November 6, 2024

The National Association of REALTORS® has officially released the highly anticipated 2024 Profile of Home Buyers and Sellers. Since its first publication in 1981, this annual survey has served as NAR's flagship report, providing real estate professionals with valuable insights into the behaviors of home buyers and sellers. The 2024 report reveals significant all-time highs and lows across many data points; by analyzing the data in a strategic way, real estate professionals can identify actionable steps that directly address the shifting needs and preferences of clients. This approach involves digging deeper than just observing trends but interpreting how buyer and seller behaviors, financial pressures, and demographic shifts can influence client needs.

This comprehensive report explores the demographics, preferences, and experiences of recent buyers and sellers across the United States. Data was gathered from a representative sample of individuals who purchased a primary residence between July 2023 and June 2024. 

This report examines:

Characteristics of Home Buyers

Characteristics of Homes Purchased

The Home Search Process

Home Buying and Real Estate Professionals

Financing the Home Purchase

Home Sellers and Their Selling Experience

Home Selling and Real Estate Professionals

For Sale by Owner (FSBO) Sellers

The 2024 findings highlight the ongoing reliance of the public on real estate professionals within the housing market. Despite nearly universal internet usage among respondents in their home search, 88% of buyers turned to real estate agents for assistance in facilitating their purchase. 40% of buyers found their agent through a friend, neighbor, or relative. This trend was especially pronounced among first-time buyers, where 51% relied on referrals from their personal network. Among sellers, only 6% handled transactions as FSBOs, underscoring the continued preference for agent expertise in marketing and pricing. Notably, just 6% of sellers cited "agent's commission" as a key factor in their agent selection; instead, attributes such as reputation, trustworthiness, and neighborhood knowledge were prioritized. 

This year's report also shows a notable increase in buyers’ median household income, which rose to $108,800, reflecting the impact of high home prices and interest rates that have affected lower-income purchasing power. Furthermore, median down payment amounts have grown to 9% for first-time buyers, 23% for repeat buyers, and 15% overall, as buyers seek to offset mortgage expenses due to high rates.

While the share of first-time home buyers has declined to 24% (32% from last year) —an all-time low—buyers and sellers continue to report high satisfaction with real estate services. An impressive 88% of buyers expressed they would use their agent again or recommend them to others, with 90% of sellers expressing similar loyalty.

Members can download highlights of the 2024 NAR Profile of Home Buyers and Sellers at no cost or purchase the full report for more in-depth insights.

To help empower members to act consistent with the settlement, NAR has developed two new resources that provide clarity on what is-and is not-permissible under the proposed settlement. These resources help to define the responsibilities and limitations for real estate agents by outlining the "dos" and "don'ts" of supporting homebuyers and home sellers during the transaction process.

The practice changes are intended to promote choice, empower consumers, and foster healthy competition. The resources shared here are designed to help REALTOR® keep these principles top of mind. For a complete set of practice change resources for REALTORS® and Consumers, click here.

Tri-County Suburban REALTORS® provides the following service to members who are interested in soliciting help from the membership for a community/charitable event or cause for which they are personally involved.

The bulletin board now features Hosts for Hospitals, with opportunity that aligns closely with REALTORS®' commitment to expanding access to housing and lodging. The nonprofit program provides a meaningful way for real estate professionals to support patients and families in the Greater Philadelphia area in need of temporary housing during medical treatment.

Click here to access the Community Service and Charity Bulletin Board.

For questions regarding the Tri-County Suburban Community Service and Charity Bulletin Board, please contact Lauren Davis at ldavis@tcsr.realtor.

The deadline to submit 2025 REALTOR® membership dues during Cycle 1 is November 15th. By paying in Cycle 1, you will realize savings over the membership fees charged during Cycle 2 (November 16th-December 31st) or Cycle 3 (January 1st-January 31st).

Please note that REALTOR® members also have the option to pay their 2025 dues via installments. Members can access a helpful chart that reviews fee amounts and deadlines. Installment plans require a credit card in order to be setup. Members can choose the installment plan option online or call the Association (610-560-4800) to enroll.

Please note that there is no automatic bill pay for membership dues.
All membership dues (Tri-County Suburban REALTORS®, the Pennsylvania Association of REALTORS® and the National Association of REALTORS®) are NOT refundable or transferrable.

Members may choose to pay in full, or via installment plan.

Membership dues continue to provide access to valuable benefits like: Lone Wolf Transactions (zipForm Edition) ($425 value), DocuSign ($240 value), Municipal Information Database ($200 value), Tech Helpline ($250 value), RISMedia via Bright MLS ($249 value), FOREWARN ($300 value), and more.

Tri-County Suburban REALTORS® is committed to providing the most benefits for your dues dollars and greatly appreciates your continued membership.
Questions on membership dues and renewal?
Please email duesbilling@tcsr.realtor (all dues correspondence, including subsequent reminders will come from this email address) or call 610-560-4800.
Please visit tcsr.realtor/membership/duesbilling2025 for all REALTOR® membership dues information.

Research from NAR shows that agents with Pricing Strategy Advisor certification may see higher earnings due to their ability to price homes more accurately, reducing the risk of extended days on the market. Properties priced accurately from the beginning are more likely to attract qualified buyers and sell within a shorter timeframe, ultimately benefiting the agent’s reputation and bottom line by enabling faster, more successful transactions. Understanding complex pricing strategies and CMA (Comparative Market Analysis) techniques allows agents to provide more precise recommendations, which is critical in both buyer and seller markets.

On Wednesday, November 13th, the Pricing Strategy Advisor course begins through the Association of REALTORS® School in Malvern. The Pricing Strategy Advisor: Mastering the CMA and BPO course covers the nuts and bolts of a comparative market analysis (CMA), including its purpose, key principles of valuation that impact these analyses and important valuation terminology. Participants will understand the purpose of appraisals, how they differ from CMAs/BPOs and the scope of the appraiser’s role. This course satisfies the Broker Price Option educational requirement in Pennsylvania. At the conclusion of this course, students will be able to select appropriate comparable properties and make accurate adjustments to them, for use in developing home price opinions, guide sellers and buyers through the details of CMAs/BPOs and the underlying pricing principles that inform them, interact effectively with appraisers and more.

Begin earning credits toward the 2024-2026 continuing education cycle, earn elective credits toward your Accredited Buyers Representative, get a leg up on the industry and ear a designation all at a discounted price. For a limited time only the Association of REALTORS® School is offering this course for only $125.00 (previously $189). To register, click here.

For questions please contact, Director of Student Services, Michelle Leister at mleister@tcsr.realtor or call 610-560-4900. 

Members of the Tri-County Suburban REALTORS® Association joined members of the PA Senate and House serving Chester, Delaware and Montgomery counties on Thursday, October 31 for the Suburban REALTORS® Alliance (SRA) Legislative Breakfast.

Pennsylvania Association of REALTORS® (PAR) president Mike McGee gave an overview of the industry, and SRA president/CEO Jamie Ridge gave a legislative update, with a focus on the shortage of housing inventory and potential legislative solutions. State legislators in attendance described how the housing inventory shortage, skyrocketing prices, and other issues are impacting their constituents.

The discussion also covered recent PAR legislative wins, including Act 93 (HB 1567), which updates the Municipal Code and Ordinance Compliance Act (MCOCA) to increase transparency of municipal authorities and to protect tenants and owners during property transfers, and Act 52 (SB 1173), which protects homeowners from predatory wholesaling practices.

November 13th | 9:00am-5:00pm
Pricing Strategy Advisor: Mastering the CMA and BPO (PSA)
Association of REALTORS® School, Malvern

November 14th | 11:00am-11:45am
Understanding Bright MLS Reports I Virtual Webinar
Virtual Webinar

November 20th | 9:00am-4:30pm
Real Estate Investing: Build Wealth Representing Investors and Becoming One Yourself
Association of REALTORS® School, Malvern

November 20th | 5:15pm-8:15pm
Commercial Chapter - 2024 Joint Networking Event & Holiday Dinner
Harry’s Savoy Ballroom

December 3rd & 4th (two-day course) | 9:00am-4:30pm (each day)
Accredited Luxury Homes Specialist (ALHS)
Association of REALTORS® School, Malvern

Contact Us
610-560-4800
info@tcsr.realtor

Office
1 Country View Road
Suite 201
Malvern, PA 19355