By Ruth Summers, Scarborough resident and Associate Broker, Keller Williams Realty

The National Association of Realtors recently reported some key highlights about the 2024 U.S. housing market:

• The median age of home buyers rose to 56 years, an all-time high.
• First-time home buyers’ median age increased to 38 years (35 in 2023).
• Repeat home buyers’ typical age increased to 61 years (58 in 2023).
• A record high 26% of buyers paid cash for their homes.
• 17% of home buyers purchased a multigenerational home, the highest share ever recorded.
• First-time home buyers’ market share decreased to a historic low of 24% (32% in 2023).

The median household price for homes in Scarborough has increased compared to this time last year, however, it has not slowed the desire for people to buy or sell due to life events, job transitions, or simply looking for a change. The strength to buy in a market where home values will increase over time allows you to build equity in your home. If you aren’t already discussing your housing financing options with a lender and how this affects your purchase power with a realtor, we need to have coffee today!

“Marry the House, Date the Rate”

This real estate adage is more relevant than ever. It encourages buyers to focus on finding a home they truly love, while being flexible with interest rates that can change. At the end of the day, it’s the monthly payment that truly matters. If you need to move, the time to buy is now! The market is shifting towards a balanced state where buyers and sellers are on more equal footing. Interested in learning more? Let’s grab a coffee and chat about your options!

Ruth