relatives over the age of 18 moving back home were the most common reasons.
Characteristics of Homes Purchased
- For buyers, 60% cited quality of the neighborhood as the most important factor determining the location. Convenience to friends and family and overall affordability of homes were cited at 45% and 39%, respectively.
- Buyers typically purchased their homes for 100% of the asking price, with 25% purchasing for more than the asking price.
- The typical home that was recently purchased was 1,860 square feet, had three bedrooms and two bathrooms, and was built in 1985.
- Overall, buyers expected to live in their homes for a median of 15 years, while 22% said that they were never moving.
The Home Search Process
- For 41% of recent buyers, the first step that they took in the home-buying process was to look online at properties for sale, while 20% of buyers first contacted a real estate agent.
- Ninety percent of recent buyers found their real estate agent to be a very or somewhat useful information source.
- Buyers typically searched for 10 weeks and looked at a median of seven homes and viewed four homes only online. The number of weeks searching is unchanged from the 2022 report.
- Finding the right home was the most difficult task for buyers at 59%.
- All home buyers used the internet this year to search for a home. The most valuable content on websites were photos, detailed information about properties for sale, floor plans, and the real estate agent’s contact information.
