Source: RisMedia —
The National Association of REALTORS® (NAR) has recently completed its long-running “Generational Trends” survey to provide intriguing information on the trends impacting home buyers and sellers by generation. Seeing how different generations approach the home buying process can help real estate agents better serve these clients and tap into these trends. Let’s explore some key facts and figures that this survey has revealed.
What you need to know about millennials in the current market
Millennials now comprise a third of homebuyers in the market, and 92% of these “younger buyers” prefer to work with a real estate agent. The median length of a home to be listed is one week, and 17% of homes were sold in less than a week. Furthermore, 62% of listed homes sold in two weeks or less. It should also be noted that the selling rate has risen significantly since the pandemic.