Homebuyer Demographics Change in 2024

Recent data from the National Association of Realtors® 2024 Profile shows a dramatic transformation in the home buying landscape. The median age of homebuyers has climbed to an unprecedented 56 years – a significant jump from 49 years in the previous period. Even more telling, first-time buyers are now typically 38 years old, while repeat buyers average 61 years, both marking historical highs.

Perhaps most striking is the decline in first-time homebuyer participation, which has dropped to just 24% of the market – a sharp decrease from 32% last year. This shift reflects the considerable hurdles new buyers face, including elevated property values, increased borrowing costs, and limited housing availability.

A notable trend is emerging in payment methods, with cash transactions reaching record levels nationally at 26%. This trend is even more pronounced in our local Waikoloa Village market, where recent analysis shows cash purchases accounting for 42% of all transactions in 2024 (28 out of 67 sales from January through November). This represents a significant increase from the same period in 2023, when cash sales comprised 27% of transactions (21 out of 80 sales).

Looking ahead, several key factors will continue to influence housing accessibility: property valuations, interest rates, available inventory, and real estate fees. For those considering entering the real estate market – whether buying or selling – professional guidance has become increasingly valuable in navigating these complex conditions. As your local real estate expert, I’m here to provide personalized support and insights to help you achieve your real estate goals before the year’s end.