Housing Market News: 11/4/24-11/8/24
Housing Market
Housing Market
What happened in the housing market this week? Here's your weekly mortgage news round-up for the local Wheaton market, the Chicago suburbs, and beyond:
1. In 2024, the median first-time homebuyer was 38 years old--a record high! In the 1980s, the typical first-time buyer was in their late 20s. Additionally, the share of first-time homebuyers on the market decreased over the past year from 32% to 24%, the lowest since NAR began collecting data in 1981. About 26% of all homebuyers paid cash for their home--an all time high.
2. U.S. homeowners are richer than ever! Homeowners with mortgages have a net homeowner equity of more than $17.6 trillion in the 2nd quarter of 2024. Home equity increased in the second quarter of this year by $1.3 trillion, an 8% increase from a year prior.
3. The average price of a sold listing in the greater Chicago suburban area was $391,663 in October of 2024, up almost 9% from just a year prior when the average price of a sold listing was $360,088.
Housing Market
Housing Market
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The principal is the money that you originally agreed to pay back.Â
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Welcome to The Thornton Team Residential, your premier real estate experts in Wheaton, Glen Ellyn, and Chicago Suburbs. As a top 1.5% producing team, we understand that a home is more than a property, it's about community. Led by Michael Thornton, a top-tier member of NAR with a proven track record, we are dedicated to making your real estate journey seamless. Join us in finding not just a house but a place full of awesome memories that you call home.