The National Association of REALTORS®’ 2025 Profile of Home Buyers and Sellers reports that first-time buyers now represent just 21% of the market, the lowest share ever recorded.
The median age of first-time buyers has climbed to 40, reflecting the growing difficulty younger households face entering the market. NAR leaders warn that shrinking affordability and limited inventory are delaying wealth-building opportunities for an entire generation. While first-time buyers struggle, repeat buyers with strong equity are making larger down payments and more all-cash offers. The report also highlights shifting household dynamics, with fewer buyers having children at home and a decline in multigenerational purchases.
Sellers are staying in their homes longer than ever, with a record 11-year median tenure before moving. NAR emphasizes that policy changes, such as increasing housing supply, easing zoning barriers, and modernizing construction—are essential to restoring access to homeownership.