GITNUX MARKETDATA REPORT 2024

Must-Know Home Buyer Statistics [Recent Analysis]

With sources from: 2-10.com, elliemae.com, homes.com, nar.realtor and many more

In this post, we will explore a comprehensive set of home buyer statistics that shed light on the behaviors and preferences of individuals navigating the real estate market. From the demographics of first-time buyers to the factors influencing purchase decisions, these data points offer valuable insights into the current landscape of the housing market. Let’s dive in and uncover the trends shaping the home buying journey.

Statistic 1

"33% of home buyers are first-time buyers."

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Statistic 2

"The typical home purchaser searches for ten weeks before buying."

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Statistic 3

"About 87% of buyers recently purchased their homes through a real estate agent or broker."

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Statistic 4

"83% of all buyers of newly built homes are under the age of 65."

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Statistic 5

"The median age for first-time homebuyers is 33."

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Statistic 6

"About 34% of recent homebuyers were unmarried."

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Statistic 7

"Nearly one-quarter of home buyers across all generations expect to pay between $150,001 and $200,000 for a home."

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Statistic 8

"82% of buyers believe homeownership is a good investment."

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Statistic 9

"71% of home buyers were Caucasian, 10% were Hispanic or Latino, and 6% were Asian."

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Statistic 10

"50% of buyers use an open house as a significant part of their home search."

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Statistic 11

"72% of first-time home buyer’s savings for the down payment came from their savings."

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Statistic 12

"66% of new construction home buyers say that warranty protection is very important in their decision."

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Statistic 13

"In 2020, 31% of all home buyers financed 100% of their home purchase."

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Statistic 14

"14% of home buyers bought a multi-generational home due to children over 18 moving back into the house."

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Interpretation

The statistics reveal key insights into the demographics, behaviors, and preferences of home buyers in today's market. First-time buyers account for a significant portion at 33%, with a median age of 33, while the majority of purchasers, 87%, opt to work with a real estate agent or broker. There is a notable preference for new construction among buyers under 65, with 83% falling into this category. Additionally, the majority believe in the value of homeownership as an investment, with 82% expressing this sentiment. Savings play a crucial role in funding down payments, especially for first-time buyers, and warranty protection is a key consideration for those purchasing new construction homes. These insights provide valuable knowledge for industry professionals and stakeholders looking to better understand and cater to the diverse needs of home buyers.

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