Millennials in the Market
Millennials are big in real estate. They’re the next big generation to start buying and their priorities, preferences, and long-term plans impact both reflect and guide the market.
According to a recent generational trends report from the National Association of Realtors, millennials make up 32 percent of homebuyers – the largest share of any other generational demographic. These up-and-coming savvy shoppers are more interested in efficient, practical, and affordable homes, as opposed to the more spacious and upscale homes gen-xers and baby boomers.
What else are millennials interested in? Boyce Thompson, former editor of Builder Magazine told Daily Real Estate News article that in addition to affordability and efficiency, they also want flexibility (multi-use spaces and customization), and green/energy efficient features. Entertaining is also important to this generation. Game rooms and patio/deck amenities are practically a must in the home search.