The 2025 report reveals a pivotal shift for first-time buyers. Only 21% of all homebuyers during the year-long survey period were purchasing their first home. This is the lowest share reported since NAR began tracking in 1981.

At the same time, the median age of first-time buyers rose to 40, another all-time high. Where buyers once entered homeownership in their late 20s or early 30s, many are now forced to delay for a decade or longer.

With first-time buyers shrinking, repeat buyers now make up 79% of all homebuyers. These repeat buyers are buying with greater financial strength:

• Their median down payment was 23%, the highest since 2003.
• 30% paid all-cash, bypassing financing altogether.
• The typical repeat buyer is 62 years old, the highest median age ever recorded in the survey.

The buyer profile is changing in other ways, too. Overall, 61% of buyers are married couples, 21% are single women and 9% single men. Among first-time buyers, 50% are married couples, 25% are single women and 10% are single men.

Only 24% of buyers had children under 18, the lowest level ever recorded in the survey.

Together, these stats suggest that fewer young families are entering homeownership. For many, childcare costs and other financial pressures remain a barrier to saving for a down payment.

Among all buyers, the priorities when choosing a home are shifting. 59% ranked quality of neighborhood as their top factor, while 47% prioritized proximity to friends and family.

By contrast, only 31% said convenience to their job was a top consideration. This is a steep drop from 52% in 2014.

This signals a larger trend: homebuying decisions are being shaped increasingly by lifestyle, community and social ties — not just commuting convenience.

The 2025 Profile shows strong reliance on real estate professionals. 88% of buyers worked with a real estate agent or broker. On the seller side, 91% used an agent, up from 90% in 2024 — and only 5% sold as “for sale by owner” (FSBO), the lowest share ever.

In terms of transaction pace and mobility, the median search time for buyers remained 10 weeks, roughly the same as the prior year.

The typical seller had lived in their home for 11 years before selling — another record high. That extended tenure reduces turnover and limits home supply.

First-time home buyers are being squeezed

The combination of rising home prices and limited affordable supply means many younger Americans are postponing homeownership.

That delays their ability to build home equity, which is a major path to wealth accumulation and financial stability. As NAR notes, buying at 40 instead of 30 can cost a typical buyer roughly $150,000 in lost equity over their lifetime.

Older buyers dominate the market

Repeat buyers, often older and with home equity, are increasingly power buyers. They tend to come to the purchase table with bigger down payments, all-cash deals and the ability to relocate or upgrade homes.

When those with equity buy and cash out, the inventory for entry-level buyers shrinks. First-time buyers struggle even more, driving a cycle that favors those already in the system.

Lifestyle over commuting — a trend likely to stick

With many buyers now prioritizing neighborhood quality, proximity to family and lifestyle amenities over commute time, demand could shift. Suburban or small-town living may gain relative share compared to inner-city or high-commute locations.

That may influence what kinds of homes are built and where demand concentrates — with implications for urban planning, zoning and community services.

The 2025 Profile of Home Buyers and Sellers highlights a market in transition. While first-time buyers are entering homeownership later and facing new financial challenges, the report also shows that today’s buyers are more intentional, better informed and increasingly focused on finding homes that support their long-term goals. As the market evolves, so do the opportunities — especially for buyers who have the right guidance, financing options and support behind them.

At CrossCountry Mortgage, we’re committed to helping both new and repeat buyers navigate these conditions with confidence. From personalized loan guidance to down-payment options and programs designed for today’s affordability landscape, we’re here to open doors and make homeownership more accessible, no matter where buyers are in their journey.