What are the Home Buyer Trends – 2024 update:
According to the United States Census Bureau, millennials, those born between the early 1980s and early 2000s, now make up for the country’s largest living demographic. Their numbers, without a doubt, are bound to have an impact on the housing market. While this generation has been slow to enter the housing market, millennial home buying trends in Long Island are on a steady rise.
Additionally – Home Buyer Trends
- Location – 90% of buyers purchased in a small town or rural region slightly up from one year ago.
- First-time buyers represented 29% of buyers, virtually unchanged from one year ago.
- Cash Sales – 22% of buyers were all-cash sales, down slightly from 23% in 2021.
- Time to Purchase – 70% of respondents reported properties sold in less than one month. Down from 86% in 2021.
