For the fifth consecutive year, Millennials were the largest and most active generational group of home buyers, at 36%. Of these buyers, 65% were also first-time home buyers, with the Home Buyers and Sellers Generational Trends Report from the National Association of REALTORS® finding that this dominating group of buyers preferred living close to family and friends over being in close proximity to schools. With rising rent prices across the country, Millennials are much more motivated to seek out homeownership.
Generation X were the second largest group of homebuyers at 26%. Younger and older boomers and the silent generation collectively held 38% of the market.
Buying and Selling Generational Insights
While characteristics vary, there are several similarities across each generation:
- All generations of buyers continue to rely on real estate professionals to help them buy and sell their home (great news for you!)
- Across all generations, finding the right property was the most difficult step in the home buying process
- Over 74% of buyers from all generations used the internet in their home search (What do they find when they search for an agent? Make sure your digital presence is up to snuff!)
- Overall, buyers of all generations were very satisfied with their home buying process
- For all generations, the most commonly cited reason for selling their home was that:
- It was too small (16%)
- They wanted to move closer to friends and family (14%)
- They were relocating for work (11%)
- Across all generations, 73% of all sellers sold their home in the same state as the home they recently purchased
- 37% percent of all sellers offered incentives to attract buyers
- Repeat sellers made up 66% of all sellers across all generations
Check out this infographic for more generational insights, and for additional statistics read the full 2018 report.
About the Generational Trends Report
Since 2013, the National Association of REALTORS® has used data from their annual Profile of Home Buyers and Sellers to develop the Home Buyers and Sellers Generational Trends Report. This report evaluates the generational differences and similarities of home buyers and sellers who purchased or sold a home within a 12 month period. Data for the 2018 report was collected between July 2016 and June 2017 and grouped surveyed generations as:
Millennials (ages 37 and under)
Generation X (ages 38-52)
Younger boomers (ages 53-61)
Older boomers (ages 62-70)
The Silent Generation (ages 71-91)