Late last year, the share of first-time home buyers fell to a record low of 21 percent, while the typical age of a first-time buyer climbed to an all-time high of 40, according to data from the National Association of REALTORS®.
Together, those figures point to a housing market starved of affordable inventory. As prices and borrowing costs remain elevated, younger households are increasingly sidelined, missing out on years of opportunity to build housing wealth through homeownership.
While affordability challenges have made it more difficult for younger buyers, particularly those under 35, to enter the market, national data shows the trend is not uniform everywhere. In several markets across the country, younger buyers are bucking the national slowdown.
The Dallas–Fort Worth metro area added roughly 6,000 owner households under age 35 in 2024. Cleveland, Little Rock, Baton Rouge, Akron, and Oklahoma City each added an estimated 4,000 to 5,000 younger homeowners over the same period.
In contrast, the Nashville MSA saw a decline in younger homeowners. Between 2023 and 2024, the number of owner households under age 35 fell from 75,413 to 73,324, a 2.8 percent decrease.
Markets that saw gains among younger buyers tend to share several characteristics: relatively better housing affordability, steady job growth, and housing supply that offers a realistic entry point for first-time buyers. Even in those metros, affordability challenges still exist, underscoring just how constrained the national housing market has become.
That said, a decline does not mean opportunity has disappeared in Nashville.
The 13-county MSA spans a large and diverse geographic area, with market conditions that can vary dramatically from one neighborhood to the next. Real estate remains hyper-local, and that reality creates pockets of opportunity even in a challenging environment. As I noted in a recent column, several ZIP codes in Davidson County recorded median sales prices well below $400,000 in 2025.
New construction can also serve as an entry point for younger buyers. Many builders are offering incentives such as closing cost assistance or mortgage rate buydowns, which can meaningfully reduce monthly housing costs and help bridge affordability gaps.
Understanding national housing trends is important, as they provide context for the broader market. But understanding local conditions is what ultimately determines who is able to step through the door of homeownership. In a market as nuanced as Nashville’s, working with a local Realtor who understands neighborhood-level dynamics can make all the difference.
Jack Gaughan is president of Greater Nashville Realtors. A Realtor is a member of the National Association of Realtors who subscribes to its strict code of ethics. You can reach Jack at 615-478-0970 or jack.gaughan@gmailcom.
