Since the lifting of stay-at-home orders and other COVID-related restrictions, the housing market has been experiencing an unprecedented resurgence. And the buyers who are driving that resurgence? None other than the millennial generation.
According to the Wall Street Journal (outlined in a recent article in REALTOR® Magazine), home buyers in their 20s and 30s are playing a serious role in the pandemic housing rebound. Which makes sense; millennials recently surpassed baby boomers as the largest living generation. Even before COVID hit, millennial buyers were on the rise, with the generation accounting for more than 50 percent of all new home loans early this year—and with interest rates at an all-time low, that trend that has just continued to grow during the pandemic. And that trend is expected to grow even further in coming years, with millennials projected to purchase a whopping 15 million homes over the next decade.
So, what does that mean for you? If you’re a millennial and you’ve been thinking about getting into the real estate market, now is a great time to join your peers in driving the housing boom and purchase your dream home. If you’re thinking about selling, consider that market demographic when preparing your home for sale, and in your marketing.