Part 4/7:
Interestingly, first-time homebuyers have diminished, constituting only 24% of the market—a significant decrease compared to the 40% historical norm before 2008. The median age of first-time buyers has also skyrocketed to 38 years, marking a stark contrast to the 20-somethings who once dominated this demographic decades ago.
Conversely, repeat buyers have flexed considerable financial muscle with a median down payment of 23%, accompanied by a noteworthy 31% opting to pay in cash. Additionally, the trend shows that half of these repeat buyers are over 61 years old, signifying an aging population investing in real estate. Marital status also sheds light on trends, with married couples comprising 62% of all buyers and single females making up 20%.