By Reese Jones
Millennials are the most dominant homebuyers in the U.S., and they’re calling the shots when it comes to real estate trends. The National Association of REALTORS® (NAR) reports that millennials, the generation born from 1981 to 1998, made up 43% of all U.S. homebuyers last year. NAR says millennials have been the largest homebuyer cohort since 2014, so it’s not surprising that the real estate market is highly sensitive to their needs and preferences.
For any generation, these trends signal important changes to the buying process and house designs. To start, here are a few real estate transformations we can arguably credit to millennials:
Mobile technology in house hunting
House hunting has become easier than ever now that millennials can leverage mobile technology to search for a new home. Chicago Agent Magazine reports the internet was the most commonly tool used in searching for a home across all demographics of buyers. What sets millennials apart from other generations is that they tend to view pictures and details about listings from mobile devices more frequently, as compared to desktops or laptop computers.
Due to their preferences, home buyers can expect that listings will appear on more mobile-friendly platforms. Thanks to this trend, home buyers can easily view listings from their mobile devices, even when they’re on the go.
Well-priced houses in suburban locations
In a balancing marketplace, a home that’s fairly priced will sell and millennials, like many buyers, are savvy about pricing. If a home is overpriced, they’ll know it, and with increased inventory, it’s likely they’ll opt for other choices available in their desired market.
In addition to fair prices, many millennials are also searching for turnkey homes in suburban areas because they offer the most bang for their buck. These newer or remodeled suburban properties often feature larger lot sizes, more interior square footage and spacious floor plans.
Sustainability practices in real estate
Aware of the planet and what they can do to preserve its beauty for generations to come, millennials are highly knowledgeable when it comes to sustainability practices. Their predilection for eco-friendly practices translates into the properties they want to call home – and how they’ll decorate that home once it’s officially theirs. A study by Mississippi State University and Northern Research Station shows that millennials prefer furniture made from wood due to its sustainability. Reclaimed wood is also becoming trendier because this generation is far more conscious of their environmental impact.
Aside from wood products, eco-friendly designs, materials, and construction practices are also on trend among millennials. As a result, homes with sustainable features sell for higher prices due to their desirability and demand among this large group of buyers.
Minimalist home designs
Millennials are keeping their homes simple. Our article on ‘How To Move On A Budget’ explains that minimalism is having a moment right now because it helps in cutting down costs. Having less stuff can save you lots of time and money, especially when you’re moving, cleaning, and decorating your home.
Fortunately, this design trend is pretty easy to keep up with. Homeowners may have varying interpretations of minimalism, but minimalist homes typically feature neutral colors, open spaces, clean lines, and singular focal points. By keeping it simple, people can have everything they need without shelling out their limited savings.
These practices and designs are trending among millennials because they’re convenient and cost-effective. So regardless of what demographic you fall into, you’ll surely benefit from these millennial-approved trends when thinking about buying or selling a home.
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Article written by Reese Jones exclusively for AndrewManning.com and the Andrew Manning blog