Urban Real Estate

First-time Buyers Comprise One Third of Sales

First-time Buyers Comprise One Third of Sales

First-time homebuyers made up 32 percent of sales in February 2017, a big proportion of the market but a statistic that remains largely uncharged from the previous month and the previous year.

While low inventory and a weak job market that have presented challenges for Millennials, they continue to be an important factor in the housing market and are likely to play a larger role in the years ahead.

The National Association of Realtors expects first-time buyers to surge in the next five to seven years, potentially making up 47.6 percent of all buyers by 2024 and 50.9 percent by 2060.  

 

Read more at Chicago Agent Magazine here.