NAR: FSBOs hit record low; homeseller age hits record high MABA MassachusettsRealEstate MaBuyerAgent FirstTimeHomeBuyers

 It was a year for the books — literally, as the 2024 Profile of Home Buyers and Sellers included several record-setting stats. The National Association of REALTORS® (NAR) publishes the report annually. Notably, the market share of first-time homebuyers dropped to a historic low of twenty four percent, while the median homebuyer age hit a historic high of fifty six. But some seller details set records, too.

FSBOs

 Per the report, between July 2023 and June 2024, the share of for-sale-by-owner (FSBO) transactions dropped to six percent: another all-time low. This is no sudden shift, as FSBO transactions have gradually declined over the last forty years. For context, in 1985, they made up twenty one percent of all home sales. Still, the six percent figure marks a one percent drop from last year and the overall smallest share since NAR began tracking the info in 1981. (FSBO sales experienced a slight bump, to ten percent, in 2022.)

 “Even with the tremendous equity gains homeowners have had, no one wants to leave money on the table, and an agent can help determine the best-selling price and marketing strategy to find a qualified buyer,” NAR Deputy Chief Economist Jessica Lautz said of the data. “Buying and selling a home is likely the largest financial transaction of one’s life, and sellers want to have professional representation in that process.”

Seller data via NAR

 In turn, ninety percent of sellers reported using a real estate agent, a one percent increase from last year. Of those sellers eighty seven percent said that they would either definitely or probably recommend their agent. On the flip side of the interaction, eighty six percent of all buyers used agents and nearly ninety percent of them expressed satisfaction with that part of the process. Meanwhile, the median age of homesellers reached sixty three years, the highest ever recorded. This marks a three-year increase from both 2023 and 2022.

The overall age of homesellers rose sharply after 2008, but the last few years mark a distinct increase. For context, in 2005, the typical home seller was forty seventh; in 2020, fifty six. Among those sellers, most were married couples: sixty nine percent. This marks a four percent increase from last year and, also, the first increase for this statistic in four years. At the same time, the share of single females selling homes decreased, to eighteen percent; just four percent of home sales were by single men. Across those demographics, the median household income for recent sellers was $112,500.

 The most-cited reason for selling was the desire to move closer to friends and family (twenty three percent), followed by the home being too small (twelve percent), the home being too large (eleven percent) and changes in the neighborhood (ten percent). “Family support systems are influencing buying and selling decisions,” Lautz concluded. “Today’s buyers are less likely to be concerned with their work locations when purchasing, perhaps because of a higher share of older repeat buyers and remote work flexibility remaining a factor.”

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