Millennial Home-Buying Trends
Millennial home-buying trends have become a hot topic in luxury real estate. Millennials include anyone born between 1981 and 1996, and they are quickly becoming a dominating force in real estate. In 2018, millennials represented the largest cohort of home buyers at 37 percent, according to the National Association of REALTORS®’ 2019 Home Buyers and Sellers Generational Trends Report.
Millennials now outnumbers baby boomers in the real estate market, and what they are looking for in a home is drastically different than what their parents wanted. Although there are plenty of high-net-worth millennials, the group as a whole started at a disadvantage as most entered adulthood during the last major recession in 2008.
While many have caught up by now, they are still more fiscally conscious than baby boomers were, and millennial home-buying trends lean more toward minimalism than opulent shows of wealth.
Understanding millennial home-buying trends means understanding their values, and it is clear that these buyers are health-conscious, practical, and prefer experience over extravagance.
Healthy Living Is Non-Negotiable
This group has made it clear that their health is their top priority, so it makes sense that one of the biggest millennial homebuyer trends is to look for properties that offer easy access to healthy activities such as nature trails, yoga studios, gyms and bikeable or walkable areas.
Your listing copy and photography should help these buyers envision a better life and the potential to better themselves. Millennials see their homes as a “retreat” from work and other responsibilities, so be sure to include photos of your community in your listing if it offers these things.
Luxury Condos Have Never Been More in Style
One of the most obvious millennial home-buying trends is luxury condo ownership. Most millennials have fewer children than their baby boomer parents had and are no longer looking to own “McMansion” style homes.
Millennial buyers also love to travel and consider overly large spaces somewhat impractical since they remain unused much of the time. And since many are waiting longer to get married and have families in general, luxury condos offer them the ability to socialize in communal areas like rooftop pools and gardens and offer close proximity to nightlife and entertainment.
These are all key points to hit on in your luxury condo listings. This is not to say that all millennials are looking for a smaller space, but many are.
If you notice your larger luxury properties moving slowly, it’s worth figuring out how to present these properties in “bite-sized” pieces to make them more appealing to this group, especially if you’re in an urban area where the millennial population is a bit larger. For instance, if your property has lots of rooms, help them imagine what each room could be used for, like a home yoga studio, an art studio, an Airbnb opportunity, or a music room.
Marketing Aesthetic Matters
You may even consider hiring models for lifestyle photos and videos to drive some of these points home in your listings. Some photos could include someone actually doing yoga on the property’s beachfront patio, or a short teaser video of someone walking down the street enjoying the nightlife.
Millennials do a lot of their home-buying and selling research online—if not all of it. The online platform lends itself to visual content, and it is important to have high-quality photos and videos to attract these clients. If you need inspiration, check out popular luxury accounts on Instagram to get a feel for the aesthetic this group is looking for. Anything less can be a turnoff and could signal that you are not in the know.
Whether you are a millennial looking for the perfect location to hang your hat, or a seller looking for experienced local agents to perfectly market your property, Sellstate Alliance Realty & Property Management would be glad to help.