The housing market is always evolving, and in 2024, Millennials and Generation X continued to lead the charge in home buying. Meanwhile, Baby Boomers remained dominant on the selling side. So, who’s making moves in real estate this year? Let’s break it down.
Who’s Buying?
Millennials and Generation X accounted for a combined 62% of home buyers in 2024, with Millennials making up 38% and Gen X following at 24%.
Millennials, the largest group of buyers, can be split into two distinct groups:
- Older Millennials (ages 34–43): Representing 21% of the market.
- Younger Millennials (ages 25–33): Making up 17% of buyers, with an impressive 75% being first-time homebuyers.
Older Millennials, on the other hand, were more likely to be move-up buyers, purchasing larger homes to accommodate growing families and lifestyle changes.
Who’s Selling?
On the selling side, Baby Boomers remained a powerful force, making up 45% of the market. Like Millennials, Boomers can also be divided into two groups:
- Younger Boomers (ages 59–68)
- Older Boomers (ages 69–77)
Many Boomers are downsizing, but they’re not just looking for smaller homes—they’re often relocating to be closer to family, friends, and grandchildren. With an average homeownership span of 15 years or more, these sellers are often working with a significant amount of equity, giving them flexibility in their next purchase.
Why This Matters for Real Estate Professionals
Understanding generational trends isn’t just interesting—it’s essential for success in today’s real estate market. Each generation has unique motivations, challenges, and preferences when it comes to buying or selling a home. By staying informed, agents and lenders can better tailor their strategies to serve their clients effectively.
And let’s not forget—past clients are one of the most powerful sources of referrals. Knowing how to provide a seamless, stress-free experience can turn today’s buyers and sellers into lifelong advocates for your business.
Dig Deeper into 2024’s Generational Trends
For a more detailed breakdown of homebuyer and seller behavior by generation, check out the 2024 NAR Home Buyers and Sellers Generational Trends Report from the National Association of Realtors. It’s a must-read for anyone in the industry!
Read the full report here: NAR Home Buyer and Seller Generational Trends
