Kevin Sears, AHWD, C2EX

President

Kevin Brown, AHWD, C2EX

First Vice President

Gregory J. Hrabcak, CCIM, C2EX

Treasurer

Eric Sain, GRI, CIPS, C2EX, AHWD, ePRO

Vice President of Association Affairs

Nate K. Johnson, AHWD®, ABR, C2EX, CIPS, CRS, GRI, PSA,

SRES®

2024 NAR
Vice President of Advocacy

Nykia Wright

Leadership Team Chief Executive Officer

2
National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers
 Lawrence Yun, Ph.D.
Chief Economist and Senior Vice President

Jessica Lautz, Dr. of Real Estate

Deputy Chief Economist and Vice President, Research

Brandi Snowden
Director, Member and Consumer Survey Research

Meredith Dunn
Research Manager

Sidnee Holmes
Research Associate

NAR Research Staff Amethyst Marroquin

Research Assistant

3
National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers
 2024 Profile of Home
Buyers and Sellers
Table of Contents
Introduction 6

Chapter 1: Characteristics of Home Buyers 8

Chapter 2: Characteristics of Homes Purchased 32

Chapter 3: The Home Search Process 49

Chapter 4: Home Buying and Real Estate Professionals 60

Chapter 5: Financing the Home Purchase 74

Chapter 6: Home Sellers and Their Selling Experience 90

Chapter 7: Home Selling and Real Estate Professionals 115

Chapter 8: For-Sale-by-Owner (FSBO) Sellers 127

Methodology 139

4
National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers
 2024 Profile of Home Buyers and
Introduction Sellers

5
National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers
 Introduction
The NATIONAL ASSOCIATION OF REALTORS® Profile of Home Buyers market, first-time home buyers’ median age reached an all-time high
and Sellers is an annual survey of recent home buyers and sellers who of 38 years old. In the 1980s, the typical first-time home buyer was in
recently completed a transaction between July 2023 and June 2024. their late 20s.
This flagship report has been published since 1981. The annual report
allows industry professionals to gain insight into detailed buying and The housing market appears bifurcated between repeat home buyers
selling behavior. Each iteration of the report is as unique as the and first-time home buyers. Repeat buyers can enter the housing
economic, social, and demographic environment in which it is market with large downpayments (median of 23 percent), and 31
published. percent paid cash and did not finance their home. This is likely due to
the increase in housing equity. If repeat home buyers are financing
Each year provides new opportunities and challenges for buyers and their home purchase, a larger downpayment helps to offset their
sellers, and this year highlights the difficulty home buyers face amid a mortgage payment due to the higher mortgage interest rate they
housing affordability crisis with limited housing inventory. Home could have. For repeat buyers, this is the highest downpayment seen
buyers who purchased in the last year encountered mortgage interest since 2003. This year, downpayments also grew for first-time buyers, as
rates that averaged 7.02 percent and reached a peak of 7.79 percent they may need to make a more substantial offer among all-cash
before easing. Home prices continued to grow. As a result, first-time buyers. The typical downpayment for first-time buyers was nine
buyers witnessed a housing market becoming more out of reach of percent, which is the highest share since 1997.
their sustainable financial goals, while current homeowners had a
growth in housing equity. Repeat buyers also have the highest median age seen in the report’s
history of 61. As half of repeat home buyers are over the age of 61, they
First-time home buyers in the last year shrunk to an historic low of just are driven by the desire to purchase a home to be closer to friends and
24 percent of all buyers. Prior to 2008, the share of first-time buyers family at 17 percent. It should be noted that while this is the top reason
had a historical norm of 40 percent. In the last two years, first-time to purchase a home, neighborhood preferences have also
home buyer household income has grown by $26,000. This year’s changed. Among all buyers, the quality of the neighborhood (59
report shows that the median household income of first-time home percent) and convenience to friends and family (45 percent) are the
buyers was $97,000. Underscoring the hurdles to entering the housing top neighborhood factors.
National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 6
Introduction
Convenience to the home buyer’s job has declined incrementally and The number of weeks a buyer searched for a home remained steady
is now at 34 percent, down from 38 percent last year and down from from last year at 10 weeks. Many buyers took advantage of virtual tours
52 percent in 2014. and virtual listings and used those in their search process, a
transformation that happened during the pandemic and has
Overall, 83 percent of buyers were White/Caucasian, up from 81 continued in buyers’ activity. Due to limited inventory, it is not a
percent last year. However, among first-time buyers, 36 percent are surprise that buyers continue to report that the most difficult task for
non-white home buyers. Nine percent of all buyers were born outside them in the home-buying process was finding the right home to
the U.S., which is true for 13 percent of first-time home buyers. purchase. However, overall 92 percent of home buyers are satisfied
with the buying process.
Among all home buyers, 62 percent are married couples, 20 percent
are single women, and eight percent are single men. Multi- Tenure has also maintained a high of 10 years, which has become
generational living remains popular, with an all-time high of 17 percent common since the Great Recession. Among sellers, 36 percent
of all buyers purchasing a home that will house different generations. purchased a larger home, and 30 purchased the same size home. This
The most common reasons are for cost savings, elder care, and young year, sellers sold their property typically at 100 percent of their asking
adults moving back. The share of buyers with children under the age price and sold their home within three weeks.
of 18 dropped to the lowest level seen at 27 percent of all buyers.
Ninety percent of sellers sold with the assistance of a real estate agent,
Eighty-eight percent of home buyers purchased their homes through up from 89 percent last year, and only six percent were FSBO sales, an
a real estate agent or broker. Home buyers primarily sought help all-time low. Sellers placed a high priority on the following three tasks:
finding the right home to purchase (49 percent) and negotiating the helping market the home to potential buyers, pricing the home
terms of the sale (14 percent). Home buyers also wanted help with competitively, and selling the home within a specific timeframe.
price negotiations (11 percent) and help with paperwork (seven
percent).

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 7

 Chapter 1
Characteristics of Home Buyers

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 8

Highlights: Characteristics of Home Buyers
Home Buyer Demographics generational home, the highest share in the data series. The top
 The ages of home buyers reached all-time highs. The median reasons for purchasing a multi-generational home were cost
buyer age increased to a peak of 56 years old, up from 49 last year. savings (36 percent), to take care of aging parents (25 percent),
The median first-time buyer age increased to 38 years old this year children over the age of 18 moving back home (21 percent), and
from 35 last year, while the typical repeat buyer age also increased children over the age of 18 who never left home (20 percent).
to 61 years from 58 last year.
 The share of married couples increased to 62 percent of all buyers. First-time Home Buyers
The share of single females slightly increased to 20 percent, and  First-time home buyers decreased to 24 percent of the market
the share of single males decreased to eight percent. The share of share (32 percent last year). This year now marks the lowest share
unmarried couples also decreased this year to six percent. since NAR began collecting the data in 1981.
 Eighty-three percent of recent home buyers identified their
ethnicity as White or Caucasian. Seven percent of recent buyers Veteran and Military Home Buyers
identified as Black/African-American, six percent identified as  Sixteen percent of recent home buyers (or someone within their
Hispanic/Latino, four percent identified as Asian/Pacific Islander, home) were veterans, and two percent were active-duty service
and three percent as some other ethnicity. members.
 Eighty-eight percent of recent home buyers identified as
heterosexual, three percent as gay or lesbian, two percent as Reason to Purchase Home
bisexual, one percent prefer to self-describe, and six percent  At 22 percent, the primary reason for purchasing a home was the
preferred not to answer. desire to own a home of their own. For first-time buyers, this
number jumps to 64 percent.
Who Resides in Home  Forty-three percent of all buyers said that the timing was just
 Seventy-three percent of recent buyers did not have a child under right, and they were ready to purchase a home. The second most
the age of 18 in their home. This is the highest share recorded. common reason was that the buyer did not have much choice,
 Seventeen percent of home buyers purchased a multi- and they had to purchase the home when they did (23 percent).
National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers
9
 Chapter 1: Characteristics of Home Buyers
The median age increased to a peak of 56 years old, up from 49 last year. The median first-time buyer age
increased to 38 years old this year, increasing from 35 last year, while the typical repeat buyer age also increased
to 61 years from 58 last year. These ages are all record highs.
Exhibit 1–1 Median Age of Home Buyers, 1981–2024
(Medians)
70

61
59
60 58
56
55 55 55
54
53 53 53 53
52 52
51 56
49
50 48
47 47
46 46 46
45 45 45
44 49
42 47 47
41 41 46
40 45 45
39 39 44 44 44
40 37 42 42 42
36 41
40 40
39 39 39 39 39 39
38
37
36 36
35 35 35 35
34
30 33 33 33 33
32 32 32 32 32 32 32 32 32 32
31 31 31 31 31 31 31 31 31
30 30 30 30
29 29 29
28

20

All Buyers First-time Buyers Repeat Buyers

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 10

 Chapter 1: Characteristics of Home Buyers
Twenty-four percent of all recent buyers were between the ages of 65 to 74, and 20 percent were
between the ages of 55 to 64. Among first-time buyers, 38 percent were between the ages of 25 to 34,
and 26 percent were between the ages of 35 to 44.
Exhibit 1–2 Age of First-time and Repeat Buyers
(Percentage Distribution)

ALL BUYERS FIRST-TIME BUYERS REPEAT BUYERS

18 to 24 years 2% 4% 1%
25 to 34 years 13% 38% 5%
35 to 44 years 17% 26% 15%
45 to 54 years 15% 14% 16%
55 to 64 years 20% 11% 23%
65 to 74 years 24% 6% 30%
75 years or older 9% 1% 11%
Median age (years) 56 38 61
Married couple 56 37 60
Single female 60 40 64
Single male 58 34 64
Unmarried couple 43 33 54
Other 59 44 63

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 11

 Chapter 1: Characteristics of Home Buyers
The share of married couples increased to 62 percent of all buyers. The share of single females slightly increased
to 20 percent, and the share of single males decreased to eight percent. The share of unmarried couples also
decreased this year to six percent.

Exhibit 1–3 Adult Composition of Home Buyer Households, 1981–2024

(Percentage Distribution)
90%
81%
79%
80% 76%
73% 74%
70%
68% 68% 67%
70% 66% 65% 66% 65% 66% 65%
64% 64% 63%
62% 61% 61% 62% 61% 61% 62% 61% 62%
59% 60% 60% 59%
58%
60%

50%

40%

30%
21% 21% 22% 21% 20%
20% 20% 19% 19% 20%
18% 18% 18% 18% 17% 18% 18% 17% 18% 17%
20% 16% 15% 16% 16% 16% 15%
13% 14% 14%
11% 11% 11% 12%
10% 10% 9% 9% 9% 9% 10% 10% 10% 9% 9% 9% 9% 9% 10% 10%
10% 9% 7% 9% 9% 9% 9% 8% 8% 8%
10% 10% 10% 10% 6% 8% 7% 9%
6% 7% 6% 5% 7% 9% 9% 9% 9% 6%
5% 8% 7% 7% 8% 8% 7% 8% 8% 7% 7% 2% 7% 2%8% 3%
6% 3% 3% 3% 0% 2% 1% 3% 2% 2% 1% 2% 2% 1% 1% 2% 7% 2% 2% 2% 2% 2% 3% 3% 3%
* 1% 1% 1% 2%
* * * * *
0%

* Less than 1 percent

Married couple Single female Single male Unmarried couple Other

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 12

 Chapter 1: Characteristics of Home Buyers
The share of first-time buyers who were married couples was 50 percent, down slightly from 52 percent last year.
The share of first-time buyers who were single females was 24 percent, while 12 percent were unmarried couples,
and 11 percent were single males. In one year, the share of single women first-time buyers jumped by five percent.

Exhibit 1–4 Adult Composition of First-Time Home Buyer Households, 1981-2024

(Percentage Distribution)

80% 75%
71% 70%
68%
70%
63% 63%
61%
58% 57%
60% 56% 55% 56% 56%
54% 54% 54% 53%
51% 52% 52%
49% 49% 49% 50% 49% 50%
48%
50%

40%

30% 27%
25% 24% 25% 24%
23%
20% 21% 20%
18% 19% 19% 18% 18% 18% 18% 18% 19% 19% 19%
20% 17% 17% 16% 17%
16% 15%
13% 12% 15% 17% 18%
12% 11% 11% 11% 12% 12% 14% 13% 11% 14% 17% 12%
13% 16% 16% 16% 16%
13% 12% 11% 10% 11% 10% 10%
10% 15% 13% 12% 13% 8%
8% 7% 12% 12% 12% 11% 11% 11% 7% 11% 11%
7% 9% 9% 11% 10% 5%
4% 4% 5% 4% 3% 4%
0% 2% 2% 2% 1% 2% 2% 2% 2% 2% 2% 3% 2%
* * 1% 1% 1% 1% 1%
* * *
0% 0%

Married couple Single female Single male Unmarried couple Other

* Less than 1 percent

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 13

 Chapter 1: Characteristics of Home Buyers
Exhibit 1–5 Number of Children Under the
Age of 18 Residing in Household
(Percentage Distribution)

One Twenty-seven percent of all buyers had children

12%
under the age of 18 living at home, a historic low. This
is down from 30 percent last year, but down from 58
Two percent in 1985. This year, 12 percent of home buyers
10% had one child, 10 percent had two children, and five
percent had three or more children.

Three or more
5%

None
73%

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 14

 Chapter 1: Characteristics of Home Buyers
Seventy-three percent of all buyers had no children under the age of 18 living at home, up from 70 percent last
year. Twenty-seven percent of all buyers had children under the age of 18 living at home, a historic low.

Exhibit 1–6 Share of Home Buyers with Children Under the Age of 18 in Home, 1981–
2024 (Percentage Distribution)
80%
73%
69% 69% 70%
70% 66% 67%
65% 64% 65%
62% 62% 62% 62% 63% 63% 63% 62% 63%
61% 60%
59% 58% 58% 59%
60% 57%
55% 55% 54%
51%
49%
50% 45% 45% 46%
42% 42% 43%
41% 41% 40%
38% 39% 38% 38% 38% 38%
40% 37% 36% 37% 37% 37%
35% 34% 35%
33%
31% 31% 30%
30% 27%

20%

10%

0%

Children Under Age 18 in Home No Children in Home

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 15

 Chapter 1: Characteristics of Home Buyers
Seventeen percent of home buyers purchased a multi-generational home—a home that had adult siblings, adult
children over the age of 18, parents, and/or grandparents—this is up from 14 percent last year and the highest since
NAR began recording this. The top reasons for purchasing a multi-generational home were cost savings (36
percent), to take care of aging parents (25 percent), children over the age of 18 moving back home (21 percent), and
children over the age of 18 who never left home (20 percent).
Exhibit 1–7 Home Purchased Was a Multi-Generational Home (Will Home Adult Siblings, Adult Children,
Parents, And/Or Grandparents)
(Percent of Respondents)

ALL BUYERS
Multi-generational household 17%
REASONS FOR PURCHASE:
Cost Savings 36%
Health/Caretaking of aging parents 25%
Children/relatives over 18 moving back into the house 21%

Children/relatives over 18 never left home 20%

To spend more time with aging parents 18%
Wanted a larger home that multiple incomes could afford together 13%
None of the above 18%
Other 6%

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 16

 Chapter 1: Characteristics of Home Buyers
Eighty-eight percent of recent home buyers identified as heterosexual, three percent as gay or lesbian, two percent
as bisexual, and six percent preferred not to answer. Less than one percent of recent buyers identify as
transgender.

Exhibit 1–8 Home Buyer Sexual Exhibit 1–9 Home Buyer Identifies as
Orientation Transgender
(Percentage Distribution) (Percentage Distribution) Identify as
Prefer not to Prefer not to
Prefer to answer transgender
answer
self-describe 6% *
1%
Bisexual 1%
Gay or 2%
lesbian
3%

Do not
Heterosexual identify as
or straight transgender
88% 99%

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 17

 Chapter 1: Characteristics of Home Buyers
Eighty-three percent of recent home buyers identified their ethnicity as White or Caucasian. Seven percent of
recent buyers identified as Black/African-American, six percent identified as Hispanic/Latino, four percent
identified as Asian/Pacific Islander, and three percent as some other ethnicity.
Exhibit 1–10 Race/Ethnicity of Home Buyer, 1997–2024
(Percent of Respondents)
100%
90%
88%
90% 85% 85% 85% 86% 85% 85% 85% 85%
83% 84% 83% 83% 84% 82% 83% 84% 83% 83%
81% 82% 81%
80%

70%

60%

50%

40%

30%

20%
8%% 7% 7% 7% 7% 7% 8% 7% 7%
10% 6% 5% 6% 5% 6% 6% 5% 6% 6% 6% 5% 6% 5% 6%
5%% 6% 6% 6%
4% 5% 4% 5% 4% 5% 5% 4% 4% 5% 5% 5% 5% 5% 4% 5% 5% 6% 4%
3% 2%
0% 3% 3% 3% 3% 3% 3% 6% 3%
1%% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 3% 2% 3%

White/Caucasian Black/African American Hispanic/Latino Asian/Pacific Islander Other

Note: Respondents were permitted to select as many races and ethnicities as they felt applicable.
The percentage distribution may therefore sum to more than 100 percent

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 18

 Chapter 1: Characteristics of Home Buyers
Thirty-six percent of first-time home buyers identified as non-White or Caucasian, compared to 15
percent of repeat buyers.

Exhibit 1–11 Race/Ethnicity of First-time and Repeat Buyers

(Percent of Respondents)

ALL BUYERS FIRST-TIME BUYERS REPEAT BUYERS

White/Caucasian 83% 68% 87%

Black/African-American 7% 14% 5%
Hispanic/Latino 6% 10% 5%
Asian/Pacific Islander 4% 8% 3%
Other 3% 4% 2%

Note: Respondents were permitted to select as many races and ethnicities as they felt applicable.
The percentage distribution may therefore sum to more than 100 percent

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 19

Chapter 1: Characteristics of Home Buyers
Ninety-seven percent of home buyers spoke English. Seven percent of first-time buyers, compared to two
percent of repeat buyers, reported a language other than English as their primary language.

Exhibit 1–12 Primary Language Spoken In First-time And Repeat Buyer Households
(Percentage Distribution)

ALL BUYERS FIRST-TIME BUYERS REPEAT BUYERS

English 97% 93% 98%

Other 3% 7% 2%

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 20

Chapter 1: Characteristics of Home Buyers
Ninety-one percent reported that they were born in the United States. Thirteen percent of first-time home
buyers, compared to eight percent for repeat buyers, reported being born outside of the United States.

Exhibit 1–13 National Origin of First-time And Repeat Buyers

(Percentage Distribution)

ALL BUYERS FIRST-TIME BUYERS REPEAT BUYERS

Born in the U.S. 91% 87% 92%

Not born in the U.S. 9% 13% 8%

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 21

Chapter 1: Characteristics of Home Buyers
Twenty-nine percent of recent buyers held a Bachelor’s degree, and 25 percent held a Master’s degree/MBA/law
degree.

Exhibit 1–14 Highest Education Achieved by Household Head

(Percentage Distribution)

40%

30% 29%

25%

20% 18%

14%

10%
7%
6%

1%
0%
Less than high school High school graduate Associate's degree Bachelor's degree Some Graduate School Master's Doctoral degree
degree/MBA/law
degree

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 22

Chapter 1: Characteristics of Home Buyers
Exhibit 1–15 Self or Spouse/Partner is Active
Military or Veteran
(Percentage Distribution)

An active-
duty service
member Among recent home buyers (or someone within their
2%
home), 16 percent were veterans, and two percent were
A veteran
active-duty service members.
16%

Neither
82%

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 23

Chapter 1: Characteristics of Home Buyers
First-time home buyers decreased to 24 percent of the market share (32 percent last year). This year now marks
the lowest share since NAR began collecting the data in 1981. Prior to 2008, the historical norm of first-time
buyers was 40 percent.
Exhibit 1–16 First-Time Home Buyers, 1981–2024
(Percentage Distribution)

50%
50% 47%
44% 44%
41% 42% 42% 42% 42%
40% 40% 40% 41%
39% 39% 38%
40% 37% 38%
37%
36%
35% 34% 34%
33% 32% 33% 33% 32%
30% 31%
30%
26%
24%

20%

10%

0%

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 24

Chapter 1: Characteristics of Home Buyers
The median household income for 2023 rose to $108,800 from $107,000. First-time buyers had a median
household income of $97,000, up from $95,900, while repeat buyers had a median household income of
$114,300, up from $111,700.

Exhibit 1–17 Household Income of First-time and Repeat Buyers, 2023

(Percentage Distribution)

ALL BUYERS FIRST-TIME BUYERS REPEAT BUYERS

Less than $55,000 16% 19% 14%
$55,000 to $74,999 13% 15% 12%
$75,000 to $99,999 16% 18% 16%
$100,000 to $199,999 38% 36% 38%
$200,000 or more 17% 12% 20%
Median income (2023) $108,800 $97,000 $114,300

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 25

Chapter 1: Characteristics of Home Buyers
Median household income was highest among married couples, while single female buyers had the
lowest median household incomes among all household compositions.

Exhibit 1–18 Median Household Income of Household Compositions by First-time and Repeat
Buyers, 2023
(Medians)

ALL BUYERS FIRST-TIME BUYERS REPEAT BUYERS

Married couple $123,400 $116,300 $131,800
Single female $72,500 $71,300 $75,000
Single male $88,300 $87,500 $91,000
Unmarried couple $107,700 $101,800 $113,500
Other $87,1000 $77,500 $90,000

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 26

Chapter 1: Characteristics of Home Buyers
Recent home buyers were more likely to own their previous home than they were to rent a home or an
apartment.

Exhibit 1–19 Prior Living Arrangement, 1989–2024

(Percentage Distribution)
70%

61%
58%
60%
52% 51% 51% 51%
49% 50% 49% 49%
48% 47% 47% 47% 47% 48%
50% 46% 46% 46% 46% 46%
45% 45% 45% 44% 44%
42% 41%
41% 41% 40%
41%
43% 38% 37% 43% 37% 38% 37% 37%
40% 36% 42%
42% 42% 42% 42% 36%
41% 41% 35%

28% 27%
30%

20%
12% 13% 12% 12% 12% 13% 12%
10% 11% 11% 10% 11% 10% 11% 11% 10% 10% 11% 11% 11%
9% 9% 9% 9%
10% 6% 6% 7%
3% 2% 2% 2% 2% 2% 2% 2% 2%
2% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1%
2%
0%

Owned previous home Rented an apartment or house Lived with parents/relatives/friends Rented the home ultimately purchased

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 27

 Chapter 1: Characteristics of Home Buyers
Sixty-five percent of first-time home buyers rented their previous living arrangement, and 24 percent lived with
friends or family. The share of first-time buyers who lived with friends or family before purchasing increased
slightly from last year, when it was 23 percent, but is up from a low of 12 percent in 1993.

Exhibit 1–20 Prior Living Arrangement of First-Time Buyers, 1989–2024

(Percentage Distribution)

100% 2% 1% 1% 1% 1% 2% 1% 2% 4% 2% 2% 3%
3% 3% 2% 1% 1% 2% 3% 4% 6%
3% 2% 3%
2%
13% 17% 19% 18% 19% 20% 20% 19% 21%
15% 12% 19% 17% 18% 21% 19% 21% 22% 21% 23%
18% 23% 23%
27% 24%
80% 5% 3% 3%
4% 4% 4% 3% 4% 3% 4%
4% 4% 2% 4% 4% 4%
3% 3% 4% 4%
5% 6%

60%

40% 80% 81% 82%

76% 74% 75% 75% 75% 78% 75% 77% 76% 76% 75% 75% 74%
73% 73% 71% 71% 72% 73% 71%
64% 65%

20%

0%

Rented an apartment or house Owned previous residence Lived with parents, relatives or friends Rented the home buyer ultimately purchased Other

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 28

Chapter 1: Characteristics of Home Buyers
Recent home buyers typically bought for the following reasons: the desire to own a home of their own (22
percent), the desire to be closer to friends and family (14 percent), and the desire for a larger home (10 percent).
Sixty-four percent of first-time buyers purchased for the desire to own a home of their own.

Exhibit 1–21 Primary Reason for Purchasing a Home, First-time and Repeat Buyers
(Percentage Distribution)

ALL BUYERS FIRST-TIME BUYERS REPEAT BUYERS

Desire to own a home of own 22% 64% 9%
Desire to be closer to family/friends/relatives 14% 3% 17%
Desire for larger home 10% 4% 12%
Change in family situation (e.g. marriage, birth of child, divorce, etc.) 8% 6% 8%
Desire for smaller home 8% 1% 10%
Retirement 7% 1% 8%
Desire for a home in a better area 7% 2% 8%
Job-related relocation or move 6% 2% 7%
Desire to be closer to job/school/transit 3% 2% 3%
Affordability of homes 2% 1% 2%
Financial security 2% 3% 2%
Desire for a newly built or custom-built home 2% 1% 2%
Establish a household 1% 3% 1%
Better weather conditions 1% * 1%
Desire for better home for pet(s) 1% 2% 1%
* Less than 1 percent
National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 29
Chapter 1: Characteristics of Home Buyers
Forty-three percent of all buyers said that the timing was just right, and they were ready to purchase a home.
The second most common reason was that the buyer did not have much choice, and they had to purchase the
home when they did (23 percent), followed by the fact that it was the best time because of the availability of
homes for sale (13 percent).
Exhibit 1–22 Primary Reason for the Timing of Home Purchase
(Percentage Distribution)

It was just the right time, the buyer was ready to buy a home 43%

Did not have much choice, had to purchase 23%

It was the best time because of availability of homes for sale 13%

The buyer wished they had waited 4%

It was the best time because of affordability of homes 4%

It was the best time because of mortgage financing options available 2%

Other 12%

0% 10% 20% 30% 40% 50%

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 30

Chapter 1: Characteristics of Home Buyers
In 2024, the number of recent home buyers who own more than one home was 17 percent, the same as
2023.

Exhibit 1–23 Other Homes Owned

(Percentage Distribution)

Recently purchased home only 83%

One or more investment properties 8%

Previous homes that buyer is trying to sell 2%

One or more vacation homes 4%

Other 2%

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers

31
 Chapter 2
Characteristics of Homes
Purchased

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 32

Highlights: Characteristics of Homes Purchased
New Versus Previously-Owned Home and Age of Home Distance Moved
 Fifteen percent of buyers purchased a new home, and 85 percent  The median distance between the home that recent buyers
of buyers purchased a previously owned home. purchased and the home they moved from was 20 miles. This is
 Recent buyers who purchased new homes were most often down from the 2022 report of 50 miles but remains elevated from
looking to avoid renovations and problems with plumbing or the distance of 15 miles seen from 2018 to 2021.
electricity at 42 percent. Buyers who purchased previously-owned
homes considered them a better value at 31 percent. Location of Home Purchased
 Buyers typically purchased a home that was built in 1994. This is a  Forty-five percent of all buyers purchased in a suburb/subdivision,
rebound after the last two years when buyers typically purchased a 23 percent in a small town, 16 percent in an urban or central city,
home built in the 1980s. 14 percent purchased in a rural area, three percent were
purchased in a resort or recreation area. Purchasing in an urban
Home Type and Size area or central city is the highest share recorded since 2014.
 Detached single-family homes continued to be the most common  Quality of the neighborhood (59 percent), convenience to friends
home type for recent buyers at 75 percent, followed by and family (45 percent), overall home affordability (36 percent)
townhouses or row houses at eight percent. remained the most important factors to recent home buyers when
 Recent buyers typically purchased a home was 1,900 square feet choosing a neighborhood.
with three bedrooms and two bathrooms.  Convenience the home buyer’s job has declined incrementally and
is now at 34 percent, down from 38 percent last year and down
Senior-Related Housing from 52 percent in 2014.
 Senior-related housing remained at 19 percent of buyers over the
age of 60 this year. Among buyers over 60 who recently purchased Expected Length of Ownership
senior-related housing, 58 percent purchased a detached single-  Overall, buyers expected to live in their homes for a median of 15
family home, and 52 percent bought in a suburb or subdivision. years, while 25 percent said that they were never moving.

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 33

Chapter 2: Characteristics of Homes Purchased
The share of new homes purchased increased slightly to 15 percent. Existing–home purchases decreased
slightly to 85 percent. This is the same as in 2007, when new home purchases also accounted for 15 percent of
the market share, and existing homes were 85 percent.
Exhibit 2–1 New and Previously Owned Homes Purchased, 1981–2023
(Source: U.S. Census Data for New Homes, National Association of REALTORS® Existing-Home Sales)
100%

90%

80%

70%

60%
85% 82% 84% 82% 85% 84% 84% 83% 84% 84% 83% 83% 83% 84% 85% 88% 86% 88% 87% 85%
91% 92% 93% 92% 91% 91% 90% 90% 89% 89% 87%
50%

40%

30%

20%

10%
15% 18% 16% 18% 15% 16% 16% 17% 16% 16% 17% 17% 17% 16% 15% 12% 14% 12% 13% 15%
9% 8% 7% 8% 9% 9% 10% 10% 11% 11% 13%
0%

New Existing-Homes

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 34

Chapter 2: Characteristics of Homes Purchased
Purchasers of new homes were looking to avoid renovations and problems with plumbing or electricity (42
percent) and wanted the ability to choose and customize design features in their home (27 percent). Buyers who
chose a previously-owned home considered them a better overall value (31 percent), a better price (29 percent),
and a home with more charm and character (21 percent).

Exhibit 2–2 Why New and Previously Owned Homes Purchased

(Percent of Respondents)

NEW HOME: ALL BUYERS

Avoid renovations or problems with plumbing or electricity 42%

Ability to choose and customize design features 27%
Amenities of new home construction communities 25%
Lack of inventory of previously owned home 15%
Green/energy efficiency 14%
Smart home features 11%
Other 21%
PREVIOUSLY OWNED HOME:
Better overall value 31%
Better price 29%
More charm and character 21%
Lack of inventory of new homes 13%
Want to DIY a fixer upper 5%
Other 22%

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 35

Chapter 2: Characteristics of Homes Purchased
Detached single-family homes continued to be the most common home type for recent buyers at 75
percent, followed by townhouses or row houses at eight percent.

Exhibit 2–3 Type of Home Purchased

(Percentage Distribution)

Detached single-family home 75%

Townhouse/rowhouse 8%

Duplex/apartment/condo in 2-to-4-unit bldg 4%

Apartment/condo in building with 5+ units 1%

Mobile/manufactured home 2%

Cabin/cottage 2%

Other 3%

0% 10% 20% 30% 40% 50% 60% 70% 80%

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 36

Chapter 2: Characteristics of Homes Purchased
The largest percentages of homes purchased were in the suburbs/subdivisions and small towns. Forty-five percent
of all buyers purchased in a suburb/subdivision, 23 percent in a small town, 16 percent in an urban or central city,
and 14 percent purchased in a rural area. Three percent purchased in a resort or recreation area. Purchasing in an
urban area or central city is at the highest share since 2014.

Exhibit 2–4 Location of Home Purchased, 2017–2024

(Percentage Distribution)
60%
51% 51% 50% 50% 51%
50% 47%
45%
39%
40%

29%
30%
22% 22% 22% 23% 23%
20% 20% 19%
20% 16%
13% 14% 13% 13% 13% 14%
10%
10% 13% 13% 13% 12% 14% 14%
12% 4%
2% 2% 2% 3% 3% 2% 3%

0%
2017 2018 2019 2020 2021 2022 2023 2024
Suburb/Subdivision Small town Rural area Urban area/Central city Resort/Recreation area

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 37

Chapter 2: Characteristics of Homes Purchased
Exhibit 2–5 Senior-Related Housing by Type of Home Purchased and Location
(Percent of Respondents)

ALL BUYERS OVER 60 Senior-related housing remained at 19

Share who purchased a home in senior-related
19%
percent of buyers over the age of 60
housing
this year. For buyers over 60 who
BUYERS OVER 60 WHO PURCHASED SENIOR-RELATED HOUSING: recently purchased senior-related
TYPE OF HOME PURCHASED housing, 58 percent purchased a
Detached single-family home 58% detached single-family home, and 52
Duplex/apartment/condo in 2-to-4-unit building 18% percent bought in a suburb or
Townhouse/row house 9% subdivision. Other home types
Apartment/condo in building with 5 or more units 8% purchased include duplex/
Other 7% apartment/condos at 18 percent and
LOCATION townhomes and row homes at nine
Suburb/ Subdivision 52% percent.
Small town 20%
Resort/ Recreation area 12%
Urban/ Central city 10%
Rural area 6%

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 38

 Chapter 2: Characteristics of Homes Purchased
The median distance between the home that recent buyers purchased and the home they moved from was 20
miles, the same as last year. This is down from the peak seen in the 2022 report, during COVID-19, of 50 miles.

Exhibit 2–6 Distance Between Home Purchased and Previous Residence, 2018–2024
(Median Miles)

60

50
50

40

30

20 20
20
15 15 15 15

10

0
2018 2019 2020 2021 2022 2023 2024

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 39

Chapter 2: Characteristics of Homes Purchased
Exhibit 2-7 Factors Influencing Neighborhood Choice
(Percentage Distribution)

ALL BUYERS Quality of the

Quality of the neighborhood 59% neighborhood (59 percent),
Convenient to friends/family 45%
convenience to friends and
Overall affordability of homes 36%
Convenient to job 34%
family (45 percent), overall
Convenient to shopping 30% home affordability (36
Design of neighborhood 26% percent) remained the
Convenient to entertainment/leisure activities 22% most important factors to
Walkability 21% recent home buyers when
Convenient to parks/recreational facilities 20%
choosing a neighborhood.
Convenient to health facilities 19%
Availability of larger lots or acreage 17%
Convenience to the home
Convenient to vet/outdoor space for pet 16%
buyer’s job has declined
Quality of the school district 16% incrementally and is now at
Convenient to schools 15% 34 percent, down from 38
Convenient to airport 9% percent last year and down
Home in a planned community 9% from 52 percent in 2014.
Access to bike paths 8%
Convenient to public transportation 6%
Other 7%

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 40

Chapter 2: Characteristics of Homes Purchased
Recent buyers typically purchased their home for a median of 100 percent of the asking price for their
home. Twenty-three percent of buyers paid more than the asking price for their home.

Exhibit 2–8 Purchase Price Compared with Asking Price

(Percentage Distribution)

PERCENT OF ASKING PRICE: ALL BUYERS

Less than 90% 7%
90% to 94% 10%
95% to 99% 29%
100% 33%
101% to 110% 19%
More than 110% 4%
Median (purchase price as a percent of asking price) 100%

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 41

Chapter 2: Characteristics of Homes Purchased
Recent homes purchased were a median size of 1,900 square feet this year. The size of homes that repeat buyers
purchased was typically larger than homes purchased by first-time buyers. The median home size for first-time
buyers was 1,500 square feet, and 2,000 square feet for repeat buyers. New home buyers purchased homes that
were typically 2,100 square feet, while buyers of previously owned homes typically purchased a home that was
1,800 square feet.

Exhibit 2–9 Size of Home Purchased, First-Time and Repeat Buyers, and Buyers of New and Previously
Owned Homes
(Percentage Distribution)
BUYERS OF
PREVIOUSLY OWNED
ALL BUYERS FIRST-TIME BUYERS REPEAT BUYERS NEW HOMES HOMES
1,500 sq ft or less 16% 30% 13% 5% 18%
1,501 to 2,000 sq ft 27% 34% 25% 20% 28%
2,001 to 2,500 sq ft 24% 18% 26% 31% 23%
2,501 to 3,000 sq ft 15% 9% 16% 20% 14%
3,001 sq ft or more 18% 8% 21% 23% 16%
Median (sq ft) 1,900 1,500 2,000 2,100 1,800

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 42

Chapter 2: Characteristics of Homes Purchased
The typical home purchased had a median of three bedrooms and two bathrooms. Buyers with children
under 18 in the home purchased a home with four bedrooms and two bathrooms.

Exhibit 2–10 Number of Bedrooms and Bathrooms, by First-Time and Repeat Buyers and Children
within Home
(Percentage Distribution)
CHILDREN IN HOME
CHILDREN UNDER 18
ALL BUYERS FIRST-TIME BUYERS REPEAT BUYERS IN HOME NO CHILDREN IN HOME
One bedroom 2% 4% 1% 31% 2%
Two bedrooms 19% 20% 18% 6% 23%
Three bedrooms or more 79% 76% 81% 94% 75%
Median number of bedrooms 3 3 3 4 3
One full bathroom 17% 32% 12% 15% 17%
Two full bathrooms 59% 55% 60% 52% 62%
Three full bathrooms or more 24% 12% 28% 33% 22%
Median number of full bathrooms 2 2 2 2 2

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 43

 Chapter 2: Characteristics of Homes Purchased
The typical home purchased was built in 1994, which is newer than 1985 the previous year. In 2022 and 2023, the
age of home increased due to limited inventory and a reduction in new homes.
Exhibit 2–11 Year Home Built, 2009-2024
(Median)

1996
1994
1994 1993 1993 1993 1993
1992 1992
1992 1991 1991 1991 1991 1991

1990
1990 1990

1988

1986
1986
1985
1984

1982

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 44

Chapter 2: Characteristics of Homes Purchased
The most important environmental feature to buyers was heating and cooling costs, which 82 percent of
buyers found at least somewhat important. Seventy-seven percent of recent buyers thought their home’s
windows, doors, and siding were at least somewhat important.
Exhibit 2–12 Importance of Home’s Environmentally Friendly Features
(Percentage Distribution)

Heating and cooling costs 33% 49% 18%

Windows/Doors/Siding (Installation) 31% 46% 22%

Commuting Costs 31% 32% 37%

Energy efficient lighting 26% 43% 31%

Energy efficient appliances 23% 46% 32%

Landscaping for energy conservation 14% 37% 50%

Environmentally friendly community features 14% 35% 51%

Solar panels installed on home 6% 12% 83%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Very Important Somewhat Important Not Important

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 45

 Chapter 2: Characteristics of Homes Purchased
When deciding on a home to purchase, recent buyers made compromises on some home characteristics. The
most common compromise made was the price of the home at 30 percent and the condition of the home at
23 percent. Thirty-one percent of buyers said that they made no compromises when purchasing their homes.

Exhibit 2–13 Characteristics of Home on Which Buyer Compromised, First-Time and Repeat Buyers
(Percentage Distribution)

ALL BUYERS FIRST-TIME BUYERS REPEAT BUYERS

Price of home 30% 34% 29%
Condition of home 23% 25% 23%
Size of home 22% 29% 19%
Style of home 18% 21% 17%
Lot size 13% 15% 13%
Distance from job 11% 17% 8%
Distance from friends or family 10% 13% 9%
Quality of the neighborhood 7% 11% 5%
Quality of the schools 3% 5% 2%
Distance from school 1% 2% 1%
None - Made no compromises 31% 23% 33%
Other compromises not listed 9% 9% 9%

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 46

 Chapter 2: Characteristics of Homes Purchased
The expected tenure in homes remained at a median of 15 years. Between 2006 and 2010, the typical buyer
expected to own their home for eight to 10 years.
Exhibit 2–14 Expected Length of Tenure in Home Purchased, 2006-2024
(Median)

17

15 15 15 15 15 15 15 15 15 15
15
14

13

12 12 12
11
10 10 10 10

9
8

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 47

 Chapter 2: Characteristics of Homes Purchased
Thirty-seven percent of buyers said that they would potentially move because of a life change such as an
addition to the family, marriage, children moving out, or retirement. Twenty-five percent of buyers said
they were never moving and that this is their forever home.

Exhibit 2–15 Factors That Could Cause Buyer To Move

(Percent of Respondents)

ALL BUYERS

Move with life changes (addition to family, marriage, children move out, retirement, etc.) 37%
Never moving-forever home 25%
Household member's health 21%
Move with job or career change 19%
Downsize/smaller house 17%
Want nicer home/added features 16%
May desire better area/neighborhood 15%
Want a larger home 14%
Unfit living conditions due to environmental factors 9%
Will flip home 3%
Other 8%

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 48

 Chapter 3
The Home Search Process

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 49

Highlights: The Home Search Process
Home Search Tools
 In 2024, the home-buying process for many started online, with 43 Buyers typically viewed seven homes, and two of those homes
percent of buyers indicating that their first step was to look for were viewed online only.
properties on the internet. Additionally, 21 percent of all buyers  Most buyers found their homes through online searches (51
reached out to a real estate agent as their initial action. percent), followed by 29 percent who found their property
 Real estate agents played a crucial role, with 86 percent of all through a real estate agent, and eight percent who discovered
buyers utilizing their services—the highest of all information their home through a friend, relative, or neighbor.
sources used.
 While all buyers use the internet in their search, mobile or tablet Most Difficult Step
devices were also widely used, with 69 percent of buyers relying  Finding the right property was the most difficult aspect of the
on these tools. home-buying process, with 55 percent of buyers highlighting this
 Real estate agents were the most useful information source in the difficulty.
home search process.  First-time buyers, in particular, found understanding the process
 Open houses, while not as popular, were still deemed very useful and steps to be a significant challenge at 36 percent.
by 23 percent of buyers.  Additionally, 32 percent of first-time buyers cited saving for a
 In the digital space, website features were considered important, downpayment to be the most difficult step.
with 41 percent of buyers finding photos to be very useful, 39
percent valuing detailed property information, and 31 percent Search Satisfaction
appreciating floor plans.  Overall, the majority of buyers were satisfied with their home-
buying experience. In fact, 59 percent reported being very
Length of Search and Where Buyer Finds Home satisfied, while 33 percent expressed being somewhat satisfied
 Buyers spent a median of 10 weeks searching for a home in 2024. with the process.

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 50

Chapter 3: The Home Search Process
Forty-three percent of buyers reported that their initial step was looking online for properties for sale, while 21
percent contacted a real estate agent as their first action.

Exhibit 3-1 First Step Taken During the Home Buying Process, by First-Time and Repeat Buyers
(Percentage Distribution)

ALL BUYERS FIRST-TIME BUYERS REPEAT BUYERS

Looked online for properties for sale 43% 28% 47%

Contacted a real estate agent 21% 16% 22%
Contacted a bank or mortgage lender 7% 11% 5%
Looked online for information about the home buying process 9% 18% 6%
Talked with a friend or relative about home buying process 6% 13% 3%
Drove-by homes/neighborhoods 5% 3% 5%
Visited open houses 3% 3% 3%
Contacted a home seller directly 2% 2% 2%
Looked up information about different neightborhoods or areas
2% 1% 1%
(schools, local lifestyle/nightlife, parks, public transportation
Contacted builder/visited builder models 1% 1% 2%
Attended a home buying seminar * 1% *
Looked in newspapers, magazines, or home buying guides * * *
Read books or guides about the home buying process * 1% *

Other 1% 1% 1%
* Less than 1 percent

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 51

Chapter 3: The Home Search Process
A significant 86 percent of all buyers utilized a real estate agent, and 69 percent relied on mobile or tablet devices
in their search.
Exhibit 3-2 Information Sources Used in Home Search, by First-Time and Repeat Buyers
(Percent of Respondents)

ALL BUYERS FIRST-TIME BUYERS REPEAT BUYERS

Real estate agent 86% 85% 86%

Mobile or tablet search device 69% 74% 67%
Open house 49% 49% 49%
Online video site 37% 30% 40%
Yard sign 32% 31% 32%
Home builder 17% 14% 18%
Print newspaper advertisement 6% 6% 6%
Home book or magazine 5% 4% 4%
Billboard 3% 5% 2%
Relocation company 3% 3% 3%
Television 3% 4% 2%

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 52

Chapter 3: The Home Search Process
Real estate agents were the most frequently used source in the homebuying process. Online sources such
as mobile and tablet devices, and online video sites were also frequently used as an information sources.
Exhibit 3–3 Frequency of Use of Different Information Sources
(Percentage Distribution)

Real estate agent 64% 22% 14%

Mobile or tablet search device 54% 16% 31%

Online video site 21% 16% 63%

Open house 14% 35% 51%

Yard sign 9% 23% 68%

Home builder 6% 10% 84%

Print newspaper advertisement 5% 94%

Billboard 3% 97%

Relocation company 2% 98%

Home book or magazine 4% 95%

Television 2% 97%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Frequently Occasionally Rarely or not at all

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 53

Chapter 3: The Home Search Process
Real estate agents were regarded as very useful by 70 percent of buyers, while 60 percent found mobile
or tablet devices very useful. Additionally, 23 percent of buyers considered open houses or online video
sites very useful.

Exhibit 3–4 Usefulness of Different Information Sources

(Percentage Distribution)

Real estate agent 70% 20% 11%

Mobile or tablet search device 60% 17% 26%
Open house 23% 29% 48%
Online video site 23% 18% 58%
Yard sign 12% 30% 58%
Home builder 8% 13% 79%
Billboard 5% 94%
Print newspaper advertisement 7% 92%
Relocation company 3% 96%
Television 4% 95%
Home book or magazine 6% 93%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Very Useful Somewhat Useful Not Useful

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 54

 Chapter 3: The Home Search Process
In 2024, the median time buyers spent searching for a home was 10 weeks, the same as last year. Buyers typically
viewed seven homes, and two of those homes were viewed online only. Last year, buyers viewed 11 homes and
four were online only.
Exhibit 3–5 Length of Home Search, 2001-2024
(Percentage Distribution)

14
12 12 12 12 12
12
10 10 10 10 10 10 10 10 10 10
10
8 8 8 8 8 8 8
8 7

Number of Weeks Searched

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 55

Chapter 3: The Home Search Process
In 2024, 51 percent of buyers found their home on the internet, 29 percent through a real estate agent, and eight
percent through a friend, relative, or neighbor.
Exhibit 3-6 Where Buyer Found the Home They Purchased, 2001–2024
(Percentage Distribution)
100% 2% 2% 2% 2% 2% 2% 2% 1% 2%
4% 4% 5% 3% 3% 3% 3% 2% 3% 3% 3% 3% 5% 3% 4%
3% 7% 5% 4% 5% 5% 5% 5% 6% 4% 6% 5% 4% 5% 6% 1% 6%
7% 8% 8% 5%
90% 7% 7% 6% 6% 6% 6% 6%
7% 6% 6% 6% 8% 6% 7% 6% 6% 10% 8%
8%
7% 7% 8% 8% 6%
7% 11% 11% 10% 9% 9% 9% 7% 7% 7% 4% 4% 4%
80% 35% 12% 4%
15%
15% 14%
70% 16% 15%
16% 34% 29% 28% 28% 29% 28% 29%
31% 28%
60% 34% 33% 33% 33%
15% 38% 35%
36%
50% 34%
34%
36% 36%
40% 38%
41%
30% 55%
51% 50% 52% 51% 51% 51% 52% 51%
49%
42% 43% 43% 44%
20% 37% 40%
32% 36%
29%
24% 24%
10% 15%
11%
8%
0%

Internet Real estate agent Yard sign/open house sign

Friend, relative, or neighbor Home builder or their agent Directly from sellers/Knew the sellers

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 56

Chapter 3: The Home Search Process
The most difficult step reported by 55 percent of buyers was finding the right property. For first-time
buyers, 36 percent found understanding the process and steps to be the most difficult aspect. Thirty-two
percent of first-time buyers cited saving for a downpayment to be the most difficult step.

Exhibit 3-7 Most Difficult Steps of Home Buying Process by First-Time and Repeat Buyers
(Percentage Distribution)

ALL BUYERS FIRST-TIME BUYERS REPEAT BUYERS

Finding the right property 55% 53% 56%

Paperwork 17% 24% 14%
Understanding the process and steps 15% 36% 8%
Saving for the down payment 12% 32% 5%
Getting a mortgage 8% 13% 6%
Appraisal of the property 4% 6% 3%
No difficult steps 20% 10% 23%
Other 6% 4% 7%

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 57

Chapter 3: The Home Search Process
Buyers who used the internet during their home search found photos (83 percent), detailed information about
properties for sale (79 percent), floor plans (57 percent), real estate contact information (47 percent), and virtual
tours (60 percent) to be very useful.
Exhibit 3–8 Value of Website Features
(Percentage Distribution)

Photos 83% 13% 1% 3%

Detailed information about properties for sale 79% 17% 1% 3%
Floor plans 57% 30% 5% 8%
Real estate agent contact information 47% 29% 12% 13%
Virtual tours 60% 34% 9% 16%
Neighborhood information 35% 44% 10% 11%
Pending sales/contract status 34% 36% 14% 16%
Detailed information about recently sold properties 37% 44% 9% 11%
Interactive maps 30% 35% 14% 22%
Videos 29% 33% 13% 25%
Information about upcoming open houses 24% 35% 17% 24%
Virtual open houses 11% 19% 21% 49%
Virtual listing appointment 10% 16% 21% 52%
Real estate news or articles 5% 20% 29% 46%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Very Useful Somewhat Useful Not Useful Did not use/Not Available

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 58

Chapter 3: The Home Search Process
Exhibit 3-9 Satisfaction With Buying
Process
(Percentage Distribution) Very
Somewhat Dissatisfied
Dissatisfied 3%
5% Overall, 92 percent of buyers were satisfied with
the process: 59 percent of buyers reported
being very satisfied with the home-buying
process, while 33 percent were somewhat
satisfied.

Very Satisfied
59%

Somewhat
Satisfied
33%

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 59

 Chapter 4
Home Buying and Real Estate
Professionals

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 60

Highlights: Home Buying and Real Estate Professionals
How Buyer Purchased Their Home neighbor, or relative. This trend was especially pronounced among
 Eighty-eight percent of home purchases were made through a real first-time buyers, where 51 percent relied on referrals from their
estate agent or broker, demonstrating the continued importance personal network.
of agents in the home-buying process.  Thirty-seven percent of repeat buyers found their agent through a
 Five percent of buyers purchased their home directly from a referral and 21 percent used the agent they had previously worked
builder or builder’s agent, and five percent bought directly from with to buy or sell a home.
the previous owner.  Most buyers only interviewed one agent before making a decision,
 When comparing new and previously owned homes, 63 percent of with 77 percent of repeat buyers.
new home buyers used a real estate agent, while a striking 92
percent of buyers of previously owned homes relied on an agent or Real Estate Agent/Broker Satisfaction
broker.  At least 90 percent of buyers each expressed satisfaction with their
agent’s responsiveness, knowledge of the purchase process,
What is Wanted and Benefits of a Real Estate Agent/Broker honesty and integrity, knowledge of the real estate market, and
 Home buyers primarily sought help finding the right home to people skills.
purchase (49 percent) and negotiating the terms of the sale (14  Eighty-eight percent of home buyers would use their agent again or
percent). recommend to others.
 Over half of all buyers (53 percent) said their agent helped them  After purchasing within the last year, 61 percent of home buyers
understand the home-buying process. This service was even more have already recommended their agent.
critical for first-time buyers, with 80 percent reporting that their
agent’s assistance in understanding the process was invaluable.

How Buyer Found Real Estate Agent/Broker

 Real estate agents are frequently referred by personal connections,
with 40 percent of all buyers finding their agent through a friend,

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 61

Chapter 4: Home Buying and Real Estate Professionals
In 2024, 88 percent of home buyers purchased their homes through a real estate agent or broker, while seven
percent purchased directly from the previous owner, and five percent bought directly from a builder or
builder's agent.
Exhibit 4-1 Method of Home Purchase, 2001–2024
(Percentage Distribution)

100%
89% 89% 88% 88% 88% 87% 89% 88% 87% 89% 88%
90% 87% 86% 86%
83%
79% 81%
77% 77% 77% 77%
80% 75%
69%
70%

60%

50%

40%

30%

20% 15% 14% 13%

12% 12% 12%
10% 10%
8% 6% 7% 6% 7% 7% 8% 6% 7% 6% 6% 7% 6% 7%
10% 15% 5%
9% 9% 9% 2%
9% 7% 5% 6% 7% 5%
0% 6% 5% 4% 5% 5% 5% 5% 5% 4% 5% 5%
5%
2001 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Through a real estate agent or broker Directly from builder or builder's agent Directly from the previous owner

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 62

Chapter 4: Home Buying and Real Estate Professionals
Among new home buyers, 63 percent used a real estate agent or broker to complete their purchase. For
buyers of previously owned homes, 92 percent relied on a real estate agent or broker for their transaction.

Exhibit 4-2 Method of Home Purchase, New and Previously Owned Homes
(Percentage Distribution)

BUYERS OF
ALL BUYERS NEW HOMES PREVIOUSLY OWNED
HOMES
Through a real estate agent or broker 88% 63% 92%
Directly from builder or builder's agent 5% 35% NA
Directly from the previous owner 7% 2% 8%
Knew previous owner 5% 1% 6%
Did not know previous owner 2% 1% 2%
NA=Not Applicable

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 63

Chapter 4: Home Buying and Real Estate Professionals
Buyers indicated that the most desired service from real estate agents was help finding the right home to
purchase (49 percent). Other key services included assistance with negotiating the terms of the sale (14 percent)
and help with price negotiations (11 percent).
Exhibit 4-3 What Buyers Want Most From Real Estate Agents
(Percentage Distribution)

60%
49%
50%

40%

30%

20%
14%
11%
10% 7% 7%
4% 3% 3%
2% *
0%
Help find the Help buyer Help with the Help with Determine Help Help find and Help teach Help find Other
right home to negotiate the price paperwork what determining arrange buyer more renters for
purchase terms of sale negotiations comparable how much financing about buyer's
homes were home buyer neighborhood property
selling for can afford or area
* Less than 1 percent (restaurants,
parks, public
transportation)

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 64

Chapter 4: Home Buying and Real Estate Professionals
Home buyers primarily sought help finding the right home to purchase (49 percent) and negotiating the
terms of the sale (14 percent). Home buyers also wanted help with price negotiations (11 percent) and
help with paperwork (seven percent).

Exhibit 4-4 What Buyers Want Most From Real Estate Agents, First-Time and Repeat Buyers
(Percentage Distribution)

ALL BUYERS FIRST-TIME BUYERS REPEAT BUYERS

Help find the right home to purchase 49% 44% 51%

Help buyer negotiate the terms of sale 14% 16% 14%
Help with the price negotiations 11% 10% 11%
Help with paperwork 7% 8% 7%
Determine what comparable homes were selling
7% 4% 7%
for
Help determining how much home buyer can
4% 8% 3%
afford
Help find and arrange financing 3% 6% 2%
Help teach buyer more about neighborhood or area
2% 1% 2%
(restaurants, parks, public transportation)
Help find renters for buyer's property * * *
Other 3% 3% 3%
* Less than 1 percent

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 65

Chapter 4: Home Buying and Real Estate Professionals
Fifty-three percent of buyers reported that their agent helped them understand the home-buying process. This
figure was significantly higher among first-time buyers (80 percent), compared to repeat buyers (45 percent).

Exhibit 4-5 Benefits Provided by Real Estate Agent During Home Purchase Process, First-Time and
Repeat Buyers
(Percent of Respondents)

ALL BUYERS FIRST-TIME BUYERS REPEAT BUYERS

Helped buyer understand the process 53% 80% 45%
Pointed out unnoticed features/faults with property 55% 60% 54%
Provided a better list of service providers (e.g. home
43% 48% 42%
inspector)
Negotiated better sales contract terms 44% 51% 42%
Improved buyer's knowledge of search areas 41% 42% 40%
Negotiated a better price 32% 34% 32%
Shortened buyer's home search 27% 27% 27%
Provided better list of mortgage lenders 20% 27% 17%
Expanded buyer's search area 19% 20% 18%
Narrowed buyer's search area 15% 14% 15%
None of the above 8% 6% 9%
Other 2% 2% 3%

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 66

 Chapter 4: Home Buying and Real Estate Professionals
A large portion of buyers (40 percent) were referred to their real estate agent by a friend, neighbor, or relative. This
method was even more common for first-time buyers (51 percent). Thirty-seven percent of repeat buyers found
their agent through a referral and 21 percent used the agent they had previously worked with to buy or sell a
home.
Exhibit 4-6 How Buyer Found Real Estate Agent, First-Time and Repeat Buyers
(Percentage Distribution)

ALL BUYERS FIRST-TIME BUYERS REPEAT BUYERS

Referred by (or is) a friend, neighbor or relative 40% 51% 37%
Used agent previously to buy or sell a home 17% 4% 21%
Inquired about specific property viewed online 7% 6% 7%
Website (without a specific reference) 6% 7% 6%
Referred by another real estate agent/broker 7% 7% 7%
Saw contact information on For Sale/Open House sign 5% 5% 5%
Visited an open house and met agent 5% 3% 5%
Personal contact by agent (telephone, e-mail, etc.) 4% 5% 3%
Referred through employer or relocation company 2% 1% 2%
Walked into or called office and agent was on duty 1% 1% 1%
Saw the agent's social media page without a connection 1% 1% 1%
Mobile or tablet application 1% 1% 1%
Direct mail (newsletter, flyer, postcard, etc.) 1% * 1%
Crowdsourcing through social media/knew the person
* 1% *
through social media
Newspaper, Yellow Pages or home book ad * * *
Advertising specialty (calendar, magnet, etc.) * * *
Other 5% 8% 4%
* Less than 1 percent

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 67

Chapter 4: Home Buying and Real Estate Professionals
Exhibit 4-7 How Many Times Buyer Contacted
Agent Before Received Response and Original
Form of Contact
(Percentage Distribution)

Twenty-eight percent of buyers made initial

Phone call 28% contact with their agent by phone, while 22
Talked to them in person 22% percent first spoke with their agent in person.
Ask a friend to put in touch 18% Additionally, 18 percent of buyers were
Inquiry for more information through 3rd party website 10% introduced to their agent by a friend.
E-mail 8%
Text message 8%
Home buyers typically reached out just once
before making contact with a real estate
Through agent's website 3%
agent.
Social Media (FaceBook, TikTok, X, LinkedIn, etc.) 3%
Number of Times Contacted (median) 1

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 68

Chapter 4: Home Buying and Real Estate Professionals
Most buyers interviewed only one agent before making their decision—this was true for 77 percent of repeat
buyers and 67 percent of first-time buyers. Meanwhile, 16 percent of all buyers interviewed two agents, with a
higher rate among first-time buyers (19 percent).

Exhibit 4–8 Number of Real Estate Agents Interviewed by First-Time and Repeat Buyers
(Percentage Distribution)

All Buyers 75% 16% 7% 3%

Repeat Buyers 77% 15% 6% 3%

First-time Buyers 67% 19% 9% 5%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
One Two Three Four or more

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 69

 Chapter 4: Home Buying and Real Estate Professionals
Seventy-one percent of all buyers valued personal calls to inform them of activities. Seventy-one percent
of home buyers also valued their real estate agent sending property info and communicating via text
messages, which was more important among first-time buyers at 75 percent.

Exhibit 4-9 Importance of Agent Communications

(Percent of Respondents)

ALL BUYERS FIRST-TIME BUYERS REPEAT BUYERS

Calls personally to inform of activities 71% 67% 72%
Sends property info and communicates via text
71% 75% 69%
message
Sends postings as soon as a property is listed/the price
68% 67% 68%
changes/under contract
Can send market reports on recent listings and sales 48% 43% 49%
Sends me emails about specific needs 48% 54% 46%
Has a website 29% 30% 29%
Has a mobile site to show properties 25% 25% 25%
Active in local community/volunteerism 13% 11% 14%
Is active on social media 14% 16% 13%
Sends an email newsletter 8% 10% 7%
Advertises in newspapers 2% 2% 2%
Has a blog 1% 1% 1%

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 70

Chapter 4: Home Buying and Real Estate Professionals
Satisfaction with real estate agents' skills and qualities was overwhelmingly positive. At least 90 percent of
buyers each expressed satisfaction with their agent’s responsiveness, knowledge of the purchase process,
honesty and integrity, knowledge of the real estate market, and people skills.
Exhibit 4–10 Satisfaction With Real Estate Agent Skills and Qualities
(Percentage Distribution)

Responsiveness 89% 9% 3%

Knowledge of purchase process 89% 8% 2%

Honesty and integrity 89% 8% 4%

Knowledge of real estate market 87% 10% 3%

People skills 87% 10% 3%

Communication skills 86% 11% 3%

Skills with technology 82% 16% 2%

Knowledge of local area 77% 15% 3%

Negotiation skills 77% 17% 6%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Very Satisfied Somewhat Satisfied Not Satisfied

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 71

 Chapter 4: Home Buying and Real Estate Professionals
Eighty-eight percent of home buyers would use their agent again or recommend to others with 73 percent
saying they definitely would.

Exhibit 4–11 Would Buyer Use Real Estate Agent Again or Recommend to Others
(Percentage Distribution)

80%
73%
70%

60%

50%

40%

30%

20% 15%

10% 5% 5%
2%
0%
Definitely Probably Probably Not Definitely Not Don't Know

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 72

Chapter 4: Home Buying and Real Estate Professionals

Exhibit 4-12 How Many Times Buyer

Recommended Typical Agent
(Percentage Distribution)

ALL BUYERS After purchasing within the last year, 61

None 39% percent of home buyers have already
One time 14% recommended their agent. Twenty
Two times 18% percent of buyers reported
recommending their agent four or
Three times 9%
more times to others, while 18 percent
Four or more times 20%
have recommended their agent two
Times recommended since buying (median) 1
times.

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 73

 Chapter 5
Financing the Home Purchase

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 74

Highlights: Financing the Home Purchase
Buyers Who Financed Their Home, All-Cash Buyers from a relative or friend for their downpayment, though
 Seventy-four percent of all buyers financed their homes, a savings was most common at 69 percent.
decrease from last year from 80 percent. First-time buyers
were more likely to finance their purchase at 91 percent, while Type of Mortgage, Type of Loan
only 69 percent of repeat buyers financed.  Sixty-four percent of all buyers used a fixed-rate mortgage.
 The median percent financed for first-time buyers was 91 Seventy-seven percent of first-time buyers, and 60 percent of
percent, down slightly from 92 percent. The median percent repeat buyers use a fixed-rate mortgage.
financed for repeat buyers was 77 percent, which is down  Fifty-two percent of first-time buyers utilized a conventional
from 81 percent last year. loan to finance their home, 29 percent used an FHA loan, and
 Twenty-six percent of home buyers paid cash for their home, nine percent used a VA loan. The share of first-time buyers
an all-time high for all-cash buyers. using an FHA loan has declined from 55 percent in 2009 to 29
 In 2024, the median downpayment among all buyers was 18%, percent in 2024.
nine percent for first-time home buyers, and 23 percent for
repeat buyers. This is the highest downpayment for first-time Buyers’ View of Homes as a Financial Investment
buyers since 1997 and the highest downpayment for repeat  Buyers continue to see purchasing a home as a good financial
buyers since 2003. investment. Seventy-nine percent reported believing that a
home purchase is a good investment, and among those
Sources of Downpayment buyers, 39 percent said it was better than owning stock.
 Forty-nine percent of recent home buyers used their savings
to finance their home purchase, down from 54 percent last
year.
 Twenty-five percent of first-time buyers used a gift or loan

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 75

Chapter 5: Financing the Home Purchase
Seventy-four percent of all buyers financed their homes, a decrease from last year from 80 percent. First-time
buyers were more likely to finance their purchase at 91 percent, while only 69 percent of repeat buyers financed.

Exhibit 5-1 Buyers Who Financed Their Home Purchase

(Percentage Distribution)

100%
91%
90%

80% 74%
69%
70%

60%

50%

40%

30%

20%

10%

0%
All Buyers First-time Buyers Repeat Buyers

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 76

 Chapter 5: Financing the Home Purchase
This year, 11 percent of buyers financed 100 percent of their entire purchase price with a mortgage, down slightly
from 12 percent last year. The median percent financed for first-time buyers was 91 percent, down slightly from 92
percent. The median percent financed for repeat buyers was 77 percent, which is down from 81 percent last year.

Exhibit 5-2 Percent of Home Financed by First-Time and Repeat Buyers

(Percentage Distribution)

ALL BUYERS FIRST-TIME BUYERS REPEAT BUYERS

Less than 50% 19% 12% 22%
50% to 59% 6% 3% 8%
60% to 69% 8% 3% 9%
70% to 79% 13% 8% 15%
80% to 89% 20% 18% 21%
90% to 94% 11% 16% 8%
95% to 99% 12% 24% 7%
100% – Financed the entire purchase price with a
11% 15% 10%
mortgage
Median percent financed 82% 91% 77%

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 77

Chapter 5: Financing the Home Purchase
In 2024, the median downpayment among all buyers was 18%, nine percent for first-time home buyers,
and 23 percent for repeat buyers. This is the highest downpayment for first-time buyers since 1997 and the
highest downpayment for repeat buyers since 2003.
Exhibit 5-3 Median Percent Downpayment by First-Time and Repeat Buyers, 1989–2024
(Medians)

30%

25%
23% 23% 23%
22%
21% 21%
20% 20% 20%
20% 19% 19%
18%
20% 17% 17%
16% 16% 16% 16% 16% 16%
15% 15% 15% 18%
14% 14% 14%
16% 13% 13%
11% 15%
14%
13% 13% 13% 13% 13%
10% 11% 12% 12% 12%
11%
10% 10% 10% 10% 10% 10% 10% 10%
9% 9% 9% 9% 9% 9%
8% 8% 8%
7% 7% 7% 7%
6% 6% 6% 6% 6% 6% 6% 6%
5% 5% 5% 5%
4% 4% 4% 4%
3% 3% 3%
0% 2% 2%

All Buyers First-time Buyers Repeat Buyers

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 78

Chapter 5: Financing the Home Purchase
Exhibit 5-4 Sources of Downpayment, First-Time and Repeat Buyers
(Percent of Respondents Among Those Who Made a Downpayment)

ALL BUYERS FIRST-TIME BUYERS REPEAT BUYERS Forty-nine percent of recent home buyers
Savings 49% 69% 42% used their savings to finance their home
Proceeds from sale of primary residence 45% 4% 58% purchase, down from 54 percent last year.
Gift from relative or friend 8% 21% 4%
For repeat buyers, the proceeds from the
Sale of stocks or bonds 7% 8% 6%
sale of a primary residence was the most
401k/pension fund including a loan 5% 9% 4%
Inheritance 4% 7% 3%
commonly cited way of financing a home
Individual Retirement Account (IRA) 3% 3% 3% purchase at 58 percent, up from 53
Proceeds from sale of real estate other percent last year. For first-time buyers,
3% 1% 3%
than primary residence they cited using savings (69 percent) and
Loan from relative or friend 2% 4% 2% a gift or loan from relative or friend (21
Equity from primary residence buyer percent). Twenty-one percent of first-time
2% * 3%
continues to own
Tax refund 1% 3% 1%
buyers used financial assets such as
Community/government down stocks, bonds, 401k, IRAs, or crypto
1% 3% *
payment assistance program currency.
Loan from financial institution other
1% 1% 1%
than a mortgage
Loan or financial assistance from source
1% 2% *
other than employer
Sale of crypto currency 1% 1% *
Loan or financial assistance through
* * *
employer
* Less than 1 percent

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 79

 Chapter 5: Financing the Home Purchase
Twelve percent of all buyers cited their most difficult step in the home buying process as saving for a
downpayment, while this was higher among first-time buyers at 32 percent. These buyers were asked what
expenses made saving for a downpayment difficult, and 44 percent reported high rent or a current mortgage
payment, 37 percent reported credit card debt, 36 percent report student loans, and 34 percent reported a car
loan.

Exhibit 5-5 Expenses That Delayed Saving for a Downpayment or Saving for a Home Purchase, by First-
Time and Repeat Buyers
(Percent of Respondents Who Reported Saving for a Downpayment was Difficult)

ALL BUYERS FIRST-TIME BUYERS REPEAT BUYERS

Share Saving for Downpayment was Most Difficult Task in
12% 32% 5%
Buying Process:
DEBT THAT DELAYED SAVING
High rent/current mortgage payment 44% 49% 36%

Credit card debt 37% 36% 41%

Student loans 36% 40% 27%

Car loan 34% 33% 35%

Health care costs 16% 16% 14%

Child care expenses 14% 11% 19%

Other 18% 17% 20%

Median Years Debt Delayed Home Purchase Among Those
0 2 0
Who Had Difficulty Saving

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 80

Chapter 5: Financing the Home Purchase
Sixty-one percent of buyers did not need to make any sacrifices. For all buyers, the most common sacrifices
reported were a cut in spending on luxury or non-essential items (26 percent), a cut in spending on entertainment
(21 percent), and a cut in spending on clothes (15 percent).
Exhibit 5-6 Sacrifices Made To Purchase Home, by First-Time and Repeat Buyers
(Percent of Respondents)
26%
Cut spending on luxury or non-essential items 47%
20%
21%
Cut spending on entertainment 39%
16%
15%
Cut spending on clothes 30%
11%
11%
Cancelled vacation plans 20%
8%
7%
Paid minimum payments on bills 15%
5%
7%
Earned extra income through a second job 13%
5%
Sold a vehicle or decided not to purchase a 6%
vehicle 8%
5%
4%
Moved in with friends/family without paying rent 7%
3%
4%
Other 4%
4%
61%
Did not need to make any sacrifices 37%
68%
0% 10% 20% 30% 40% 50% 60% 70% 80%
All Buyers First-time Buyers Repeat Buyers
National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 81
Chapter 5: Financing the Home Purchase
Twenty-six percent of buyers said the mortgage application process was somewhat or much more difficult
than expected, and 21 percent said it was easier than expected. Thirty-nine percent of first-time buyers said
that the mortgage application and approval process was somewhat or much more difficult than expected,
compared to 30 percent of repeat buyers.

Exhibit 5-7 Difficulty of Mortgage Application and Approval Process

(Percentage Distribution Among Those Who Financed Their Home Purchase)

All Buyers 8% 18% 52% 21%

First-time Buyers 10% 29% 40% 22%

Repeat Buyers 9% 21% 49% 21%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Much more difficult than expected Somewhat more difficult than expected
Not difficult/No more difficult than expected Easier than expected

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 82

 Chapter 5: Financing the Home Purchase
Twenty-six percent of home buyers paid cash for their home, an all-time high for all-cash buyers. In the 2023
report, 20 percent of buyers paid with cash for their home. Between 2003 and 2010, under 10 percent of buyers
did not finance their home purchase.
Exhibit 5–8 All-Cash Buyers, 2003-2024
(Percentage Distribution)

30%
26%

22%
20%
20%

14%
13% 13% 13% 13%
12% 12% 12% 12% 12% 12%

10% 9%
8% 8% 8% 8%
7% 7% 7%

0%

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 83

Chapter 5: Financing the Home Purchase
Exhibit 5-9 Buyer Mortgage Application Had Been Rejected
From Mortgage Lender
(Percentage Distribution)

ALL BUYERS
Four percent of successful home buyers
Have had application denied 4%
had a mortgage application rejected from a
Median number of times application was denied 1
mortgage lender before securing a
BUYERS REASONS WHY REJECTED BY MORTAGE LENDER
mortgage. They typically had a median of
Debt-to-income ratio 40%
one rejection. The most common reasons
Low credit score 23% for the buyer reporting they were rejected
Income was unable to be verified 12% was because of their debt-to-income ratio
Not enough money in reserves 12% (40 percent), low credit score (23 percent),
Insufficient downpayment 9% because their income was unable to be
Too soon after refinancing another property 1% verified (12 percent), and not enough money
Don't know 16%
in reserves (12 percent).
Other 19%

* Less than 1 percent

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 84

Chapter 5: Financing the Home Purchase
Overall, 17 percent of buyers carry student loan debt, with this figure rising to 32 percent among first-time
home buyers and falling to 12 percent for repeat buyers. The median amount of student debt held by
home buyers was $30,000.

Exhibit 5-10 Buyers Who Have Student Loan Debt, by First-Time and Repeat Buyers
(Percentage Distribution)

ALL BUYERS FIRST-TIME BUYERS REPEAT BUYERS

Have student loan debt 17% 32% 12%
Median amount of student loan debt $30,000 $30,000 $30,000

Seven percent of recent buyers had previously sold a distressed property. The median year in which
buyers previously sold a distressed property was 2012.

Exhibit 5-11 Buyer Previously Sold a Distressed Property (Short Sale or Foreclosure)
(Percentage Distribution)

ALL BUYERS
Previously had a distressed property sale 7%
Median year of sale 2012

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 85

Chapter 5: Financing the Home Purchase
Sixty-four percent of all buyers used a fixed-rate mortgage. Seventy-seven percent of first-time buyers, and 60
percent of repeat buyers use a fixed-rate mortgage.

Exhibit 5-12 Type of Mortgage, First-Time and Repeat Buyers

(Percentage Distribution Among Those Who Financed Their Home Purchase)

All Buyers 64% 4% 3% 2% 2%

First-time Buyers 77% 5% 3% 5% 2%

Repeat Buyers 60% 3% 3% 1% 2%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Fixed-rate mortgage Fixed-then adjustable rate mortgage Adjustable-rate mortgage Don't know Other

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 86

 Chapter 5: Financing the Home Purchase
Fifty-two percent of first-time buyers utilized a conventional loan to finance their home, 29 percent used an FHA
loan, and nine percent used a VA loan. The share of first-time buyers using an FHA loan has declined from 55
percent in 2009 to 29 percent in 2024.
Exhibit 5–13 Type of Loan for First-Time Buyers, 2009-2024
(Percentage Distribution Among Those Who Financed Their Home Purchase)

100% 4% 6% 3% 5% 4% 4% 5% 3% 4% 3% 3%
5% 5% 6% 5% 6% 9%
5% 6% 6% 6% 5% 7% 7% 6% 6% 8%
5% 5% 6% 5%
90%
8% 7% 6% 9% 6% 8% 10%
10% 8% 9% 9% 11% 14% 15% 12% 9%
80% 8%
23%
70% 23%
35% 24% 24% 29%
34% 33% 34% 26% 24%
60% 39%
55% 54% 46%
56%
50%

40%

30% 61% 58%

51% 54% 54% 51% 52%
48% 47% 48% 46%
20% 42%
30% 33%
29% 27%
10%

0%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Conventional FHA VA Don't know Other

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 87

 Chapter 5: Financing the Home Purchase
Seventy-three percent of repeat buyers utilized a conventional loan to finance their home. Ten percent of repeat
buyers reported securing an FHA loan, and 11 percent used a VA loan. While the share of repeat buyers using a
VA loan has stayed relatively steady, the share of buyers using an FHA loan has dropped by more than half.
Exhibit 5–14 Type of Loan for Repeat Buyers, 2009-2024
(Percentage Distribution Among Those Who Financed Their Home Purchase)
3% 1% 2%
100% 2% 2% 3% 3% 2% 2% 3%
3% 3% 3% 3% 3% 2% 3% 3% 3% 3% 3% 3% 3% 3%
3% 4% 3% 4% 3% 3%
3% 2%
90% 8% 7% 8% 10% 11% 13% 13% 10%
13% 14% 15% 13% 13% 11%
12% 12%
80% 10%
15% 10%
23% 23% 18% 11% 11%
29% 24% 16% 18% 16% 12% 12% 14%
70%

60%

50%

40%
74% 73%
67% 69% 68% 68% 69% 67% 70%
64% 64% 66% 65% 65%
30% 58% 61%

20%

10%

0%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Conventional FHA VA Don't know Other

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 88

Chapter 5: Financing the Home Purchase
Buyers continue to see purchasing a home as a good financial investment. Seventy-nine percent
reported believing that a home purchase is a good investment, and 39 percent said it was better than
owning stock. Only five percent reported that it was not a good financial investment.

Exhibit 5-15 Buyers' View of Homes as a Financial Investment

(Percentage Distribution)

ALL BUYERS
Good financial investment 79%
Better than stocks 39%
About as good as stocks 28%
Not as good as stocks 12%
Not a good financial investment 5%
Don't know 15%

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 89

 Chapter 6
Home Sellers and their Selling
Experience

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 90

Highlights: Home Sellers and their Selling Experience
Home Seller Characteristics percent), followed by home was too small (12 percent), home was
 The typical age of home sellers was 63 this year and is the highest too large (11 percent), and the neighborhood becoming less
ever recorded. desirable (10 percent).
 The share of married couples selling their home was 69 percent
this year, an increase from 65 percent last year, which marks the Tenure in Home
first increase in four years for this share. The share of single  The median number of years a seller owned their home was 10
females who sold their homes decreased this year to 18 percent. years, the same as last year. That number was higher than
 Of all homes sold on the market, 77 percent did not have children reported from 2000 to 2008, when the tenure in the home was
under the age of 18 residing in the home. only six years.

Home Sold Versus Home Purchased Sales Price, Time on the Market, Incentives to Prospective Buyers
 Eighteen percent of home sellers purchased a home in another  For recently sold homes, the final sales price was a median of 100
region to the one they sold a home. Sixty-six percent of home percent of the final listing price. This continues to be the highest
sellers moved within the same state, and 16 percent remained in recorded median since 2002.
the same region.  For all sellers, time on the market this year was a median of three
 Thirty-six percent of sellers traded up and purchased a home that weeks, one week longer than last year.
was larger in size than what they previously owned, 30 percent
bought a home that was similar in size, and 32 percent traded Satisfaction With the Sales Process
down and purchased a home that was smaller in size.  Sixty-eight percent of sellers were very satisfied with the selling
 Fifty-two percent of all sellers purchased a newer home than their process. Twenty-two percent were somewhat satisfied.
previous home. Twenty-seven percent purchased a home of the
same age, and 25 percent purchased an older home.
 For all sellers, the most commonly cited reason for selling their
home was the desire to move closer to friends and family (23

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 91

 Chapter 6: Characteristics of Home Sellers
The typical age of home sellers was 63 this year, up than 60 last year and the highest recorded in this data set. In
2005, the typical home seller was 47.
Exhibit 6–1 Median Age of Home Sellers, 2005–2024
(Median Age)
70

63

60 60
60
57
56 56
55 55
54 54 54
53 53 53

50 49
47 47
46 46
45

40

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 92

Chapter 6: Home Sellers and their Selling Experience
The median household income in 2023 for the typical seller was $112,500 up from $111,100 last year.

Exhibit 6-2 Household Income of Home Sellers, 2023

(Percentage Distribution)

ALL SELLERS
Less than $54,999 14%
$55,000 to $74,999 12%
$75,000 to $99,999 16%
$100,000 to $199,999 39%
$200,000 or more 20%
Median household income (2023) $112,500

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 93

Chapter 6: Home Sellers and their Selling Experience
The share of married couples selling their home was 69 percent this year, an increase from 65 percent last year,
which marks the first incline in four years for this share. Single females who sold their homes decreased this year
to 18 percent.
Exhibit 6-3 Adult Composition of Home Seller Households
(Percentage Distribution)
90%
77% 77% 77%
80% 74% 75% 74% 75% 75% 76%
74%
76%
74%
71% 72% 71% 72% 71%
69% 69%
67%
70% 65%

60%

50%

40%

30%
20%
17% 17% 17% 17% 18%
20% 15% 15% 15% 14% 16% 16%
14% 14% 14% 14%
16% 16% 16% 16%
12%
6% 6% 7% 7% 7% 7% 8%
10% 5% 6% 6% 6% 6% 5% 5% 6% 6% 5% 6% 6% 7% 6%
5% 4% 4% 4% 5% 5% 4%
3% 4% 3% 3% 4% 3% 3% 4% 4% 4% 4% 4% 4%
1% 1% 1% 1% 1% 1% 1% 2% 2% 2% 1% 2% 2% 3% 3% 3%
1% 1% 1% 2%
0% 1%

Married couple Single female Single male Unmarried couple Other

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 94

Chapter 6: Home Sellers and their Selling Experience
Exhibit 6-4 Number of Children Under the
Age of 18 Residing in Home Seller
Household
(Percentage Distribution of Home Seller Households)
One
5%
Of all homes sold on the market, 77 percent did not
Two
9% have children under the age of 18 residing in the
home, an increase from 75 percent last year. Five
percent of home sellers had one child, nine percent
had two children, and nine percent had three or
Three or more more children.
9%

None
77%

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 95

Chapter 6: Home Sellers and their Selling Experience
Of all sellers, 90 percent identified as White or Caucasian, four percent identified as Hispanic/Latino, four
percent identified as Black/African-American, and three percent identified as Asian/Pacific Islander. Of all
sellers, 99 percent of households speak English as their primary language.

.
Exhibit 6-5 Race/Ethnicity of Home Sellers Exhibit 6-6 Primary Language Spoken in Home
(Percent of Respondents) Seller Household
(Percentage Distribution)

White/Caucasian 90% English 99%

Hispanic/Latino 4% Other 1%
Black/African-American 4%

Asian/Pacific Islander 3%

Other 2%

Note: Respondents were permitted to select as many races and ethnicities as they
felt applicable. The percentage distribution may therefore sum to more than 100
percent

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 96

Chapter 6: Home Sellers and their Selling Experience
For sellers/potential sellers, 21 percent sold their home in 2024, 50 percent in 2023, 15 percent sold in 2022 or
earlier, and only two percent have not yet been able to sell. Five percent of potential sellers did not plan to sell
their previous home.

Exhibit 6-7 Home Selling Situation Among Sellers/Potential Sellers

(Percentage Distribution)

60%

50%
50%

40%

30%

21%
20%
15%

10%
5% 5%
2% 2%
0%
Sold in 2024 Sold in 2023 Sold in 2022 or earlier Home has not yet sold Home has not yet sold, Do not plan to sell Did not own previous
and is currently vacant but currently renting previous home home
to others

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Chapter 6: Home Sellers and their Selling Experience
Exhibit 6-8 First-Time or Repeat Seller
(Percentage Distribution)

First-time
seller
24%

Seventy-six percent were repeat sellers, and the share

of first-time home sellers was 24 percent. In the 2023
report, 30 percent of home sellers were first-time
home sellers.

Repeat seller
76%

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Chapter 6: Home Sellers and their Selling Experience
Exhibit 6-9 Proximity of Home Sold to
Home Purchased
(Percentage Distribution)

Other region
18% Home sellers in 2024 reported they purchased a
home in another region to the one they sold a
home in at 18 percent. Sixty-six percent of home
sellers moved within the same state, and 16 percent
remained in the same region.

Same region
16%

Same state
66%

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Chapter 6: Home Sellers and their Selling Experience
Exhibit 6-10 Type of Home Sold, by Location
(Percentage Distribution)

Detached single-family homes were the

most common homes sold at 81 percent,
Detached single-family home 81% a slight increase from 79 percent last
Townhouse/row house 5% year. Townhomes and row houses sold at
five percent, and
Duplex/apartment/condo in 2-to-4-unit building 4% duplex/apartment/condo with two to
Apartment/condo in a building with 5 or more
3% four units sold at four percent.
units
Other 7%

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 100
Chapter 6: Home Sellers and their Selling Experience
Thirty-six percent of sellers traded up and purchased a home that was larger in size than what they
previously owned, 30 percent bought a home that was similar in size, and 32 percent traded down and
purchased a home that was smaller in size.

Exhibit 6-11 Size of Home Purchased Compared to Home Recently Sold

(Percentage Distribution)

Trading Up 36%

Remaining at the Same Size Range 30%

Trading Down 32%

0% 10% 20% 30% 40%

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 101
Chapter 6: Home Sellers and their Selling Experience
There is a strong relationship between the age of the home seller and the housing trade. Generally,
sellers under the age of 55 tend to buy larger homes, while sellers over the age of 55 tend to buy smaller
homes than the ones they sold.

Exhibit 6-12 Size of Home Purchased Compared to Home Recently Sold, by Age of Seller
(Median Square Feet)

SIZE OF HOME
SIZE OF HOME SOLD DIFFERENCE
PURCHASED
18 to 34 years 1,600 2,000 400

35 to 44 years 1,900 2,300 400

45 to 54 years 2,100 2,200 100

55 to 64 years 2,100 2,000 -100

65 to 74 years 2,100 2,000 -100

75 years or older 2,000 1,800 -200

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 102
Chapter 6: Home Sellers and their Selling Experience
Fifty-two percent of all sellers purchased a home that was newer than their previous home. Twenty-
seven percent purchased a home of the same age, and 25 percent purchased an older home.

Exhibit 6-13 Age of Home Purchased Compared to Home Recently Sold

(Percentage Distribution)

Purchased a Newer Home 52%

Purchase a Home the Same Age 27%

Purchase Older Home 25%

0% 10% 20% 30% 40% 50% 60%

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 103
Chapter 6: Home Sellers and their Selling Experience
Exhibit 6-14 Condition of Home Sold
(Percentage Distribution)

Carried out
major Fifty percent of home sellers said they did minor
renovations
11%
renovations/fixed broken items before selling. Thirty-
Sold home
as-is
nine percent of home sellers reported selling their
39% home as-is.

Did minor
renovations/fixed
broken items
50%

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 104
Chapter 6: Home Sellers and their Selling Experience
For all sellers, the most commonly cited reason for selling their home was the desire to move closer to friends
and family (23 percent), followed by home was too small (12 percent), home was too large (11 percent), and the
neighborhood becoming less desirable (10 percent).
Exhibit 6-15 Primary Reason for Selling Previous Home, by Miles Moved
(Percentage Distribution) MILES MOVED
ALL SELLERS 10 miles or less 11 to 50 miles 51 to 100 miles 101 miles or more
Want to move closer to friends or family 23% 6% 31% 37% 82%
Home is too small 12% 24% 25% 5% 3%
Home is too large 11% 20% 25% 5% 4%
Neighborhood has become less desirable 10% 12% 31% 7% 11%
Change in family situation (e.g., marriage,
8% 10% 22% 7% 9%
birth of a child, divorce)
Moving due to retirement 7% 3% 8% 13% 24%
Job relocation 7% 1% 2% 7% 35%
Upkeep of home is too difficult due to
5% 8% 11% 4% 5%
health or financial limitations
Want to move closer to current job 3% 1% 11% 5% 6%
Can not afford the mortgage and other
2% 2% 4% 2% 3%
expenses of owning home
Unfit living conditions due to
1% 1% 2% * *
environmental factors
Schools became less desirable 1% 1% 5% * 2%
Other 10% 13% 22% 9% 15%
* Less than 1 percent

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 105
Chapter 6: Home Sellers and their Selling Experience
Ninety-five percent were able to sell when they wanted to. Nine percent of those who purchased their home 11
to 20 years ago reported stalling or waiting to sell the home.

Exhibit 6-16 Seller Wanted To Sell Earlier but Waited or Stalled Because Home Was Worth Less
than Mortgage, by Tenure in Home
(Percentage Distribution)

100% 95% 94% 95% 95%

92%
90%
80%
70%
60%
50%
40%
30%
20%
8%
10% 5% 5% 5% 4%
* 1% * 1% 1%
0%
All Sellers 5 years or less 6 to 10 years 11 to 20 years 21 years or more
Yes, and lived in home Yes, but rented home to others and lived elsewhere No, sold home when wanted to sell

* Less than 1 percent

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 106
Chapter 6: Home Sellers and their Selling Experience
The median number of years a seller remained in their home was 10 years, the same as last year. That
number was higher than reported from 2000 to 2008, when the tenure in the home was only six years.

Exhibit 6-17 Median Seller Tenure in Home, 1985–2024

(Median Years)

12

10 10 10 10 10 10 10 10
10
9 9 9 9 9
8 8
8
7 7
6 6 6 6 6 6 6 6 6 6 6 6
6
5

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Chapter 6: Home Sellers and their Selling Experience
The purchasing habits of sellers led them to buy further from where they previously lived, moving a
median of 35 miles away. First-time sellers moved at a median of 15 miles, while repeat sellers moved a
median of 35 miles.
Exhibit 6-18 Distance Between Home Purchased and Home Recently Sold, by First-Time
and Repeat Sellers
(Percentage Distribution)

ALL SELLERS FIRST-TIME SELLERS REPEAT SELLERS

5 miles or less 21% 26% 21%
6 to 10 miles 12% 15% 12%
11 to 15 miles 7% 9% 6%
16 to 20 miles 5% 5% 5%
21 to 50 miles 12% 12% 12%
51 to 100 miles 6% 5% 7%
101 to 500 miles 13% 8% 15%
501 to 1,000 miles 10% 9% 10%
1,001 miles or more 12% 11% 12%
Median (miles) 35 15 35

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 108
Chapter 6: Home Sellers and their Selling Experience
For recently sold homes, the final sales price was a median of 100 percent of the final listing price. This
continues to be the highest-recorded median since 2002.

Exhibit 6-19 Sales Price Compared with Listing Price

(Percentage Distribution of Sales Price as a Percent of Listing Price)

ALL SELLERS
Less than 90% 7%
90% to 94% 9%
95% to 99% 28%
100% 28%
101% to 110% 20%
More than 110% 7%
Median (sales price as a percent of listing price) 100%

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 109
Chapter 6: Home Sellers and their Selling Experience
For all sellers, time on the market this year was a median of three weeks, one week longer than last year.
One in ten homes sold under 1 week.

Exhibit 6-20 Number of Weeks Recently Sold Home Was on the Market
(Percentage Distribution)

ALL SELLERS
Less than 1 week 10%
1 to 2 weeks 39%
3 to 4 weeks 16%
5 to 6 weeks 7%
7 to 8 weeks 7%
9 to 10 weeks 3%
11 to 12 weeks 6%
13 to 16 weeks 3%
17 to 24 weeks 4%
25 to 36 weeks 3%
37 to 52 weeks 1%
53 or more weeks 1%
Median weeks 3

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Chapter 6: Home Sellers and their Selling Experience
Time on the market and the ratio of the sales price to the listing price have a strong relationship; generally, the
longer a home is on the market the greater the discount from the listing price upon sale. Homes that were on
the market for four weeks or less received a median of 100 percent of their asking price.
Exhibit 6-21 Sales Price Compared with Listing Price, by Number of Weeks Home Was
on the Market
(Medians)
100% 100% 100% 100%
100%

99%
98%
98%

97%
96%
96%

95%
94%
94%

93%

92%

91%
All Sellers Less than 1 week 1 to 2 weeks 3 to 4 weeks 5 to 8 weeks 99% 9 to 16 weeks 17 or more weeks
National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 111
Chapter 6: Home Sellers and their Selling Experience
Sixty-five percent of sellers did not reduce the asking price, while 21 percent of sellers reduced the asking price
just once.
Exhibit 6-22 Number of Times Asking Price Was Reduced
(Percentage Distribution)

70%
65%

60%

50%

40%

30%
21%
20%

9%
10%
4%
2%
0%
None, did not reduce the One Two Three Four or more
asking price

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 112
Chapter 6: Home Sellers and their Selling Experience
Given the buyer demand and lack of housing inventory, only 24 percent of all sellers offered incentives to
attract buyers, a decrease from 33 percent last year. Assistance with closing costs and home warranty policies
were the top two listed incentives when selling a home.
Exhibit 6-23 Incentives Offered To Attract Buyers
(Percent of Respondents)

ALL SELLERS
None 76%
Assistance with closing costs 9%
Home warranty policies 8%
Credit toward remodeling or repairs 7%
Other incentives, such as a car, flat screen TV, etc. 3%
Assistance with condo association fees 1%
Other 3%

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Chapter 6: Home Sellers and their Selling Experience
Exhibit 6-24 Satisfaction with the Selling
Process
(Percentage Distribution)
Very
Somewhat
Dissatisfied
Dissatisfied
4%
6%
Sixty-eight percent of sellers were very satisfied
with the selling process. Twenty-two percent
were somewhat satisfied.

Somewhat
Satisfied
22%

Very Satisfied
68%

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 114
 Chapter 7
Home Selling and Real Estate
Professionals

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 115
Highlights: Home Selling and Real Estate Professionals
Method of Home Sale performed few other services.
 Ninety percent of sellers sold with the assistance of a real estate  Sellers placed a high priority on the following three tasks: help
agent, up from 89 percent last year, and only six percent were market the home to potential buyers (22 percent), price the home
FSBO sales, an all time low. competitively (20 percent), and sell the home within a specific
 Among sellers who knew the buyer, 38 percent sold their homes timeframe (18 percent).
themselves. In contrast, 95 percent of sellers who did not know the  The real estate agent’s reputation remains the most important
buyer were assisted by an agent. factor when sellers select an agent to sell their home (35 percent),
and an agent’s trustworthiness and honesty (21 percent).
Finding a Real Estate Agent
 Sixty-six percent of recent sellers used an agent that was Methods Used to Market the Home
referred to them or used an agent they had worked with in the  Real estate agents listed homes on MLSs first and foremost (86
past to buy or sell a home. percent). They also posted yard signs (61 percent), hosted open
 Eighty-one percent of recent sellers contacted only one agent houses (58 percent), listed on Realtor.com® (49 percent), listed on
before finding the right agent they worked with to sell their home. third-party aggregators (47 percent), listed the home on their own
 Fifty percent of recent home sellers used the same real estate website (46 percent), and listed on their company’s website (39
agent to represent them when purchasing or selling their home. percent).
That number jumps to 71 percent for sellers within 10 miles of their
home purchase. Agent Satisfaction
 Most sellers—87 percent—said that they would definitely (72
What Sellers Most Want and Factors for Choosing an Agent percent) or probably (15 percent) recommend their agent for
 Eighty-five percent of sellers reported that their agents provided a future services.
broad range of services within the home sale. Eight percent of  Nearly two-thirds of sellers have recommended their agent at
sellers note that their agent only provided a limited set of services, least once since selling their home in the last year.
and eight percent said their agent listed the home on the MLS but

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 116
Chapter 7: Home Selling and Real Estate Professionals
Ninety percent of sellers sold with the assistance of a real estate agent, up from 89 percent last year, and only six
percent were FSBO sales, an all-time low.

Exhibit 7-1 FSBO and Agent-Assisted Sales, 1981–2024

(Percentage Distribution)

100%
91% 89% 89% 90% 90%
88% 87% 88% 88% 88% 89% 89% 89% 87% 89%
90% 83% 82% 81% 83% 82% 85% 84% 85% 84% 85%
80% 80%
75% 77% 77% 79%
80%
70%
60%
50%
40%
30%
21% 19% 19% 17%
16% 18% 16%
20% 15% 13% 14% 14% 13% 12% 12% 13% 11%
9% 10% 9% 9% 9% 8% 8% 8% 7% 8% 8% 7%
10%
7%
10% 4% 4% 4% 4% 7% 4% 4% 2% 3% 3% 3% 6%
1% 1% 1% 4% 3% 3% 2% 3% 3% 4%
8% 3% 2% 3% 2% 2% 2% 2% 3% 4%
0%

All FSBO (For-sale-by-owner) Agent-assisted Other

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 117
Chapter 7: Home Selling and Real Estate Professionals
Sixty-six percent of recent sellers used an agent that was referred to them or used an agent they had
worked with in the past to buy or sell a home.

Exhibit 7-2 Method Used To Find Real Estate Agent

(Percentage Distribution)

ALL SELLERS
Referred by (or is) a friend, neighbor or relative 38%
Used agent previously to buy or sell a home 28%
Website (without a specific reference) 4%
Referred by another real estate agent/broker 4%
Personal contact by agent (telephone, e-mail, etc.) 4%
Visited an open house and met agent 3%
Direct mail (newsletter, flyer, postcard, etc.) 2%
Saw contact information on For Sale/Open House sign 2%
Walked into or called office and agent was on duty 1%
Referred through employer or relocation company 1%
Saw the agent's social media page without a connection 1%
Advertising specialty (calendar, magnet, etc.) 1%
Crowdsourcing through social media/knew the person through social media 1%
Other 11%

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 118
Chapter 7: Home Selling and Real Estate Professionals
Eighty-one percent of recent sellers contacted only one agent before finding the right agent they worked with to
sell their home, consistent with data from last year.

Exhibit 7-3 Number of Agents Contacted Before Selecting One To Assist With Sale of Home
(Percentage Distribution)

90%
81%
80%

70%

60%

50%

40%

30%

20%
15%
10% 6%
1% 1%
0%
One Two Three Four Five or more

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 119
Chapter 7: Home Selling and Real Estate Professionals
Fifty percent of recent home sellers used the same real estate agent to represent them purchasing their
home as selling their home. That number jumps to 71 percent for all sellers within 10 miles of their home
purchase. If the seller was more than 50 miles away, they typically used a different agent for each real estate
transaction.
Exhibit 7-4 Seller Used Same Real Estate Agent for Their Home Purchase, by Miles Moved
(Percentage Distribution Among Sellers Who Used an Agent to Purchase a Home)

100%
90%
29%
80% 37%
50%
70% 57%

60%
92%
50%
40%
71%
30% 63%
50%
20% 43%

10%
8%
0%
All Sellers 10 miles or less 11 to 50 miles 51 to 100 miles 101 miles or more
Used the same agent Used a different agent

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 120
Chapter 7: Home Selling and Real Estate Professionals
Real estate agents provide a wide range of services and conduct the management of most aspects of the home
sale. Eighty-five percent of sellers reported that their agents provided a broad range of services within the home
sale. Eight percent of sellers note that their agent only provided a limited set of services, and eight percent said
their agent listed the home on the MLS but performed few other services.
Exhibit 7-5 Level of Service Provided by the Real Estate Agent, 2006–2024
(Percentage Distribution)

100%
8% 9% 9% 11% 11% 10% 10% 9% 9% 8% 7% 6% 6% 10% 8% 8%
12% 12% 12%
90% 8% 6% 8% 7%
9% 9% 9% 9% 8% 9% 8% 7% 8%
9% 8% 10% 8% 9% 9%
80%
70%
60%
50%
83% 83% 84% 85% 88% 86% 83% 85% 85%
40% 81% 81% 80% 80% 80% 80% 81% 79% 79% 82%
30%
20%
10%
0%

The agent listed the home on the MLS and performed few if any additional services
A limited set of services as requested by the seller
A broad range of services and management of most aspects of the home sale
National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 121
Chapter 7: Home Selling and Real Estate Professionals
Exhibit 7-6 What Sellers Most Want from Real Estate Agents
(Percentage Distribution)

ALL SELLERS Sellers placed a high priority on the

Help seller market home to potential buyers 22% following three tasks: help market the
home to potential buyers (22 percent),
Help price home competitively 20%
price the home competitively (20
Help sell the home within specific timeframe 18%
percent), and sell the home within a
Help seller find ways to fix up home to sell it for more 15% specific timeframe (18 percent). In recent
Help find a buyer for home 13% years, help in pricing the home
Help with negotiation and dealing with buyers 6% competitively and help with marketing
Help with paperwork/inspections/preparing for the home to potential buyers have
3%
settlement consistently remained at the top of the
Help seller see homes available to purchase 1% list. Fifteen percent of sellers wanted
Help create and post videos to provide tour of home 1% their agent to help them find ways to fix
Other 2%
up their home for sale.

122
National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers
Chapter 7: Home Selling and Real Estate Professionals
Exhibit 7-7 What Sellers Most Want from Real Estate Agents
(Percentage Distribution)

ALL SELLERS The reputation of the real estate agent

Reputation of agent 35% remains the most important factor
when sellers selected an agent to sell
Agent is honest and trustworthy 21%
their home (35 percent). Sellers also
Agent is friend or family member 16%
placed value on the agent’s
Agent's knowledge of the neighborhood 10% trustworthiness and honesty (21 percent)
Agent has caring personality/good listener 5% and whether the agent was a friend or
Agent's commission 4% family member (16 percent).
Agent's association with a particular firm 3%
Agent seems 100% accessible because of use of
2%
technology like tablet or smartphone
Professional designations held by agent 1%
Other 2%

123
National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers
Chapter 7: Home Selling and Real Estate Professionals
Exhibit 7-8 Methods Real Estate Agent Used To Market Home
(Percent of Respondents Among Sellers Who Used an Agent)

ALL HOMES Real estate agents market homes in

Multiple Listing Service (MLS) website 86% a variety of ways. Real estate agents
Yard sign 61% listed homes on MLSs first and
Open house 58% foremost (86 percent). They also
Realtor.com® 49% posted yard signs (61 percent),
Third party aggregator 47% hosted open houses (58 percent),
Real estate agent website 46% listed on Realtor.com® (49 percent),
Real estate company website 39% listed on third-party aggregators (47
Social networking websites (e.g. Facebook, Twitter, etc.) 22% percent), listed the home on their
Virtual tours 16% own website (46 percent), and listed
Video 12% on their company’s website (39
Direct mail (flyers, postcards, etc.) 8% percent). Real estate agents also
Other websites with real estate listings 7% listed homes on social media (22
Online classified ads 4% percent).
Virtual open houses 4%
Real estate magazine website 4%
Print newspaper advertisement 2%
Real estate magazine 2%
Video hosting websites 2%
Television 1%
Other 3%
124
National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers
Chapter 7: Home Selling and Real Estate Professionals
Client referrals and repeat business were the predominant sources of business for real estate agents. Most
sellers—87 percent—said that they would definitely (72 percent) or probably (15 percent) recommend their
agent for future services. Sixty-four percent of sellers have recommended their agent at least once since
selling their home, in the last year. Twenty-five percent of sellers recommended their agent four or more times
since selling their home.
Exhibit 7-9 Would Seller Use Real Estate Exhibit 7-10 How Many Times Seller
Agent Again or Recommend to Others Recommended Typical Agent
(Percentage Distribution) (Percentage Distribution)

Definitely 72% ALL SELLERS

None 35%
One time 13%
Probably 15%
Two times 16%
Three times 10%
Definitely Not 6%
Four or more times 25%
Times recommended since buying
2
(median)
Probably Not 6%

Don't Know/ Not Sure 1%

0% 10% 20% 30% 40% 50% 60% 70% 80%

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 125
Chapter 7: Home Selling and Real Estate Professionals
Among sellers who knew the buyer, 38 percent sold their homes themselves. In contrast, 95 percent of sellers
who did not know the buyer sold through an agent.

Exhibit 7-11 Buyer and Seller Relationship, by Method of Sale

(Percentage Distribution)

BUYER AND SELLER RELATIONSHIP ALL SELLERS SELLER KNEW BUYERS SELLER DID NOT KNOW BUYER

Sold home using an agent or broker 90% 45% 95%

Seller used agent/broker only 89% 44% 94%
Seller first tried to sell it themselves, but then used an
1% 1% 1%
agent
Received quote from iBuyer, but sold with real estate
* * *
agent/broker
For-sale-by-owner (FSBO) 6% 38% 2%
Sold home without using a real estate agent or broker 5% 36% 2%
First listed with an agent, but then sold home themselves 1% 2% *
Sold home to a homebuying company 2% 2% 1%
Sold it through an iBuyer program * * *
Other 2% 13% 1%

* Less than 1 percent

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 126
 Chapter 8
For-Sale-by-Owner (FSBO) Sellers

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 127
Highlights: For-Sale-by-Owner (FSBO) Sellers
FSBO and Agent-Assisted Sales Reasons for FSBOs, Marketing, and Sellers Experience
 Ninety percent of sellers sold with the assistance of a real estate  For 38 percent of all FSBO sellers, the main reason to sell via
agent, up from 89 percent last year, and only six percent were FSBO was because they sold to a relative, friend, or neighbor.
FSBO sales. The share of FSBO sellers was a historical low. Thirty percent of all FSBO sellers did not want to pay a
commission or fee.
Characteristics of Homes Sold  Sixty-three percent of all FSBO sellers did not actively market their
 FSBO homes were more likely to be mobile or manufactured home.
homes at eight percent. Five percent of detached single-family  Getting the price right (17%), selling within the length of time
homes were FSBO homes. Ninety-six percent of planned (13%), and understanding and performing the paperwork
apartments/condos in a building with five or more units were (10%) were the most difficult steps for FSBO sellers.
agent-assisted sales.  Seventy percent of successful FSBO sellers who knew the buyer
 FSBOs typically sell for less than the selling price of other homes; were very satisfied with the process of selling their home.
FSBO homes sold for a median of $380,000 in 2023 (up from
$310,000 in 2022), still far lower than the median selling price of
all homes, which was $435,000. Agent-assisted homes sold for a
median of $435,000.

The Selling Process for FSBO Sales

 The most common way FSBO owners priced their home was
through an appraisal (40 percent), followed by using recent
homes sold in area (36 percent), online home evaluation tools (16
percent), and profit seller needed from sale (15%).
 FSBOs did not commonly use incentives to sell their homes (94
percent of all FSBOs did not offer any incentives).

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 128
Chapter 8: For-Sale-by-Owner (FSBO) Sellers
Ninety percent of sellers sold with the assistance of a real estate agent, up from 89 percent last year, and
only six percent were FSBO sales. In 1981, FSBO sales accounted for as much as 15 percent of sales. In
1985, FSBO sales peaked in the data set at 21 percent of all sales. This year, four percent of FSBO sellers
knew the buyer, and two percent of FSBO buyers and sellers had no previous relationship. FSBO sales
were highest in small towns at eight percent and in rural areas at seven percent, compared to only five
percent in suburban areas or subdivisions. Ninety-one percent of sales in suburbs or subdivisions were
agent-assisted.

Exhibit 8-1 FSBO and Agent-Assisted Sales, by Location

(Percentage Distribution)

SELLERS WHO SOLD A HOME IN A

SUBURB/ URBAN/ CENTRAL RESORT/
ALL SELLERS SMALL TOWN RURAL AREA
SUBDIVISION CITY RECREATION AREA
For-sale-by-owner
6% 5% 8% 3% 7% 5%
(FSBO)
Seller knew buyer 4% 3% 5% 2% 5% 3%
Seller did not know
2% 2% 2% 1% 2% 2%
buyer
Agent-assisted 90% 91% 87% 95% 89% 92%

Other 4% 4% 5% 2% 3% 3%

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 129
Chapter 8: For-Sale-by-Owner (FSBO) Sellers
Six percent of all homes sold in 2024 were FSBO homes. FSBO homes were most common among
mobile or manufactured homes at eight percent. Five percent of detached single-family homes were
FSBO homes. Ninety-six percent of apartments/condos in a building with five or more units were agent-
assisted sales.

Exhibit 8-2 Type of Home Sold, FSBO and Agent-Assisted Sellers

(Percentage Distribution)

APARTMENT/COND
DETACHED DUPLEX/APARTMEN MOBILE/
TOWNHOUSE/ROW O IN A BUILDING
ALL SELLERS SINGLE-FAMILY T/CONDO IN 2 TO 4 MANUFACTURED
HOUSE WITH 5 OR MORE
HOME UNIT BUILDING HOME
UNITS
For-sale-by-owner
6% 5% 5% 5% 2% 8%
(FSBO)
Seller knew buyer 4% 3% 2% 4% * 6%

Seller did not know

2% 2% 2% 2% 2% 2%
buyer

Agent-assisted 90% 91% 90% 92% 96% 86%

Other 4% 4% 5% 3% 2% 6%

* Less than 1 percent

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers

130
Chapter 8: For-Sale-by-Owner (FSBO) Sellers
FSBOs typically sell for less than the selling price of other homes; FSBO homes sold at a median of $380,000 in
2023 (up from $310,000 in 2022), and still far lower than the median selling price of all homes at $435,000. Agent-
assisted homes sold for a median of $435,000.
Exhibit 8-3 Selling Price, FSBO and Agent-Assisted Sellers
(Percentage Distribution)
FSBO AGENT-ASSISTED

SELLER KNEW SELLER DID NOT ALL AGENT- AGENT-ASSISTED FIRST FSBO, THEN
ALL SELLERS ALL FSBO BUYER KNOW BUYER ASSISTED ONLY AGENT-ASSISTED
Median selling price $435,000 $380,000 $345,000 $412,000 $435,000 $435,000 $440,000
SALES PRICE COMPARED WITH ASKING PRICE::
Less than 95% 16% 14% 11% 20% 17% 17% 48%
95% to 99% 28% 15% 11% 25% 29% 29% 17%
100% 28% 58% 68% 37% 25% 25% 30%
101% to 110% 20% 7% 7% 8% 21% 22% *
More than 110% 7% 5% 3% 10% 7% 7% 4%
Median (sales price as a percent of
100% 100% 100% 100% 100% 100% 97%
asking price)
NUMBER OF TIMES ASKING PRICE WAS REDUCED::
None 64% 81% 86% 71% 63% 65% 44%
One 21% 16% 13% 21% 21% 21% 15%
Two 9% 2% * 6% 10% 10% 15%
Three or more 6% 2% 1% 2% 6% 6% 27%
Time on the Market (median
3 1 0 1 3 3 10
weeks)
* Less than 1 percent
National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 131
Chapter 8: For-Sale-by-Owner (FSBO) Sellers
FSBO sellers priced their homes using a number of different sources and methods. The most common way
FSBO owners priced their home was through an appraisal (40%), followed by recent homes sold in the area
(36%), online home evaluation tools (16%), and profit the seller needed from the sale (15%).

Exhibit 8-4 How FSBO Seller Determined Asking Price of Home Sold
(Percentage Distribution)

Appraisal 40%

Recent home sold in area 36%

Online home evaluation tool 16%

Profit seller needed from sale 15%

Agent presentation-who seller did not use to sell home 11%

To cover what was owed on home 5%

Attending open houses in area/viewing homes for sale online 4%

Quote from iBuyer program *

0% 10% 20% 30% 40% 50%

* Less than 1 percent

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 132
Chapter 8: For-Sale-by-Owner (FSBO) Sellers
It was not common for FSBOs to use incentives to sell their homes (94 percent of all FSBOs did not offer any
incentives). FBSO sellers offered assistance with closing costs (three percent), home warranty policies (one
percent), and other incentives such as a car, flat screen TV, etc. (one percent) to sell their homes. Agent-
assisted sellers offered assistance with closing costs (nine percent) and home warranty policies (eight
percent) to help sell their homes.

Exhibit 8-5 Incentives Offered To Attract Buyers, FSBO and Agent-Assisted Sellers
(Percentage Distribution)

ALL FSBO AGENT-ASSISTED

None 94% 75%
Assistance with closing costs 3% 9%
Home warranty policies 1% 8%
Other incentives, such as a car, flat screen TV, etc. 1% 3%
Credit toward remodeling or repairs * 8%
Assistance with condo association fees * *
Other 1% 3%

* Less than 1 percent

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 133
Chapter 8: For-Sale-by-Owner (FSBO) Sellers
For 38 percent of all FSBO sellers, the main reason to sell via FSBO was because they sold to a relative, friend, or
neighbor. Thirty percent of all FSBO sellers did not want to pay a commission or fee. For 15 percent of FSBO
sellers, the buyer contacted the seller directly to purchase the home.

Exhibit 8-6 Most Important Reason for Selling Home as FSBO

(Percentage Distribution)

Sold it to a relative, friend or neighbor 38%

Did not want to pay a commission or fee 30%

Buyers contacted seller directly 15%

Did not want to deal with an agent 9%

Seller has real estate license 3%

Agent was unable to sell home 1%

Could not find an agent to handle transaction *

Other 3%

0% 10% 20% 30% 40%

* Less than 1 percent

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 134
Chapter 8: For-Sale-by-Owner (FSBO) Sellers
Using friends, relatives, or neighbors, yard signs, and third-party aggregator were the most common
marketing methods for FSBOs. Sixty-three percent of all FSBO sellers did not actively market their home.
Exhibit 8-7 Method Used by FSBO Sellers To Market Home
(Percent of Respondents)

Friends, relatives, or neighbors 18%

Yard sign 12%
Third party aggregator 10%
Multiple Listing Service (MLS) website 10%
Open house 5%
Social networking websites (e.g. Facebook, Instagram, etc.) 3%
For-sale-by-owner website 3%
Online classified ads (e.g. CraigsList, Newspaper etc.) 3%
Realtor.com 2%
Other websites with real estate listings (e.g. Google, Yahoo) 1%
Video 1%
Other 1%
None - Did not actively market home 63%

0% 10% 20% 30% 40% 50% 60% 70%

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 135
Chapter 8: For-Sale-by-Owner (FSBO) Sellers
Getting the price right (17 percent), selling within the length of time planned (13 percent), and
understanding and performing the paperwork (10 percent) were the most difficult steps for FSBO sellers.

Exhibit 8-8 Most Difficult Task for FSBO Sellers

(Percentage Distribution)

ALL FSBO

Getting the price right 17%

Selling within the length of time planned 13%
Understanding and performing paperwork 10%
Preparing or fixing up the home for sale 9%
Having enough time to devote to all aspects of the sale 5%
Helping buyer obtain financing 3%
Attracting potential buyers 2%
Other *
None/Nothing 43%

* Less than 1 percent

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 136
Chapter 8: For-Sale-by-Owner (FSBO) Sellers
For FSBO sellers who knew the buyer, 39 percent said they would use an agent to sell their current home. Of
FSBO sellers who did not know the buyer, 45 percent said they would sell their current home themselves.

Exhibit 8-9 How FSBO Sellers Will Sell Their Current Home
(Percentage Distribution)

50%
45%

39% 38%
40% 37%

30%

22%
20% 18%

10%

0%
Sell Themselves Use a Real Estate Agent Don't Know/ Not Sure
FSBO- Seller Knew Buyer FSBO- Seller Did Not Know Buyer

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 137
Chapter 8: For-Sale-by-Owner (FSBO) Sellers
Seventy percent of successful FSBO sellers who knew the buyer were very satisfied with the process of
selling their home. Nine percent of FSBO sellers who did not know the buyer were somewhat dissatisfied.

Exhibit 8-10 FSBO Sellers Satisfaction Process of Selling Home

(Percentage Distribution)

80%
70% 70%
70%

60%

50%

40%

30% 25%
19%
20%
9%
10%
3% 2% 2%
0%
Very satisfied Somewhat satisfied Somewhat dissatisfied Very dissatisfied
FSBO- Seller Knew Buyer FSBO- Seller Did Not Know Buyer

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 138
 2024 Profile of Home Buyers and
Methodology Sellers

139
Methodology Among Recent Buyers and Sellers
In July 2024, NAR mailed out a 127-question survey using a database of recent home buyers. Information about sellers comes
random sample weighted to be representative of sales on a from those buyers who also sold a home.
geographic basis to 167,750 recent home buyers. The recent
home buyers had to have purchased a primary residence All information in this Profile is characteristic of the
home between July of 2023 and June of 2024. A total of 5,390 12-month period ending June 2024, with the exception of
responses were received from primary residence buyers. income data, which are reported for 2023. In some sections
After accounting for undeliverable questionnaires, the comparisons are also given for results obtained in previous
survey had an adjusted response rate of 3.2 percent. surveys. Not all results are directly comparable due to
Data gathered in the report is based on primary residence changes in questionnaire design and sample size. The
home buyers. From the REALTORS® Confidence Index, 83 median is the primary statistical measure used throughout
percent of home buyers were primary residence buyers this report. Due to rounding and omissions for space,
in 2023, which accounts for 4,756,000 homes sold in 2023 percentage distributions may not add to 100 percent.
(among new and existing homes). Using that calculation,
the sample at the 95 percent confidence level has a
confidence interval of plus-or-minus 1%.

Respondents had the option to fill out the survey via hard
copy or online. The online survey was available in English
and Spanish.

Consumer names and addresses were obtained from

Melissa Data Corporation, a firm that maintains an extensive

National Association of REALTORS® | 2024 Profile of Home Buyers and Sellers 140
NATIONAL ASSOCIATION OF REALTORS®
The National Association of REALTORS® is America’s largest trade
association, representing more than 1.5 million members,
including NAR’s institutes, societies and councils, involved in all
aspects of the real estate industry. NAR membership includes
brokers, salespeople, property managers, appraisers, counselors
and others engaged in both residential and commercial real
estate.

The term REALTOR® is a registered collective membership mark

that identifies a real estate professional who is a member of the
National Association of REALTORS® and subscribes to its strict
Code of Ethics.

Working for America’s property owners, the National Association

provides a facility for professional development, research and
exchange of information among its members and to the public
and government for the purpose of preserving the free enterprise
system and the right to own real property.

RESEARCH GROUP
The Mission of the NATIONAL ASSOCIATION OF REALTORS®
Research Group is to produce timely, data-driven market analysis
and authoritative business intelligence to serve members, and
inform consumers, policymakers, and the media in a professional
and accessible manner. To find out about other products from
NAR’s Research Group, visit www.nar.realtor/research-and-
statistics.

NATIONAL ASSOCIATION OF REALTORS®

Research Group
500 New Jersey Avenue, NW
Washington, DC 20001
202-383-1000
[email protected]

©2024 National Association of REALTORS®

All Rights Reserved.
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