Here’s why Millennial homebuyers are braving today’s real estate market. Realtor.com’s recent survey with Harris X looks at the reasons Millennial homebuyers are chasing the American dream. Many have been in the market a year encountering multiple offers and bidding wars as roadblocks to homeownership.
According to the survey one-third of first-time homebuyers haven’t been able to find a home within their budget. Realtor.com’s latest Weekly Housing Trends Report shows median listing prices up 15.6% year-over-year, for 32 consecutive weeks of double-digit price growth. Inventory constraints continue as the total number of homes for sale was down 52% from the same week a year ago. On average, homes are selling eight days faster than last year.
Realtor.com Senior Economist George Ratiu points to some of the survey’s key findings. “The first highlight was the importance that millennials place on owning a home and wanting to build equity. For a generation much-maligned over the past decade over its perceived shunning of traditional values related to ownership—be it housing or cars—millennials have shown strong affinity for housing as their stage of life progressed.”
The majority of Millennials said they consider owning a Boston condo more sensible than renting a Boston apartment for both financial and lifestyle reasons – including control of living space, flexibility in future decisions, privacy and security, and living in a nice place. Click on the chart to enlarge.
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Updated: Boston Real Estate Blog 2021