𝐖𝐡𝐚𝐭 𝐃𝐨 𝐇𝐨𝐦𝐞𝐛𝐮𝐲𝐞𝐫𝐬 𝐖𝐚𝐧𝐭 𝐢𝐧 𝟐𝟎𝟐𝟒? 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐟𝐨𝐫 𝐁𝐮𝐢𝐥𝐝𝐞𝐫𝐬 𝐟𝐫𝐨𝐦 𝐍𝐀𝐑’𝐬 𝐋𝐚𝐭𝐞𝐬𝐭 𝐒𝐭𝐮𝐝𝐲

The National Association of REALTORS® (NAR) 2024 report highlights evolving trends in homebuyer preferences, offering valuable takeaways for new home builders:

First-time buyers now make up just 24% of the market—down from 32% last year and the lowest since 1981.

The median first-time buyer age increased to 38, while repeat buyers are now typically 61 years old.

73% of buyers do not have children under 18 at home, the highest ever recorded.

Multigenerational homes are growing in popularity, with 17% of buyers citing cost savings, care for aging parents, or adult children as key drivers.

New homes made up 15% of purchases, with most buyers choosing them to avoid renovations and maintenance issues (42%).

𝗪𝗵𝗮𝘁 𝗧𝗵𝗶𝘀 𝗠𝗲𝗮𝗻𝘀 𝗙𝗼𝗿 𝗕𝘂𝗶𝗹𝗱𝗲𝗿𝘀:

𝗧𝗮𝗿𝗴𝗲𝘁 𝗔𝗴𝗲-𝗔𝗽𝗽𝗿𝗼𝗽𝗿𝗶𝗮𝘁𝗲 𝗙𝗲𝗮𝘁𝘂𝗿𝗲𝘀: With older buyers dominating, focus on designs catering to empty nesters and multigenerational living, such as accessible layouts, guest suites, and low-maintenance finishes.

Lifestyle over Size: As fewer buyers have children at home, prioritize flexible spaces (home offices, gyms, or hobby rooms) over traditional layouts focused on family living. I’ve experienced this shift firsthand—after downsizing, my older daughter moved back in following Hurricane Helene. Suddenly, my home gym and office had to be relocated. Flexibility in home design is essential for navigating these unexpected life changes.

𝗤𝘂𝗮𝗹𝗶𝘁𝘆 𝗮𝗻𝗱 𝗖𝗼𝗻𝘃𝗲𝗻𝗶𝗲𝗻𝗰𝗲 𝗠𝗮𝘁𝘁𝗲𝗿: Buyers opting for new homes are looking for hassle-free living. Highlight warranties, energy-efficient systems, and cutting-edge technology to set your product apart.

𝗟𝗼𝗰𝗮𝘁𝗶𝗼𝗻 𝗶𝘀 𝗞𝗲𝘆: Proximity to friends, family, and affordability remain critical. This makes the selection of the right location for your projects absolutely essential. A feasibility study can help identify the ideal site by analyzing market demand, demographics, and competition, ensuring your community resonates with your target buyers. 𝘐𝘧 𝘺𝘰𝘶’𝘳𝘦 𝘯𝘢𝘷𝘪𝘨𝘢𝘵𝘪𝘯𝘨 𝘴𝘪𝘵𝘦 𝘴𝘦𝘭𝘦𝘤𝘵𝘪𝘰𝘯 𝘰𝘳 𝘤𝘰𝘮𝘮𝘶𝘯𝘪𝘵𝘺 𝘱𝘭𝘢𝘯𝘯𝘪𝘯𝘨, 𝘐 𝘤𝘢𝘯 𝘩𝘦𝘭𝘱 𝘺𝘰𝘶 𝘮𝘢𝘬𝘦 𝘥𝘢𝘵𝘢-𝘥𝘳𝘪𝘷𝘦𝘯 𝘥𝘦𝘤𝘪𝘴𝘪𝘰𝘯𝘴 𝘵𝘰 𝘮𝘢𝘹𝘪𝘮𝘪𝘻𝘦 𝘺𝘰𝘶𝘳 𝘱𝘳𝘰𝘫𝘦𝘤𝘵'𝘴 𝘪𝘮𝘱𝘢𝘤𝘵.

Builders who align their product offerings with these trends will be best positioned to meet the needs of today’s evolving buyer demographics.

(Data Source: https://lnkd.in/eH2gdiz)

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