Homebuyers Are Now Older Than Ever—And They’re Dipping Into Their Nest Eggs

By Will Savino, Realtor

It’s no secret—real estate has been evolving fast. But this latest shift in the market? It’s worth paying close attention to.

According to the National Association of Realtors® 2024 Profile of Home Buyers and Sellers, the median homebuyer is now 56 years old—that’s seven years older than just last year. We are officially in a new era of home buying, where the majority of buyers are not only older, but also financially strategic, often drawing on long-term savings to make competitive offers.

Why Are Buyers Getting Older?

One of the key reasons is the historic drop in first-time buyers—now down to just 24% of all buyers, compared to a long-standing average of around 40%. That’s a huge shift. It’s no longer the norm for people in their 20s or early 30s to buy their first home. In fact, the median age for a first-time homebuyer has jumped to 38, the highest on record. Just a few decades ago, it was common to buy your first place in your late 20s.

Meanwhile, repeat buyers—those purchasing a second or third home—are now typically 61 years old, up from 58 last year.

As a full-time Realtor, I can tell you these trends are very real on the ground. The reason? Simple: affordability. Inventory is low, prices are high, and mortgage rates have averaged over 7% this past year. That means buyers need to earn more, save longer, and be more competitive to close the deal.

Nest Eggs and High-Stakes Offers

Nearly half of all buyers—49%—are dipping into their savings to finance their home purchase. That number climbs to 69% for first-time buyers, many of whom have spent years living with family or roommates to save up.

Today’s buyers are often entering the market with stronger household incomes, too. The median household income for successful buyers is now $108,800, just slightly above last year’s $107,000. And they’re coming prepared—with down payments averaging 18%, up from 15% a year ago.

It’s not just about the income or the savings—it’s about understanding how to buy smart, and how to sell in a way that attracts these well-prepared buyers.

What This Means for You

If you’re a buyer: know that you’re not alone if you’re entering the market later in life. It’s the new normal—and there are great options and strategies to help you succeed.

If you’re a seller: understanding the mindset, timeline, and financial position of today’s buyers can help you tailor your strategy. This isn’t the market of five or ten years ago—it’s one where real insight makes all the difference.

If you want to talk more about what these trends mean for your specific situation, I’m here to help. Whether you’re buying for the first time, thinking about downsizing, or planning your next investment, I’d love to connect.

Will Savino

📧 Will@PatriotRealProperties.com

📞 631.484.4591