At New Western, our vision is a world where every real estate transaction is simple, certain, and satisfying. Therefore, we promote strict editorial integrity in each of our posts.
The National Association of REALTORS recently released their 2021 Home Buyers and Sellers Generational Trends Report which examines the similarities and differences in home sellers spanning several different generations. We’ve taken some of the key findings and created an easy-to-digest infographic.
Millennials continue to make up the largest share of the buyers market, with older Millennials (31 to 40 years old) at 23% and younger Millenials (31 to 40 years old) at 14%. Gen Z has also entered the buyers market, but this age group represents the smallest group of both sellers and buyers. Across all generational groups, 31% of buyers are first-time home buyers.
Buyers continue to sway heavily toward previously owned homes rather than new builds with 1993 being the median year built for homes purchased across all generational groups. Younger buyers are more likely to previously owned homes. The average price paid to purchase a home was $272,500 and sellers received 99% of their asking price on average.
Understanding trends surrounding those who make up the current housing market can help inform your investment strategy. Different generations of buyers tend to gravitate toward different locations, styles, and types of housing, making generational trend data a valuable resource for investors. When it comes time to purchase your next investment property, let the agents at New Western do the heavy lifting. Our licensed agents are experts in their local market and can help deliver opportunity to you based on your investment criteria and goals. Contact us to see if you qualify to join our exclusive buyers’ network.
Disclaimer: The information provided on this website does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this site are for general informational purposes only.