A
recent national survey of homebuyers and sellers provides insight into the current state of the housing market. The National Association of Realtors has conducted this annual survey for over 40 years, offering a glimpse into who's buying and selling homes, and how market trends are evolving.
This year's report reveals that first-time homebuyers are becoming increasingly rare, with their numbers shrinking to the lowest level since 1981. Moreover, these buyers are getting older due to affordability issues. The typical first-time buyer is now older than ever before, a trend likely driven by rising housing costs and stagnant wages.
The survey also highlights trends in multigenerational home buying, single women's purchasing habits, and the record-high percentage of cash sales. Home prices, housing shortages, and the pandemic have all contributed to the growing demand for self-storage facilities in Philadelphia, with at least two dozen new facilities opening since 2020.
In other news, a Main Line investment manager is selling off his properties, including student rentals and a mini-golf course, but it may not be enough to repay clients who claim he used their money for personal real estate ventures. Tenants who sued a Philadelphia property manager over hazardous living conditions have reached a settlement. A contaminated site in Camden County is being redeveloped into 167 townhouses, while the city's school district plans to repurpose closed schools as community hubs or teacher housing.
A judge has rejected a developer's bid for control of the historic Germantown YWCA, and nine prime Center City properties are set to hit the market. The Philadelphia land bank is facing criticism, but the mayor's administration promises change. A century-old home in Abington features an impressive basement renovation that helped its owners navigate the pandemic.
Investors are seeking to seize student housing from a nonprofit developer, citing unpaid property taxes and lack of financial transparency. And finally, a photo quiz asks readers to identify a location featured in a recent image.
