Massachusetts Sees Fewest First-Time Home Buyers in 12 Years

Realtors in Massachusetts sold the least number of homes to first-time buyers in 12 years, according to a recent housing report.

First-time home buyers made up just 39 percent of the total homes bought in Massachusetts in 2014, the Massachusetts Association of Realtors said. That number is down from its usual 44.5 percent.

Realtors say high prices and fewer homes on the market account for the disparity.

“While the market in Massachusetts has been steadily improving, the lack of homes for sale, and the resulting upward pressure on prices has pushed a lot of first-time buyers to the sidelines,” said 2015 MAR President Corinne Fitzgerald, broker-owner of FITZGERALD Real Estate in Greenfield.

But, surprisingly, Fitzgerald said the low percentage of first-time buyers indicates to sellers that it’s a good time to put their homes on the market.

“The solution to this problem is for sellers to embrace this opportunity of low inventory and make the move,” Fitzgerald said.

First-time buyers are essential to the health of Massachusetts’s housing market, Fitzgerald said, and help keep the real estate cycle going.

The study found that first-time buyers in Massachusetts are usually around 31-years-old and have a median income of $100,400, as compared to a $68,300 income nationally.

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