Decoding Real Estate Trends: What Buyers and Sellers Need to Know
The National Association of REALTORS® has just released its 2024 Profile of Home Buyers and Sellers, shedding light on the evolving dynamics of today’s real estate market. At Team Stephens Orren Shepherd, we’ve identified four key insights every buyer and seller should understand:
1. First-Time Buyers Are Facing Tougher Challenges
First-time homebuyers now represent just 24% of the market—a significant drop from the historical average of 40%. With mortgage rates averaging 7.02% and home prices continuing to climb, affordability remains a major obstacle. The median age of first-time buyers has also risen to 38, highlighting how difficult it’s become to enter the market.
2. Repeat Buyers Hold the Advantage
Repeat buyers are taking the lead, often leveraging considerable equity from previous sales. Nearly 31% of these buyers paid all cash, and the typical down payment has reached 23%—the highest since 2003. With a median buyer age of 61, many are prioritizing moves closer to friends and family, focusing more on lifestyle than commute times.
3. Home Searches Go Digital, but Agents Remain Invaluable
While 43% of buyers begin their search online, a remarkable 88% still depend on real estate agents to close the deal. In fact, 86% of buyers cited their agents as the most helpful resource throughout the process. In Buckhead’s highly competitive market, having an experienced agent by your side remains your strongest asset.
4. Changing Home Preferences
Detached single-family homes continue to be the top pick, with 75% of buyers favoring this option. Buyers are also prioritizing quality neighborhoods (59%) and proximity to friends and family (45%) over job location. Multi-generational living is on the rise, too, with 17% of buyers purchasing homes to accommodate aging parents or grown children.
Navigating Today’s Market with Confidence
In a landscape where first-time buyers face significant hurdles and repeat buyers wield strong equity positions, having the right strategy is essential. Whether you're buying your first home, upgrading, or downsizing, Team Stephens Orren Shepherd is here to guide you through every step of your real estate journey.
Reach out today to learn how we can help you navigate Atlanta’s dynamic housing market with confidence and ease.
