Millennials are buzzworthy and the focus of nearly every industry, especially real estate.
Only because they represent the largest age demographic of prospective home buyers, according to research conducted by realtor.com®. And with their current domination of the home purchasing pool, it’s important to know all you can about them. So, here’s what we know:
- One third of active home shoppers are older Millennials (ages 25-34) – of which 74% are first-time home buyers
- Millennials are new to home buying and appreciate working with knowledgeable real estate professionals; 71% of Millennial buyers noted that help understanding the purchase process was the most beneficial part of working with an agent
- More and more people are turning to the Internet during their home search, and Millennials lead the pack with 94% using online websites in their home search
- Millennials are connected! So much so that a recent survey found that nearly four in 10 millennials (39%) say they interact more with their smartphones than they do with their significant others, parents, friends, children or co-workers. Knowing where the Millennial buyer is and creating a well-rounded mobile experience for them is key!
- Millennials have different home location preferences in comparisons to other groups. Specifically, 39% prefer single-family homes, 28% want homes near suburbs, and 22% prefer outlying suburban areas.
- Of Midwestern city market share, 42% belongs to Millennials
- Millennial home buyers are attracted to strong and affordable local economies
Knowing the trends among this group can help you to better connect with this large group of young buyers and find out exactly what it is they’re searching for.
Each month realtor.com® conducts a national monthly survey to stay current on the pulse of the real estate industry. Most recently, the realtor.com research team “compiled views to home listings across the country to get a closer look at geographical preferences by age groups. In this deeper dive, [they looked] at the older Millennial share of views compared to other age groups in order to better understand which markets are most popular with this influential demographic.”