The 2022 Profile of Home Buyers and Sellers from the National Association of REALTORS has been released.
Here are some highlights from the 2022 Profile of Home Buyers and Sellers report:
In 2022, 26% of Home Buyers were First-time homebuyers, which is a drop from 2021, where 34% of homebuyers were first time homebuyers. This is also a drop from 2020, where 31% of homebuyers were first time homebuyers.
The median age for a First-time homebuyer was 36, while the median age of a non-first-time homebuyer was 59. Both of those are at the highest age they have been since the NAR report has been in existence.
28% of Homebuyers purchased their homes for more than asking price. Most Buyers in 2022 purchased their homes for 100% of the asking price.
78% of homebuyers ﬁnanced their purchase in 2022. This is down from 87% in 2021. First-time homebuyers who got loans on their new homes generally ﬁnanced 94% of their home, compared to repeat-buyers who financed 83% of their home.
Down payments came from multiple sources. For 47% of homebuyers, their down payment came from their savings (down significantly from 61% last year.) Meanwhile, 22% of first-time homebuyers used a gift or loan from friends or family for at least part of their downpayment.
For Home Sellers, 21% of home sellers stated that they wanted to move closer to family as a reason for selling their home. 11% said they were moving due to retirement.
The time a home was on market in 2022 was a median of two weeks, up from the median of one week in 2021.
The 2022 Profile of Home Buyers and Sellers report is many 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!