| Coming off one of the hottest real estate markets in a generation, 2022 saw multiple Fed interest rate hikes, which all but slammed the breaks on otherwise unstoppable real estate momentum. Over-asking offers and multi-bid situations disappeared almost overnight. |
| However, activity didn’t stop completely. Here’s a look at who was buying and selling in 2022, according to trends reported by the National Association of Realtors: |
| Who's Buying |
| 2022 saw a shift in buyer demographics as younger buyers retreated from the market. First-time buyers made up 26% of the market, down from last year's 34%. NAR says this is the lowest share of first-time buyers since the data collection began. |
| The average age of both first-time and move-up buyers increased to the highest ever recorded at 36 and 59, respectively. And the rate of unmarried couples and multi-generational buyers surged as more people pooled their resources to make homeownership more affordable. |
| Who's Selling |
| Home sellers were significantly older in 2022 and were mostly those looking to move closer to friends and family. The average seller’s age was 60 up from 56 last year. The three most sited reasons for selling were: |
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| And despite the age of seller, nearly three quarters (73%) planned to upsize or buy a similar size home. |
| Other important stats |
| Real estate agents continue to be an extremely important part of the buying and selling process with 86% of buyers and 91% of sellers being at least somewhat satisfied with their agent — 85% saying they would “definitely recommend” their agent. |
| Most buyers (88%) purchased previously owned homes and neighborhood quality was the most important factor for buyers at 49%. Even with the economic uncertainty, most buyers (88%) still see homeownership as a good financial investment. |
| These are mostly positive indicators heading into 2023 where interest rate hikes are expected to slow or even begin to reverse. |
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