The National Association of REALTORS® (NAR) recently released its annual report on Home Buyers and Sellers Generational Trends for 2025, reviewing market trends for 2024. Check out our summary of four major takeaways from this year’s report and what they mean for the real estate industry:
1. Baby Boomers dominated the market, as both homebuyers and sellers. After several years of tug-of-war, Boomers have once again bested Millennials as the largest generation of homebuyers, making up 42% of the buying market. Millennial homebuyers dropped significantly from 38% of the market in 2023 to 29% in 2024. Boomers also continue to dominate the selling market, making up 53% of home sellers.
2. Nearly half of Boomers purchased homes entirely in cash. In a “striking” trend, Boomers were the most likely to bypass financing altogether in 2024. Compared to other generations who depend on financing or family support, Boomers have benefited from longer periods of homeownership and therefore have substantial equity with which to negotiate.
3. Gen X leads the trend of multigenerational homebuying. Though they represented just 24% of recent home buyers, Gen X consists of the highest-earning generation of buyers, with a median income of $130,000 in 2024. Sixty-six percent of Gen X buyers also live in dual income households, leading them to purchase the largest homes in 2024, at a median of 2,000 square feet. And while 17% of all home buyers purchased a multigenerational home, Gen X led the way, with 21% choosing multigenerational living. “Gen Xers are today’s sandwich generation,” says Jessica Lautz, NAR’s Deputy Chief Economist and Vice President of Research. “They are purchasing multigenerational homes to accommodate aging relatives, children over the age of 18 and even for cost savings. While Gen Xers are purchasing at the highest household incomes, they may still feel the squeeze as they aim to find a home that serves everyone.”
4. For the first time in two years, there was a significant drop in first-time buyers. Only 24% of buyers purchased their first home in 2024, compared to 32% in 2023 and 26% in 2022. Younger Millennials continued to lead in this category, with 71% entering the homebuying process for the first time. “Older Millennials are buying bigger and newer homes with larger down payments than their younger counterparts,” Lautz added. “This shift reflects the increasing role of equity in enabling repeat purchases, especially among older generations, while younger buyers continue to face affordability challenges.”
Industry professionals can continue to cater to each generation by using data to create a good first impression, understanding and honoring customer preferences, and offering care and respect to the values and needs of each. For example:
- Baby Boomers and Gen Xers will appreciate careful assistance with paperwork and inspections, touring areas that offer their valued criteria, and personalized touches, such as a hand-written thank-you note upon closing.
- Millennials will generally welcome professionals who provide digital options like neighborhood search apps and virtual tours. Younger Millennials represent the most educated group, with 43% of them carrying student loan debt in 2024, and will thus appreciate assistance with financing options.
- As the most internet-savvy and climate-conscious generation, Gen Z buyers have likely done their research and are seeking a home that will sustain them for as long as possible.
There’s a reason countless Americans have relied on Old Republic Title for over a century. Through changing markets and generational trends, we continue to offer personalized service and a variety of title insurance resources designed to help our customers protect one of their biggest investments. Whenever you’re ready to buy or sell your home, Old Republic Title will be there to help.
Copyright ©2025 “Home Buyers and Sellers Generational Trends Report 2025.” NATIONAL ASSOCIATION OF REALTORS®. All rights reserved. Reprinted with permission. April 1, 2025. https://www.nar.realtor/research-and-statistics/research-reports/home-buyer-and-seller-generational-trends