Our 2024 First-Time Home Buyer Stats (Buying a Home in 2025? Read This!)

At Open House Austin, we help people buy houses every day—especially first-time buyers who might find the home buying process intimidating. We’ve each been in your shoes! That’s why we’re so focused on education and creative home-buying strategies. With that in mind, let’s jump into the numbers.

OUR CLIENT DEMOGRAPHIC

In 2024, 81% of our clients who bought a home were doing so for the first time.

We’re incredibly proud of them, especially considering the ever-changing real estate market. Our agile Realtor team played a huge part in this, advocating for significant seller credits ($$$) and repairs. 🙂

Keep in mind, the following info comes from our team in Austin and surrounding areas. We help buyers all the way from Lakeway (west) to Smithville (east) and Waco (north) to San Marcos (south).

AGE RANGE

82% of our first-time buyers were between the ages of 20-35.

Broker and CEO, Steph Douglass, saw firsthand the benefits of early real estate investments, which is why empowering young people has always been a core part of our company’s mission. This oftentimes requires getting creative by house hacking or teaming up with friends.

In fact, that’s why we’ve spent January and February of 2024 super focused on developing accessible (and free!) education on buying your first home and making it an incredible investment. Check out our “The Sneaky Duplex: Unlocking Affordable Homeownership Through Creative Use of Space” blog post to learn more!

SINGLE, COUPLE, OR REAL ESTATE PARTNER?

Observing the trends from 2022 to 2024 reveals a fascinating evolution in the buying habits of our first-time homebuyers.

• In 2022, singles made up 52%, couples 41%, and real estate partners 7%.

• In 2023, singles accounted for 37%, couples 47%, and real estate partners 16%.

• In 2024, singles represented 33%, couples 54%, and real estate partners 13%.

This trend underscores a growing inclination towards joint ventures in real estate, perhaps as a strategic response to the challenges posed by the current financial environment, including 7% average interest rates, only made bearable by declining home prices. Sharing higher monthly mortgage costs has become a practical strategy, leading to an increase in purchases by couples and partners this year.

It’s evident that collaboration and partnership are becoming key strategies for those looking to enter the housing market. In mid-January, we had the chance to speak with Architectural Digest about this trend! Read: “Should You Buy a Home With Friends?”

HOUSE VS. CONDO

In 2024, 85% of our clients opted for single-family homes, while 8% chose condos, carefully considering their unique financial circumstances alongside their lifestyle preferences and needs.

For some, a condo aligns perfectly with their lifestyle and needs. If you’re on the fence, schedule some time with us to talk through it.

HOME PRICE

The rising trend of our first-time buyers getting homes for less than $450K continued in 2024, increasing from 56% in 2023 to 67% in 2024.

As of December 2024, the median sales price in the Austin Metro Area was 440,000$. Despite the interest rates, creative strategies, a less competitive market and lenders offering buy down options, make it a more affordable and accessible housing market for first time buyers!

The decrease in median sales price was a huge win for our community.

DOWN PAYMENT & CLOSING COSTS

Our clients typically pay around 1.5-1.75% of the total home cost in closing costs, a figure that remains steady.

As for down payments:

• 50% of our clients managed to make a down payment of 5% or less on their first homes, a testament to the success of our strategies in helping clients keep more money for future investments or personalizing their new homes.

This accounts for a large number of our clients who utilize down payment assistance programs and first time home buyer programs to gain access to the benefits of buying a home for the first time! Check out this program that allows for 0% down and access to a lower interest rate.

ON TO 2025!

These stats should leave you optimistic about what’s possible in the coming year! There are a lot of myths about the housing market, but our numbers show that buying your first home is very doable.

Here’s a list of next steps to drive your home-buying journey forward:

• Book a get-to-know-ya + strategy call with our Realtor team in Austin, Texas.

• Attend a How to Buy a House in Austin Workshop.

• Join our Future Homeowner Hub.

• Follow us on Instagram to learn on the go.

• Subscribe to our newsletter to get the lates in Austin real estate and lifestyle.
  

We’re on a mission to help first-time buyers, just like you, break through the barriers of traditional homeownership. How can we be a better resource for you? Share your feedback with us: team@openhouseaustin.co.