The 2021 Profile of Home Buyers and Sellers from the National Association of REALTORS has been released.
Here are some highlights from the 2021 Profile of Home Buyers and Sellers report:
In 2021, 34% of Home Buyers were First-time homebuyers, which is an increase from 2020, where 31% of homebuyers were first time homebuyers.
The median age for a First-time homebuyer was 33, while the median age of a non-first-time homebuyer was 56.
29% of Homebuyers purchased their homes for more than asking price. Most Buyers in 2021 purchased their homes for 100% of the asking price.
87% of homebuyers ﬁnanced their purchase in 2021. First-time homebuyers who got loans on their new homes generally ﬁnanced 93% of their home, compared to repeat-buyers who financed 83% of their home.
Down payments came from multiple sources. For 61% of homebuyers, their down payment came from their savings. Meanwhile, 28% of first-time homebuyers used a gift or loan from friends or family for at least part of their downpayment.
For Home Sellers, 69% of home sellers bought a home in the same state they sold a home in 2021.
The time a home was on market in 2021 was a median of ONE WEEK, down from the median of three weeks in 2020.
The 2021 Profile of Home Buyers and Sellers report is 164 pages long, so this is just a brief outline. I thank the National Association of REALTORS(R) for their research and sharing this data.
If you would like to know how your local Towson real estate market is faring, please contact me. Each Baltimore real estate market is different – neighborhoods, housing types, so specific details about your Baltimore house value may not be reflected in the above median data. I would love to help!