The 2025 NAR Profile of Home Buyers and Sellers: Part 3,  Who’s Buying and Selling

In the first two parts of our series, we looked at why people move and what today’s buyers want.

This week, we’re shifting the focus to something even more telling:

who is actually buying and selling in today’s market.

The 2025 NAR Profile reveals some of the most significant demographic shifts in more than a decade.

Buyers are older, first-time buyer activity is at a historic low, and the financial gap between new and repeat buyers is wider than ever.

Understanding who is transacting helps explain the market dynamics we’re seeing, fewer moves, higher competition in certain segments, and more equity-rich buyers shaping pricing trends.

Here’s what the data shows.

Buyers Are Older Than Ever

The typical first-time buyer in 2025 is 40 years old, while the median repeat buyer is now in their 60s, both the highest ages ever recorded in the NAR report.

People are entering the market later, staying longer once they buy, and moving primarily due to life milestones rather than financial opportunity.

An older buyer pool also brings more equity to each transaction, which strengthens competition, especially in desirable areas.

First-Time Buyers Are at a Record Low

First-time buyers now make up just 21% of all purchases, the lowest share in NAR history.

Higher home prices, elevated interest rates, and rising rents continue to make saving for a down payment more difficult.

As a result, the market is currently dominated by repeat buyers who already have equity, experience, and stronger financial footing.

The Financial Divide Keeps Growing

The income and affordability gap between first-time and repeat buyers continues to widen.

Repeat buyers typically earn significantly more and bring meaningful equity from their previous home.

First-time buyers, by contrast, must navigate today’s prices and rates without that advantage.

This gap explains why repeat buyers remain the driving force behind demand, and why entry-level inventory remains so competitive.

Debt Is Delaying First-Time Buyers

When asked what slowed down their path to homeownership, first-time buyers pointed to rent, credit card debt, and student loans as the biggest obstacles.

Even with assistance programs available, many need additional time to build savings while managing monthly financial obligations.

These headwinds contribute to people buying later in life and remaining renters longer.

Most Buyers Still Use an Agent

Despite the abundance of online tools, 88% of buyers used a real estate agent in 2025.

Consumers rely on professionals not just to find homes, but to navigate pricing strategy, negotiations, inspections, and increasingly complex contracts.

As the market becomes more competitive and nuanced, the agent’s role continues to evolve from “home finder” to strategic advisor.

Next Week: How Buyers Are Paying

Next week, we’ll break down how buyers are financing their purchases in 2025, from all-cash trends to mortgage patterns, how people view real estate as an investment, and what buyers expect from their agents throughout the process.

This is where things get especially interesting, with cash buyers at an all-time high and long-term confidence in real estate remaining strong.

P.S. If any of these situations sound familiar, buying later in life, trying to enter the market, debating a move, or navigating finances, click here. We’ll help you sort out your options.