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 OnlyThank you for supporting local journalism.
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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 restaurants, residential real estate, and hospitality and tourism.
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