The 2023 Profile of Home Buyers and Sellers from the National Association of REALTORS has been released.

Here are some highlights from the 2023 Profile of Home Buyers and Sellers report:

In 2023, 32% of Home Buyers were first-time homebuyers, which is up from 2022, where 26% of homebuyers were first time homebuyers. This is also up from 2020, where 31% of homebuyers were first time homebuyers.

The median age for a first-time homebuyer was 35, while the median age of a non-first-time homebuyer was 58. Both of those are a decline in age from last year, when they were at their highest in the history of this report at 36 and 59.

25% of Homebuyers purchased their homes for more than asking price. Most Buyers in 2023 purchased their homes for 100% of the asking price.

80% of homebuyers financed their purchase in 2023. This is up from 78% in 2022. First-time homebuyers who got loans on their new homes generally financed 92% of their home, compared to repeat-buyers who financed 81% 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, 23% of home sellers stated that they wanted to move closer to family as a reason for selling their home.

The time a home was on market in 2023 was a median of two weeks, which was unchanged from last year.

The 2023 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!