Homes are out there but Millennials aren’t buying, especially first timers.
The median age of a first-time homebuyer is older than ever, 38 years old, and they represent just 24% of home sales nationwide, the smallest portion on record.
The median age of anyone shopping for a home right now is the highest in history, from 49 years old last year to 56 years old this year.
What’s to blame? A new report by the National Association of Realtors says skyrocketing home prices and unreliable inventory are top of the list.
These homebuyer demographics have shifted wildly in just over a decade. In 2010 half of the market was first-time homebuyers. And like the market itself that percentage has fluctuated wildly since then, and mostly on a downward trend.
In Summit County real estate agents remain baffled by post-COVID resort town trends. More homes are coming on the market, which should bring down prices, and yet homes across the county are climbing to near-record highs we haven’t seen since the market boom of late 2020 and 2021.
In Breckenridge this October, Altitude Realtors reports the average home was selling for $2.75 million. Average Breck home price this year is even higher, a record $2.8 million, 24% higher than last year.