The report reveals a housing market defined by financial polarization, shifting demographics, and evolving buyer behavior.

l Association of REALTORS® (NAR) has released its 2025 Profile of Home Buyers and Sellers, offering a detailed snapshot of who’s buying, who’s selling, and how the real estate landscape is evolving. Based on transactions from July 2024 through June 2025, the report reveals a market shaped by affordability challenges, demographic shifts, and a growing divide between financially secure buyers and those struggling to enter the market.

Here are the top 10 takeaways from the report:

1. First-Time Buyers Hit a Historic Low
Only 26% of recent homebuyers were first-timers, the lowest share since NAR began tracking this data. High home prices, rising interest rates, and limited inventory have pushed many would-be buyers to the sidelines.

2. All-Cash Buyers Surge to Record High
In stark contrast, 33% of buyers paid all cash, the highest share since 2014. This trend underscores the growing dominance of equity-rich and investment-driven buyers, especially in competitive markets.

3. Repeat Buyers Are Older and Wealthier
The typical repeat buyer is now 58 years old, up from 56 last year, and has a median income of $107,000. These buyers are leveraging equity from previous homes to stay competitive in a tight market.

4. Married Couples Still Dominate, But Singles Are Gaining Ground
Married couples made up 59% of buyers, but single women accounted for 19%, continuing a steady upward trend. Single men and unmarried couples made up smaller but growing segments.

5. Suburbs and Small Towns Are the New Hotspots
Buyers are increasingly choosing small towns (22%) and rural areas (15%), driven by affordability and remote work flexibility. Urban areas saw a decline in buyer interest compared to previous years.

6. Sellers Are Staying Put Longer
Homeowners are holding onto their properties for longer, with the median tenure rising to 10 years. This is up from 8 years a decade ago, reflecting both market uncertainty and a lack of appealing move-up options.

7. Sellers Are Older and More Equity-Rich
The typical home seller is now 60 years old, and many are using significant home equity to fund retirement moves or downsize. This trend is reshaping inventory dynamics, as older sellers often list higher-priced homes.

8. Real Estate Agents Remain Central to the Process
Despite the rise of online tools, 89% of buyers and 89% of sellers used a real estate agent, valuing their expertise in pricing, negotiation, and navigating complex transactions.

9. Buyers Are Searching Longer, But Touring Less
The home search now takes a median of 10 weeks, but buyers are touring fewer homes—just a median of 6 properties, down from 8 last year. This reflects both limited inventory and more online research before touring.

10. Financing Remains a Barrier for Many
Among buyers who financed their purchase, down payments averaged 8% for first-time buyers and 19% for repeat buyers. Student debt, rising rents, and inflation continue to hinder savings for younger buyers.