History of NAR Reports
The National Association of REALTORS®, (NAR) was founded in Chicago in 1908. Over time, the organization has evolved, and now it’s primary objective it to advocate for and support real estate professionals while promoting ethical practices, professionalism, and industry standards.
In 1981, NAR began surveying home buyers and sellers to identify market trends. The recently released 2024 report analyzes data from transactions completed between July 2023 and June 2024.
To access the full report, visit: NAR Research Reports
The National Association of REALTORS®, (NAR) was founded in Chicago in 1908. Over time, the organization has evolved, and now it’s primary objective it to advocate for and support real estate professionals while promoting ethical practices, professionalism, and industry standards.
In 1981, NAR began surveying home buyers and sellers to identify market trends. The recently released 2024 report analyzes data from transactions completed between July 2023 and June 2024.
To access the full report, visit: NAR Research Reports
2024 Real Estate Trends: Insights from the Latest NAR Report
- Agents Remain Essential: A remarkable 88% of buyers and 90% of sellers worked with a real estate agent or broker, highlighting the enduring importance of professional guidance.
- FSBO Sales Hit an All-Time Low: Only 6% of homes were sold “For Sale By Owner” (FSBO), the lowest percentage on record.
- MLS Listings Dominate: 86% of sellers listed their homes on a Multiple Listing Service (MLS), underscoring the value of wide-reaching exposure in securing buyers.
- First-Time Buyers Decline: First-time homebuyers dropped to just 24% of the market share, marking the lowest percentage since NAR began tracking this data.
- Generational Shifts Among Sellers: Young Boomers (ages 59-68) led the market as the largest group of home sellers at 26%, followed closely by Gen Xers (ages 44-58) at 23%.
These insights reflect the evolving dynamics of the real estate market, including the challenges faced by first-time buyers and the increasing reliance on professional agents and technology. Whether buying or selling, partnering with an experienced REALTOR® has never been more vital.
What are Buyers and Sellers are Doing Differently
Historic Challenges for First-Time Buyers:
First-time buyers made up just 24% of all buyers—the lowest share since NAR began tracking this data. Rising home prices, limited inventory, and high mortgage rates were significant barriers. The median age of first-time home buyers also reached a record high of 38 years old, compared to late 20s in the 1980s.
Growing Down Payments:
Repeat buyers made a median down payment of 23%—the highest since 2003. Meanwhile first-time buyers made a 9% down payment, the highest since 1997. Although most buyers only need a downpayment of 3.5% to 5%, these higher averages reflect heightened competition in the market, especially from cash buyers.
Changing Buyer and Seller Demographics:
Repeat buyers reached a median age of 61, the highest recorded. While 83% of buyers identified as White/Caucasian, first-time buyers showed more diversity, with 36% identifying as non-white.
Multigenerational Living on the Rise:
Seventeen percent of buyers purchased multigenerational homes—an all-time high. Buyers cited cost savings, elder care, and young adults moving back home as key reasons for this trend.
The Challenges of FSBO (For Sale By Owner)
FSBO homes sold for $55,000 less than agent-assisted homes, underlining the value of professional representation.
Additionally, 63% of FSBO sellers did not actively market their home, significantly reducing visibility and sale prices.
Final Thoughts
As your trusted REALTOR®, I bring the knowledge, experience, and dedication needed to help you achieve your real estate goals. Whether you’re buying your first home, upgrading to your dream house, or selling a cherished property, I’m here to guide you every step of the way.
Let’s work together to make your real estate journey as smooth and successful as possible!
As a REALTOR® with BHHS Chicago, Daina Jacobson helps buyers and sellers navigate the Northern Lake County, Illinois, and Kenosha County, Wisconsin, real estate markets. Based in Wadsworth, Illinois, she is also a former interpreter fluent in American Sign Language. When she’s not assisting clients, Daina devotes time to animal rescue as one of the co-founders of Two Furs Rescue. Her love for nature extends beyond her rescue work—at home, she enjoys caring for her many pets including cats, a dog, chickens, and ducks and planting and preserving native plants and trees.