Good morning –
Who is selling? Who is buying? While stories from friends and family can be insightful, surveys provide a more systematic view of current trends. This week, we wanted to share key findings from the 2024 Annual Housing Market Survey by the California Association of Realtors, offering valuable data on both sellers and buyers.
Here are a 5 things about Home Sellers in 2024:
1. Homeowners stayed in their homes for a median of 14 years before selling.
2. Boomer sellers made up almost half of all sellers, representing 49% of sellers.
3. A top priority for sellers was how well their listing agent could negotiate the price and terms of the sale.
4. Almost half of Sellers (46%) plan to buy another home.
5. The median age of California Sellers was 60 years old.
Here are a 5 things about Home Buyers in 2024:
1. Millenials make up almost half of all home buyers at 47 percent.
2. The median age for a Home Buyer is 45 years old.
3. $150,000 is the median income of a home buyer in California.
4. Home Buyers value negotiating the price and terms; finding the property, project managing the transaction, navigating legal/regulatory complexities, and providing expertise on real estate and mortgage finance.
5. Almost 2 in 5 were first time home buyers wheres 3 in 5 home buyers were repeat buyers.
So, where do you see yourself in these trends? Whether you’re looking to buy or sell, we’re here to guide you through this evolving market.
Let’s connect to discuss your real estate goals—just give us a call today!
