Here Are the Types of Homes Buyers Are Purchasing

Which generations of homebuyers are buying which types of homes? Here are some of the highlights of the characteristics of homes bought from the National Association of Realtors®’s 2024 Home Buyers and Sellers Generational Trends Report.

New vs. Previously Owned

Overall, buyers of new homes made up 13%, and buyers of previously owned homes made up 87% of buyers during the research period (2022-2023).

These numbers are similar to all generations of homebuyers. Notably, homebuyers ages 69-77 were the most likely to buy a new home at 19%, compared to:

• 11% of buyers 18-24
• 10% of buyers 35-33
• 10% of buyers 34-43
• 15% of buyers 44-58
• 15% of buyers 59-68
• 18% of buyers 78-98

Home Types and Locations

Detached single-family homes were the most popular (79%) among all buyers. Townhouses/rowhouses (8%) followed.

Generationally, these numbers were similar. Notably, those ages 18-24 purchased fewer detached single-family homes (68%) and more townhouses/rowhouses (13%) than any other generation, and those ages 34-43 purchased the most detached single-family homes (83%).

Location-wise, nearly half of all buyers (47%) purchased homes in a suburb/subdivision, followed by:

• Small town (23%)
• Urban area/central city (14%)
• Rural area (14%)
• Resort/recreation area (2%)

Again, these numbers were akin to all generations. Homebuyers ages 59-68 purchased the most rural homes (18%), and those ages 78-98 purchased the most homes in resorts/recreation areas (10%).

Additionally, the median distance between the new home purchased and the previous residence for all buyers was 20 miles. This number was higher for homebuyers ages 59-68 (50 miles), 60-77 (49 miles) and 78-98 (63 miles).

Purchase vs. Asking Price

For all buyers, except those ages 18-24, the median purchase price was 100% of the asking price. The youngest group of homebuyers paid a median of 99% of the asking price.

Of all buyers:

• 8% paid less than 90% of asking price
• 10% paid 90% to 94% of asking price
• 27% paid 95% to 99% of asking price
• 31% paid 100% of asking price
• 20% paid 101% to 110% of asking price
• 5% paid more than 110% of asking price

Those ages 78-98 were most likely (12%) to pay less than 90% of asking price, and those ages 18-24 most commonly (7%) paid more than 110%.

Home Size

The median size of homes bought by all buyers was 1,860 square feet, with the breakdown being:

• 1,000 sq. ft. or less: 1%
• 1,001-1,500 sq. ft.: 15%
• 1,501-2,000 sq. ft.: 28%
• 2,001-2,500 sq. ft.: 26%
• 2,501-3,000 sq. ft.: 13%
• 3,001-3,500 sq. ft.: 9%
• 3,501 sq. ft. or more: 9%

By age, younger buyers and older buyers were more likely to buy smaller homes.

Compromises

When deciding which homes to buy, buyers most compromised on price (33%). This was also the most-compromised factor for all age groups. Other top compromises for all buyers included:

• Condition of home (26%)
• Size of home (23%)
• Style of home (19%)
• Lot size (15%)
• Distance from job (13%)

However, many buyers (26%) said they made no compromises. Older homebuyers (ages 78-98) were most likely (44%) to make no compromises, while those ages 25-33 were least likely to (14%).

For more characteristics of homes bought recently, including factors influencing neighborhood choice, number of bedrooms and bathrooms, home age, environmentally friendly features and more, read the full report.