The real estate market is an industry that is full of trends. There are always new ones materializing, and they all have the ability to change the market in major ways. They change how people buy, how people sell, and so much more. These trends come and go, but certainly have a major impact on the people involved in the real estate industry.
While anyone can participate in the real estate market, millennials are very much involved in a way like never before. Whether they are looking to rent Victory Park apartments, buy a family home, or invest in properties, millennials are firmly entrenched in the market and are taking real estate seriously.
With that in mind, there are some millennial-focused real estate trends that have materialized in recent years, and this article is going to take a closer look at them.
Millennials are Quickly Dominating the Real Estate Market
One of the first trends we’re going to look at is just how many millennials are now participating in the real estate market. A large majority of buyers and sellers are millennial age or younger, and they have a tremendous amount of power when it comes to the direction that the market goes.
Even a couple of years ago, this generation was often seen as mainly renters, but this ideology is now getting flipped on its head. More and more millennials are buying and selling, which is changing how people buy and sell homes.
Relying on traditional methods of marketing homes or viewing homes does not work anymore, as the buyers and sellers are becoming more technical and using tools and technologies more than ever before. If older sellers, buyers, and even agents cannot adapt, they will struggle to find their footing in this market dominated by younger people.
More Millennials Willing to Move
Another trend is that millennials and younger people are more willing to move to a different city and state if need be. Many are not only willing but are even making active plans to move somewhere else. As for why they move, there are many reasons. Some move to save money, greater access to the outdoors, better weather, or to gain access to better/more jobs. Many may even do it to simply get a fresh start elsewhere.
People have always moved, but millennials are much more willing to do it and set up new roots elsewhere, away from friends and family if need be. Of course, the availability of social media and things like Zoom make these moves much easier and helps people stay in contact with their families and friends better. Millennials know what they want out of life, and are willing to go as far as they need to in order to get it.
A Growing Interest in Efficiency
With more millennials and younger people being present in the real estate market, energy efficiency is becoming a major trend in the space. Many younger people care a lot about being efficient and want to do all they can to help the planet, and this means they want efficient homes that don’t use a ton of energy or power to operate.
In fact, three quarters of millennials want efficient appliances and plenty also want efficient lighting and a net zero home. Not only is energy efficiency great for the environment, but it can also save you money as lights and appliances that are efficient will use less power, energy, and water.
So if you are looking to sell a home, consider highlighting the efficiency or making efficient upgrades to attract the interest of millennials.
In conclusion, we hope this article has helped you learn more about some of the most amazing millennial real estate trends in 2022.