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Navigating the Real Estate Landscape: Insights from the 2023 Profile of Home Buyers and Sellers

Summary of the key points from the NATIONAL ASSOCIATION OF REALTORS® Profile of Home Buyers and Sellers report.


  • The report is an annual survey of recent home buyers and sellers from July 2022 to June 2023.

  • The 2023 report reflects changes in the housing market due to increased mortgage interest rates and the end of the COVID-19 pandemic-induced housing boom.


  • The typical home buyer had a household income of $107,000, up from $88,000 the previous year.

  • Twenty percent of home buyers paid cash for their homes, up from 13 percent in 2021.

  • Down payments increased for both first-time and repeat buyers.

  • Buyers were motivated by the desire for homeownership, proximity to friends and family, and the need for larger homes.

  • The age of first-time buyers was 35, while repeat buyers had a median age of 58.

  • Minority home buyers increased, with 81 percent of buyers being White/Caucasian.

Homes Purchased:

  • Thirteen percent of buyers purchased new homes, and 87 percent bought previously owned homes.

  • Detached single-family homes were the most common type.

  • Senior-related housing increased to 19 percent.

  • The median distance between the new and old homes was 20 miles.

  • Quality of the neighborhood, convenience to friends and family, and affordability were key factors in location choice.

  • Buyers typically purchase homes for 100 percent of the asking price.

Home Search Process:

  • Most buyers started their search online, with 41 percent looking at properties for sale.

  • Buyers typically searched for 10 weeks and viewed a median of seven homes.

  • Finding the right home was the most challenging aspect of the process.

  • Photos, property information, floor plans, and agent contact information were valuable website content.

  • Overall, 92 percent of buyers were satisfied with the buying process.

Real Estate Professionals:

  • Eighty-nine percent of buyers used a real estate agent to purchase a home.

  • The top reason buyers wanted from their agent was help finding the right home.

  • Agents helped buyers understand the process, identify property features, and negotiate contract terms.

  • Eighty-nine percent of sellers used an agent to sell their homes.

  • For-sale-by-owner (FSBO) sales decreased to 7 percent.

  • Most FSBO sellers knew the buyers of their homes.

Financing the Home Purchase:

  • Eighty percent of buyers financed their home purchase.

  • Down payments increased, with first-time buyers at 8 percent and repeat buyers at 19 percent.

  • The source of down payments included savings, proceeds from the sale of a primary residence, gifts or loans from family, and financial assets.

  • Most first-time buyers found saving for a down payment to be the most challenging step.

Home Sellers:

  • The typical home seller was 60 years old.

  • Sixty-three percent of sellers moved within the same state, with a median distance of 35 miles.

  • Reasons for selling included moving closer to friends and family, homes being too small, and changes in family situations.

  • Sellers typically lived in their homes for 10 years.

  • Sellers sold their homes for a median of 100 percent of the asking price.


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