Every year the National Association of Realtors publishes statistics on Home Buyer and Seller Trends, here are some highlights from the Generational Trends for 2016. First time buyers make up 1/3 of all home buyers….
- At 35 percent, buyers 35 years and younger continue to be the largest generational group of home buyers with a median age of 30 years old.
- First-time buyers made up 32 percent of all home buyers, down from 33 percent last year.
Sixty-seven percent of buyers 35 years and younger were first-time buyers, followed by buyers 36 to 50 years at 26 percent.
- The most common type of home purchased continues to be the detached single-family home, which made up 83 percent of all homes purchased.
- Eighty-nine percent of Millennials, 87 percent of Gen X buyers, and 85 percent of Younger Boomers purchased their home through an agent.