A generational duel is underway: Boomers facing off against Millennials. From the evolving generations purchasing homes to the game-changing impact of virtual tours, we explore the shifts and trends reshaping the real estate market.
Arkansas takes the spotlight as the 12th highest state for inbound moves, drawing in 18,209 new residents. On average, people moved 50 miles from their previous residence, up 35 miles from the prior year’s average. Virtual showings have increased since Covid, accounting for 10% of all home purchases in the past year.
The Baby Boomer generation comprises 39% of all home buyers, bringing their extensive experience to the market. Millennials command a notable 28%, signaling their growing influence. Encouragingly, homeownership rates for those under 35 years old saw a 1% rise last year, reaching an overall homeownership rate of 39%. Gen X follows with 24%, while Gen Z and the Silent Generation comprise 9% of the market.
The median homeowner currently resides in their home for a decade, although this trend is anticipated to continue rising along with interest rates. On a national scale, the median home size was 1800 square feet, featuring three bedrooms and two bathrooms. For a more localized perspective, Washington County’s home size average was 1788 sqft with a median sold price of $310,000 in 2022. Benton County showcases a median-sized home spanning 1902 sqft, with a median sales price of $342,292.
While Boomers may be the winners, Millennials are expected to surpass the home purchasing percentage in the coming years. With the generational shift, we expect to see more technologically savvy buyers and potentially even longer-distance moves.
Data Collected From NABOR & www.NAR.com