Each year, the National Association of REALTORS® (NAR) releases its annual Profile of Home Buyers and Sellers—a widely respected survey that provides deep insight into who’s buying and selling homes, why they’re doing it, and how market conditions are influencing their decisions. The 2024 report just dropped, and it’s packed with valuable takeaways for anyone navigating the real estate world this year.
Whether you're considering selling your home in Wake County or relocating to the Triangle for work, these trends offer a clear look at where the market stands and where it’s headed.
First-Time Buyers Hit a Record Low
According to the 2024 data, first-time buyers made up just 26% of the market—one of the lowest percentages in recent history. High home prices, rising mortgage rates, and low inventory are all making it more difficult for first-timers to enter the market.
This is especially relevant in popular areas like Fuquay-Varina and Holly Springs, where home values have steadily risen. Sellers should expect more offers from experienced buyers or those relocating with greater purchasing power, while buyers may face more competition and need strategic guidance.
Buyers Are Older, Wealthier, and More Selective
The median age of a first-time buyer is now 35, while repeat buyers are typically around 58—both increases from past years. Household income for home buyers also jumped significantly, with the median income now at $107,000.
These numbers reflect a market where buyers are more financially established, selective, and often entering homeownership later in life. If you're listing your home, this means preparing your property to meet the expectations of a savvy and discerning buyer pool.
Buyers Rely Heavily on Their Agent’s Expertise
In an ever-evolving market, real estate agents are more important than ever. The majority of buyers cited their agent as a key resource for:
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Finding the right property
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Understanding the ins and outs of contracts and negotiations
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Navigating inspections, appraisals, and lending
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Avoiding common pitfalls
At Triangle to Coast Realty, we’re proud to act not just as agents, but as trusted advisors to both buyers and sellers. Especially with ongoing industry changes, we bring clarity and strategy to every step of the process.
What This Means for You in the Triangle Market
From Raleigh to Fuquay-Varina and beyond, these national trends are shaping the local market too. Sellers can expect a buyer pool that’s well-informed and ready to act, but that also demands value and move-in ready condition. Buyers, especially those relocating, need to understand how today’s market conditions affect pricing, competition, and timing.
No matter where you are in the process, our experienced team at Triangle to Coast Realty is here to guide you with data, care, and results-driven strategy. Curious how this year’s market affects your real estate goals? Let’s talk.
Karen Dupree Williams, REALTOR® | (919) 809-0241 | [email protected]
