Characteristics of Homes Purchased in 2024

When purchasing a home, buyers weigh a variety of factors—from location to home age to size. Understanding the characteristics of homes purchased can provide valuable insight for both buyers and sellers in today’s real estate market. Whether you’re a first-time homebuyer, an investor, or a seller looking to market your property effectively, let’s take a deep dive into the trends shaping home purchases.

New vs. Previously-Owned Homes: What Buyers Prefer

Most buyers—85% to be exact—opted for a previously owned home, while only 15% chose a new construction. Why? Buyers of new homes often prioritize avoiding renovations and potential issues with major systems like plumbing or electricity. In fact, 42% of new home buyers cited this as their top reason for purchasing new.

On the other hand, buyers of previously owned homes were more focused on value, with 31% believing they got a better deal. The median age of homes purchased was built in 1994, a shift from recent years when homes built in the 1980s were more common.

Home Type and Size: What’s in Demand?

Unsurprisingly, detached single-family homes continue to dominate the market, with 75% of buyers choosing this home type. Townhouses or row houses followed at 8%.

Size matters, and recent buyers typically purchased a home averaging 1,900 square feet, with three bedrooms and two bathrooms. This remains a popular layout for families, professionals, and even retirees looking for a balance of space and functionality.

Senior-Related Housing: What Are Older Buyers Choosing?

For buyers over 60, 19% chose senior-related housing. Among them, the majority still preferred detached single-family homes (58%), and most opted for a suburban or subdivision setting (52%). This trend suggests that while downsizing is common, many older buyers still want the comfort and familiarity of a traditional neighborhood.

How Far Are Buyers Moving?

The median distance between a buyer’s new home and their previous residence was 20 miles. This marks a decline from the 50-mile median in 2022, but it’s still higher than the 15-mile distances seen between 2018 and 2021. More buyers seem to be prioritizing proximity to work, family, and daily conveniences rather than making drastic location shifts.

Where Are Buyers Purchasing Homes?

When it comes to location, suburbs and subdivisions are still king, capturing 45% of all purchases. However, other trends are emerging:

23% of buyers chose a small town
16% purchased in an urban or central city (the highest level since 2014)
14% opted for rural areas
3% invested in resort or recreational areas

Buyers also placed a high priority on the quality of the neighborhood (59%), proximity to friends and family (45%), and overall affordability (36%). Interestingly, convenience to work has become less critical, declining to 34%.

How Long Do Buyers Expect to Stay?

When asked about their future plans, buyers reported a median expected ownership of 15 years. However, 25% of buyers said they have no plans to move again. This suggests that many are making long-term investments and focusing on homes that will serve their needs well into the future.

Understanding the characteristics of homes purchased helps buyers make informed decisions and sellers position their properties effectively. Whether you’re searching for a home or looking to sell, these trends highlight key factors that influence real estate transactions today. If you’re considering a move, now is the time to analyze what features matter most to you!