NAR’s 2023 market profile: Nine take-a-ways about buyer and seller profiles
1. Household incomes jumped nearly $25,000 from last year.
2. Downpayments are higher with wealthier buyers in a competitive market and repeat buyers rolling over their equity from their previous home sale.
3. The number of first time-buyers rose in spite of the headwinds of rising costs, rent and debt from 26% to 32%.
4. Drop in married couples purchasing homes while singles, particularly women are on the rise.
5. The share of buyers with children under 18 in the home is dropping to the lowest level ever at 30%. Lower birth rates, older home buyers and waiting to have children have impacted this change.
6. Multi-generational home sales on the rise. Why move to live closer to family when you can live together?
7. The Covid trend to move to remote rural areas has turned around with buyers moving closer to suburban areas to return to work in the city. 10-15 miles away pre-covid jumped to 50 miles and now is trending back to 20 miles.
8. 89% of buyers use a Realtor to assist with their purchase and to represent their interests. 5% deal with the builder directly and 6% buy from the seller “for sale by owner”.
9. 89% of sellers use an agent to assist with marketing, pricing, and finding a buyer while representing their interests.
Source: National Association of Realtors Profile of Home Buyers and Sellers
