T
he typical age of home sellers has reached a record high of 63 years old, according to the National Association of Realtors' (NAR) 2024 consumer profile. This marks a significant increase from 45 in 2007 and 54 just a decade ago. The most common reason for selling remains moving closer to friends and family, with home size also playing a crucial role.

    Sellers are retaining their advantage in the market, with few reducing prices or offering incentives. In fact, 65% of sellers never lowered their asking price, while only 9% offered assistance with closing costs and 8% provided a home warranty. This trend is reflected in the typical seller getting 100% of their asking price for at least four weeks on the market.

    The NAR report highlights demographic shifts in the housing market, including an aging seller pool and a decrease in child-free households among buyers. However, sellers are more likely to be married couples, with 69% of sellers being part of a married household, up from 65% last year.

    Sellers' motivations for selling remain consistent, with proximity to friends and family being the primary reason (23%), followed by home size concerns (23%). The typical seller has lived in their home for 10 years, which is a stable figure since the housing bust and recession of the early 2000s.

    The report also notes that sellers are securing full asking price, with homes selling at 100% of list price for the first four weeks on the market. For-sale-by-owner listings typically fetch lower sale prices than agent-represented homes, and only a small percentage of sellers (21%) reduced their asking price once during the sales process.

    Detached single-family homes remain the preferred choice among buyers and sellers, with 81% of homes sold during the survey period being detached houses.