First-time homebuyers struggle with high rates, prices
National Association of Realtors data shows that the median age of first-time home buyers is 38, the highest age recorded since 1981, when NAR began collecting data. (The Daily Memphian file)
High interest rates, low inventory and increased real-estate prices have created “the perfect storm” for first-time homebuyers in the Memphis area.
The average sales price of a home in Memphis in 2019 was $191,000, compared to $270,000 in 2024, according to data from the Memphis Area Association of Realtors.
“It really is unfortunate because I believe that owning your own home, especially that first home, is truly the American dream,” said Ashley McDurmon, president & CEO of Orion Bank.
National Association of Realtors data shows that the median age of first-time home buyers is 38, the highest age recorded since 1981 when NAR began collecting data.
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residential real estate first-time homebuyers MAAR NAR mortgage rates down payment inventory Subscriber OnlyAre you enjoying your subscription?
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Sophia Surrett
Sophia Surrett is a recent University of Alabama graduate, where she received her B.A. in news media and M.A. in journalism and media studies. She covers commercial real estate, economic development, residential real estate, restaurant real estate, and hospitality and tourism.
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