Last fall, the National Association of REALTORS® (NAR) released its 2017 Profile of Home Buyers and Sellers Report
, an annual report conducted to gain insight about the unique experiences of buyers and sellers, and provide understanding of the trends in the residential real estate market. Recently, NAR has issued a report specific to the GBAR jurisdiction, which highlights trends within the city and larger metropolitan area and compares data with national averages.
The report indicates that first-time home buyers made up 34 percent of all home buyers nationwide, while for Greater Boston, the rate of first-time buyers was 41 percent. Each of these figures dropped from 35 percent nationally and 45 percent in Boston, decreases to which NAR attributes to increased home prices and lack of housing inventory. The average age of all home buyers in Greater Boston was 40 years old, up from 38 years old in 2016, whereas the average age of home buyers nationally was 45 years old. Additionally, the average income of these homebuyers differed nationally to regionally as well, with homebuyers in Greater Boston earning $134,000 annually against the national average income of $88,000.
For more information on the Boston Profile, check out the Boston Executive Summary