Hardware Retailing The Industry's Source for Insights and Information
The Home Improvement Research Institute’s (HIRI) Recent Home Buyer tracking study details home purchasing and sales patterns over time and how those impact the home improvement industry. The study reveals some significant shifts the home buying sector saw in 2024.
Home Renovations
According to HIRI, 85% of homebuyers make improvements to their homes within 12 months of buying a home. Homeowners prioritize kitchen, bathroom and outdoor area renovations. Revamping these areas of a home increase long-term value, suggesting homeowners are focused on investing in the worth of their homes.
Faster Selling
In 2024, homeowners selling their homes sold one month faster than in 2022 due to limited inventory available. Although home selling accelerated, those searching for a new home in 2024 searched for two months longer than home buyers did in 2022.
New Home Purchases
Homebuyers purchasing a home for the first time last year were twice as likely as repeat homebuyers to purchase a new home. The amount of first-time homebuyers increased in 2024 as well, with 61% of buyers surveyed identifying as new homebuyers.
