Skip to main content

Highlights from the Profile of Home Buyers in 2022 from the National Association of Realtors

man couple woman wooden
Photo by RODNAE Productions on Pexels.com

For most home buyers, the purchase of real estate is one of the largest financial transactions they will make. Buyers purchase a home not only for the desire to own a home of their own, but also because of changes in jobs, family situations, and the need for a smaller or larger living area. This annual survey was conducted by the NATIONAL ASSOCIATION OF REALTORS® of recent home buyers.

Characteristics of Home Buyers

  • First-time buyers made up 26% of purchasers, down from last year’s 34%. This was the lowest share of first-time buyers since data collection began.
  • The typical first-time buyer was 36 years old this year, rising from 33 last year, with the typical repeat buyer age climbing to 59 years. Both are all-time highs.
  • 61% of recent buyers were married couples17% were single females9% were single males, and 10% were unmarried couples. This is the highest share of unmarried couples recorded.
  • Among first-time buyers, 18% of buyers were unmarried couples, and 5% were other household compositions. Both are the highest shares recorded.
  • 14% of home buyers purchased a multigenerational home, to take care of aging parents, because of children or relatives over the age of 18 moving back home, and for cost-savings.
Home with acreage
Home Sweet Home

Characteristics of Homes Purchased

  • 12% of buyers purchased a new home, and 88% of buyers purchased a previously-owned home.
  • Most recent buyers who purchased new homes were looking to avoid renovations and problems with plumbing or electricity at 41%. Buyers who purchased previously-owned homes were most often considering a better price at 31%.
  • The most common type of home purchased was detached single-family homes at 79%, followed by mobile or manufactured houses at 8%.
  • Senior-related housing held steady this year at 7% (for buyers over the age of 60), with 17% of buyers typically purchasing condos and 8% purchasing a townhouse or row house.
  • The median distance between the home that recent buyers purchased and the home they moved from was 50 miles. This is a significant increase in distance moved, as the distance between 2018 and 2021 was a median of 15 miles.
    See Our Post on Finding Homes for Sale Based on Desired Commute Time
  • For buyers, 49% cited the quality of the neighborhood as the most important factor determining the location. Convenience to friends and family and overall affordability of homes were both cited at 37%.
  • Buyers typically purchased their homes for 100% of the asking price, with 28% purchasing for more than the asking price.
  • The typical home that was recently purchased was 1,800 square feet, had three bedrooms and two bathrooms, and was built in 1986.
  • Overall, buyers expected to live in their homes for a median of 15 years, while 28% said that they were never moving.

The Home Search Process

  • Buyers typically searched for 10 weeks compared to 8 weeks according to statistics from 2020 and 2021. Buyers visited and looked at a median of five homes, and viewed four homes only online.
  • Nearly all buyers used online tools in the search process at 96%.
  • When asked where their internet searches were conducted, they typically conducted 60% of their search on a mobile device(s), and 34% on a desktop/laptop.
  • 86% of recent buyers found their real estate agent to be a very or somewhat useful information source.

Having an agent to help them find the right home was what buyers wanted most when choosing an agent at 49%

National Association Profile of Home Buyers for 2022

Why You Should Have an Exclusive Buyer Agent on Your House Hunting Team

If you would like to know more about this concept just give us a call at 636-532-4200 today!