Millennials are leading the housing boom, accounting for 37% of home purchase over the last year, according to Barron’s. Increasing net worth, household formation, low mortgage rates, and a robust economy are a few of the reasons behind the recent growth of homebuyers in this age segment. With Millennials representing 22% of the U.S. population–and with their peak earning years ahead—experts remain optimistic about this generation’s impact on the housing market.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING OCTOBER 30:
- New Listings increased 3.7% to 1,309
- Pending Sales increased 1.2% to 1,345
- Inventory decreased 13.8% to 8,025
FOR THE MONTH OF SEPTEMBER:
- Median Sales Price increased 9.9% to $340,700
- Days on Market decreased 37.8% to 23
- Percent of Original List Price Received increased 0.7% to 101.2%
- Months Supply of Homes For Sale decreased 15.8% to 1.6
All comparisons are to 2020
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.