D
espite market turbulence, consumer preferences in the housing market remain relatively stable, with some notable exceptions. Key findings from Zillow's 2024 Consumer Housing Trends Report include:

    Buyer demographics have remained consistent overall, but the share of first-time buyers has declined to 44%, down from 50% in 2023.

    Buyers are putting a higher percentage of the sale price towards their down payment, with 52% paying 20% or more. However, many are able to secure lower-than-average mortgage rates, with nearly half (45%) getting a rate under 5%.

    Staying within budget and finding a home with air conditioning have become top priorities for buyers. In fact, air conditioning has surpassed staying within budget as the most important feature, with 83% of buyers considering it essential.

    The typical buyer is still around 42 years old, partnered or married, with some college education, and more likely to buy in the South. However, there are signs that affordability challenges may be easing, with recent improvements in housing market conditions.

    Buyers' strategies for lowering their borrowing costs have also shifted, with many opting for lower-interest loans and seller-financed deals.