Sellers: Results from the Zillow Consumer Housing Trends Report 2024 - Zillow Research
The Zillow Consumer Housing Trends Report 2024 provides a comprehensive analysis of the typical home seller in the United States. According to the report, 3% of households have recently sold their homes. The median age of sellers is 47, with a significant portion being younger than tenured homeowners but older than recent buyers. The age distribution shows that 13% of sellers are under 30, while 25% are in their sixties or older. Generationally, Millennials make up 32% of sellers, followed by Gen X at 30% and Baby Boomers at 22%.
In terms of race and ethnicity, 70% of sellers are non-Hispanic white, which is higher than the overall US adult population. The regional distribution of sellers shows that the largest share resides in the South (40%), followed by the Midwest (23%) and the West (22%). The Northeast has the smallest share of sellers at 15%.
Income and Education
The median household income for sellers ranges from $90,000 to $94,999, which is notably higher than the national median of $74,580. Sellers also tend to be more educated, with 49% holding at least a four-year degree compared to 35% of the general US adult population.
Relationship Status and Life Events
Life events significantly influence the decision to sell, with 82% of sellers citing such events as a factor. Changes in household or family size and marital status are common reasons for selling. Most sellers are either married or partnered (70%) or have been married in the past (15%).
The Typical Home
The typical home sold by sellers is a 3-bedroom, 2.5-bath single-family detached house, with a median sale price of $300,000 in 2024, up from $285,000 in 2022. This increase occurs despite higher mortgage rates. Sellers typically live in their homes for an average of 12 years before selling, a decrease from previous years.
Home Characteristics
Resale homes are generally newer than the overall US housing stock. Homes built in or after 2000 account for 46% of sold homes, compared to 26% of all occupied US homes. Conversely, homes built in 1939 or earlier make up only 5% of sold homes.
Seller-Buyer Dynamics
Only 54% of sellers also purchased a home, marking a record low. Among those who did not buy, 42% moved to a home they already owned. Other living arrangements include long-term rentals and inherited homes. For those who did buy, 56% upgraded to a more expensive home, while others opted for homes with more space or newer construction.
