Let’s look at the details:
- Millennials (typically defined as those born between 1981 and 1996) have bought more homes than any other generation each year from 2014-2021, but in 2022 the trend changed. The 2023 Home Buyers and Sellers Generational Trends report found that baby boomers took the title last year, accounting for 39% of all transactions, up from 29% in 2021.
- Millennials’ share dropped from 43% in 2021 to 28% last year.
- In addition, baby boomers represented the largest group of home sellers going from 42% in 2021 to 52% in 2022.
- First-time home buyers’ activity in the market dropped considerably last year mainly due to rising interest rates. Of all buyers, 26% were first-timers – a drop from 34% in 2021.
- In essence, baby boomers are dominating the market. According to a market expert, these baby boomers are repeat buyers who are experienced at buying and selling homes. They have the finances to deal with this challenging market and they are living longer and are therefore active across more real estate cycles.
