What’s going on with housing in 2023? It turns out that trends at the moment are very generational. As a result, we’re seeing something that resembles “parallel” markets within the larger market. We’ve created a list based on general housing market stats, first-time buyer stats, and the overall profiles for buyers and sellers to create a picture for the U.S. real estate market trends in 2023.

Jump To: Top Housing Market Statistics of 2023 | Housing Statistics by Generation | First-time Home Buyer Statistics | 2023 Characteristics of Home Buyers and Sellers

Top Housing Market Statistics of 2023

Inventory continues to be tight going into 2023 with higher interest rates than we saw during the pandemic due to the Federal Reserve increases. Mortgage rates and affordability come into question. A mix of low inventory, housing prices, and repeat buyers showing up with cash could keep some buyers squeezed.

1. An estimated 7,690,000 new homes were sold in 2022 1

2. The median home price for 2022 was $386,300, up 10.2% from a year ago 2

3. The median national down payment was 13% in 2022 3 

4. Housing inventory has fallen from a monthly average of 1.6 million units in 2019 to 1 million in 2022 4 5 

5. Home values and sales price have risen 32% in the past two years 4 

6. First-time buyers and homeowners made up just 26% of all homebuyers in 2022, down from 34% the year before home sales in December 2022 improved for the first time since May 6

7. Inventory and homes for sale are expected to return to a monthly average of 1.5 million units or higher in 2024 7

8. Nearly 9 in 10 buyers (86%) and sellers (86%) purchased or sold a home using a real estate agent or broker 6

9. Homebuyers typically purchased their homes for 100% of the asking price, with 28% purchasing for more than the asking price 6

10. 78% of recent buyers financed their home purchase, down from 87% last year and driven by the increased share of repeat buyers who paid all cash 6

11. The median age of a home seller is 60 years old 6

12. On average, sellers live in their home for 10 years before selling 8

13. New York, Dallas, Miami, San Francisco, and San Jose, along with other metro areas, continue to experience high single-family home shortages 16

Housing Statistics by Generation

In 2023, the U.S. housing market and homeownership are striated by generation. As millennials are quickly stepping into buying roles and becoming homeowners post-pandemic, baby boomers appear to be looking at affordability and are ready to unload their homes for the right list price.

14. Gen Z made up just 2% for both buyers and sellers 3

15. Millennials continue to make up the largest share of buyers at 43% 9

16. Gen Xers consisted of 22% of recent buyers 3

17. Baby boomers consisted of 29% of recent buyers 3

18. Baby boomers make up the largest share of sellers at 42% 10

19. Silent generation made up 4% of recent buyers 12 10

20. Roughly 73 million millennials — the largest U.S. generation ever — are entering their prime first-time home buying years 12

First-time Home Buyer Statistics

While a decline in the median household income for first-time buyers marks the potential for extra accessibility, first-time buyers actually appear to be on the decline. The reduced number of homes, new listings, and new home sales also make it difficult for these buyers.

21. The typical age of a first-time homebuyer in 2022 was 36 13

22. The median household income for first-time buyers fell to $71,000, while in the previous year, it was $86,500 14

23. First-time buyers made up just 26% of all homebuyers in the year ending June 2022, down from 34% the year before 3

2023 Characteristics of Home Buyers and Sellers

Buyer and seller profiles show that married households are far more likely to purchase homes compared to single or unmarried households.

24. 60% of recent buyers were married couples, 19% were single females, 9% were single males, and 9% were unmarried couples 9

25. 31% of all buyers had children under the age of 18 living at home 15

26. The median age of a home seller is 60 years old 6


  1. https://www.census.gov/construction/nrs/pdf/newressales.pdf
  2. https://www.nar.realtor/blogs/economists-outlook/existing-home-sales-fell-steadily-throughout-2022-and-into-december
  3. https://cdn.nar.realtor/sites/default/files/documents/2022-home-buyers-and-sellers-generational-trends-03-23-2022.pdf 
  4. https://www.yahoo.com/now/experts-predict-least-two-more-090012105.html 
  5. https://www.housingwire.com/articles/housing-inventory-under-1m-again-as-sales-collapse/ 
  6. https://www.nar.realtor/newsroom/nar-finds-share-of-first-time-home-buyers-smaller-older-than-ever-before 
  7. https://zillow.mediaroom.com/2022-03-24-First-time-buyers,-inventory-expected-to-rebound-in-2024?mobile=No 
  8. https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers 
  9. https://www.nar.realtor/newsroom/nar-report-shows-share-of-millennial-home-buyers-continues-to-rise 
  10. https://www.nar.realtor/research-and-statistics/research-reports/home-buyer-and-seller-generational-trends 
  11. https://www.oldrepublictitle.com/blog/understanding-generational-trends-series-part-1/ 
  12. https://www.cnbc.com/2023/01/25/92percent-of-millennial-homebuyers-say-inflation-has-impacted-their-plans.html 
  13. https://www.yahoo.com/now/age-average-first-time-homebuyer-140016059.html
  14. https://www.cnn.com/2022/11/03/homes/first-time-homebuyers-hit-record-low-nar-report/index.html 
  15. https://www.nar.realtor/sites/default/files/documents/2021-home-buyers-and-sellers-generational-trends-03-16-2021.pdf 
  16. https://www.nar.realtor/research-and-statistics/housing-statistics/housing-shortage-tracker

Editorial Contributors
Scott Westerlund

Scott Westerlund


Scott Dylan Westerlund is a real estate and financial writer based in Northern California. In addition to Today’s Homeowner, he has written for Flyhomes, Angi, HomeLight and HomeAdvisor.

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