Market Minute
2024 was the year of unpredictability in the real estate market. Month to month, and sometimes week to week, the market would suddenly change.
October was no exception. An unusually large number of homes came on the market this fall. Instead of homes lingering, we saw them sell faster and the amount of overbidding tick up. More inventory meant more competition, not less.
Real Estate Confidential
56! This number stunned me. The median age of home buyers in 2024 is 56 years! I heard that in my office meeting and thought it couldn't be true so I checked.
No, it is true. Moreover, the median age of a first-time home buyer is 38! This is not how it was when I bought my first home over 25 years ago.
First-time home buyers made up 24% of the market this year. This is the lowest share since the National Association of Realtors started collecting data in 1981.
Home ownership is increasingly out of reach for younger Americans. We all know this, but still... These numbers drive the point home.
You can read the full report here.
Kim's Corner
This time of year I love to give back to the community by organizing some kind of food drive. This year, my Compass office is hosting a coat drive so I am piggybacking on it.
If you have child size or adult coats you would like to donate, you can either drop them off in our Montclair office or I will pick them up.