Millennials are buzzworthy and the focus of nearly every industry, especially real estate because they represent the largest age demographic of prospective homebuyers, according to research conducted by realtor.com®. 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 percent are first-time homebuyers.
- Millennials are new to home-buying and appreciate working with knowledgeable real estate professionals; 71 percent 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 percent 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 percent) 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 comparison to other groups, specifically: 39 percent prefer single-family homes; 28 percent want homes near suburbs; and 22 percent prefer outlying suburban areas.
- Of Midwestern city marketshare, 42 percent belongs to millennials.
- Millennial homebuyers 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.”
Find out where millennial homebuyers are heading in our infographic of the top 10 metros for millennials:
A version of this article originally appeared in the ListHub newsletter.
For more information, please visit www.listhub.com.
For the latest real estate news and trends, bookmark RISMedia.com.