If you're a young professional who hasn't yet purchased a home, you may find yourself wondering: when do most people actually buy their first home?

It's a good question -- but one without a single "right" answer. That said, the typical age for first-time homebuyers has changed significantly over time.

According to a recent publication  by the National Association of Realtors (NAR), as of this year, the median age of first-time homebuyers has reached an all-time high of 40 years old, with just 21% of all home purchases this year being made by first-time buyers.

Let's step back and see how this number has changed over time.

So what's behind the change?

Following the historically low mortgage rates of 2020-2021, we've seen a sharp increase. For the past year or so, rates have hovered in the 6-7% range.

That shift has affected nearly everyone in the market. Many current homeowners either purchased or refinanced their homes when interest rates were at historic lows. Understandably, they're not eager to give up a 2-3% mortgage in exchange for one that's twice as high. As a result, fewer homeowners are listing their properties, resulting in fewer homes available.

With fewer homes on the market, buyers are competing over a smaller number of properties. That competition puts upward pressure on prices -- making it even harder for first-time buyers.

So while rates alone don't necessarily prevent people from buying, the combination of higher borrowing costs, rising home prices, and limited affordable inventory has created real challenges for those trying to purchase their first home.

All of this makes early planning more important than ever.

If you're hoping to buy your first home -- whether that's next year or five years from now -- the best time to start planning is today. The market might feel overwhelming, but with the right guidance and preparation, homeownership is absolutely within reach.

Not sure if you can buy in the next 5, 10, or even 15 years? No problem. It's never too early to start planning for one of life's biggest moments.

You can reach me by calling or texting (540) 830-5097.  Let's get excited about the possibilities and plan your future together.