Median Down Payment increases for the 6th consecutive month in 2024 to $67,500
- In June 2024, the median down payment for U.S. homebuyers increased to $67,500, which is a 14.8% increase from June 2023 (at $58,790), according to Redfin. For perspective, five years ago (June 2019), it was $31,250.
Median Down Payment as a Percentage of Purchase Price hits highest level in the last decade
- Expressed as a percentage of the purchase price, the median down payment for a home in the U.S. increased to 18.6% in June 2024. The percentage was 15.0% in the months of December 2023 through March 2024, before trending higher.
- Although not shown in the chart below, the last time the Median Down Payment as a Percentage of Purchase Price was 18.6% was in November 2013.
The Higher the Home Price… The Smaller the Home?
- As home prices continue to rise, the next chart examines the median listing price of a home and the median square footage of a home in the U.S. according to Realtor.com.
- In June 2024, the median listing price was $445,000 with 1,868 square feet. In June 2023, the median listing price was $445,000 with 1,916 square feet.
- For perspective, five years ago, in June 2019, the median listing price was $320,000 with 1,996 square feet.
Homebuyers vs Home Sellers in the U.S.
- In the final chart, we examine where the number of homebuyers exceeded home sellers in the U.S. in July 2024 by utilizing data from John Burns Research and Consulting.
- Homebuyers outnumbered home sellers by 80% in the Northeast, 73% in the Northwest and 62% in Southern California.
- Home sellers outnumbered homebuyers by 54% in both Southern Florida and Northern Florida and 46% in Texas.
