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.
Topics
residential real estate first-time homebuyers MAAR NAR mortgage rates down payment inventory Subscriber Only2025 is almost over. Now is the time to support your trusted local news source.
Will you help us reach more Memphians with quality, in-depth local news? Make a fully tax-deductible donation or other contribution to The Daily Memphian, a 501(c)3 nonprofit news organization, today.
Thank you for keeping up with what’s happening in Memphis. Thank you for investing in our community’s trusted local news source.
Sophia Surrett
Sophia Surrett is a University of Alabama graduate, where she received her B.A. in news media and M.A. in journalism and media studies. She covers small business, nonprofits, restaurant real estate, hospitality and tourism, manufacturing, and transportation and logistics.
Comments
Want to comment on our stories or respond to others? Join the conversation by subscribing now. Only paid subscribers can add their thoughts or upvote/downvote comments. Our commenting policy can be viewed here.