Real Estate Market Trends: A Comprehensive Analysis
The real estate market has changed a lot over the past few decades. Agents need to keep up with the latest trends so they can stay ahead of their competition and provide clients with an exceptional experience. Here are some of the most significant trends in today’s real estate market:
Millennials are driving the market.
Millennials are the largest generation in history and they’re buying homes, but not at the same rate as previous generations. Millennials are more likely to rent than own. They’re also waiting longer before purchasing their first home–the average age of first-time homebuyers has increased from 30 years old in 1990 to 31 years old today. But despite these trends, millennials still make up nearly one quarter (24%) of all home purchases nationwide in 2018–that’s more than any other age group!
The Millennial generation is reshaping the housing landscape.
The Millennial generation is the largest in history, with more than 75 million people born between 1980 and 2000. This generation has a diverse range of characteristics. However, it’s fair to say that most Millennials are part of the workforce, starting families, and buying homes.
Millennials account for about 25% of home buyers across all housing types …