HIGH POINT — In its 2022 profile of home buyers and sellers, the National Assn. of Realtors reported several key statistics that could impact the home furnishings retail category in 2023 and beyond.
Notable insights from the 4,854 primary residence buyer respondents in the annual report include a lower number of first-time homebuyers compared with the previous year and a median distance that more than tripled for buyers moving from a previous home as small-town and rural properties grew in popularity.
More than one-fourth (29%) of buyers purchased homes in small towns last year, followed by 19% who purchased in rural areas, the highest percentages ever recorded by NAR. Thirty-nine percent of homes were purchased in suburban areas, and 10% were purchased in urban areas, both declining from the previous year.
Married couples represented 61% of total respondent buyers, followed by 17% single female buyers, 9% male and 10% unmarried couples. Multigenerational homes were purchased by 14% of respondents with buyers citing care of aging parents, cost savings or children/relatives over the age of 18 moving back home as a key consideration.