The National Association of REALTORS® has been producing the Profile of Home Buyers and Sellers since 1981, providing valuable insights into the trends shaping the real estate market. This year’s report highlights several key findings that are especially relevant for those considering homes for sale in Cookeville, TN, houses for sale in Cookeville, TN, and those moving to Cookeville, TN.

1. First-time Home Buyers: The share of first-time home buyers has dropped to the lowest level since data collection began. Challenges such as limited inventory and erosion of housing affordability have made it difficult for these buyers to save for a down payment. Many successful first-time buyers faced hurdles like high rent, student debt, and credit card obligations.

2. Buyer Household Income: Successful home buyers reported all-time high household incomes, a necessity given the rise in home prices and interest rates, which have approached nearly 8%. For those looking at new homes for sale in Cookeville, TN, it’s important to consider that first-time buyers' incomes rose by $26,000 in the past two years, reflecting the increasing cost of living.

3. Median Age of Home Buyers: As household incomes increase, so does the age of home buyers. This trend suggests that both first-time and repeat buyers are waiting longer to purchase, often due to the challenges of finding the right property in a competitive market. For those selling their homes or contemplating what their home is worth, understanding this shift can be crucial.

4. Share of Buyers With a Child Under 18: The percentage of buyers with children under 18 has decreased to a historic low of 27%. This shift is influenced by demographic changes and a higher share of older repeat buyers. Families considering cheap houses for sale in Cookeville, TN may find that this trend impacts neighborhood amenities and the overall market landscape.

5. Purchase of Multigenerational Homes: The demand for multigenerational homes has reached an all-time high, with 17% of buyers opting for larger homes to accommodate extended family. This trend reflects a practical response to housing affordability challenges, as families pool resources to purchase a home together.

6. Size of Typical Down Payments: In 2024, down payments for first-time buyers reached their highest levels since 1997. For those working with Tennessee real estate agents, this trend signifies the importance of having a solid financial plan in place when navigating the market.

7. All-Cash Home Purchases: The percentage of all-cash buyers has also increased, reaching 26%. Many repeat buyers leverage the equity they’ve built in their homes, while first-time buyers are increasingly relying on gifts, savings, and inheritance to secure their new Tennessee homes.

8. Location of Home Purchased: There’s a growing trend of home buyers moving to city centers, with 16% opting for urban areas, although the suburbs remain the most popular choice. This information is vital for those looking at real estate in the Upper Cumberland.

9. Home Buyers' Use of Real Estate Agents: A staggering 88% of home buyers worked with a real estate agent to find their dream home. For those asking, “What is my home worth?” or considering a free home value estimator, partnering with experienced Cookeville TN realtors can be invaluable.

10. Home Sellers' Use of Real Estate Agents: Similarly, 90% of home sellers enlisted the help of a realtor to navigate the complexities of selling their property. This emphasizes the importance of having knowledgeable agents in the process, whether you’re looking to sell your house with a realtor or using a sell my house calculator to determine your next steps.

In conclusion, understanding these trends can greatly benefit anyone interested in Tennessee real estate, whether you’re buying or selling. At The Real Estate Collective, we are here to help you navigate the market and find the right fit for your needs!