Real Estate Industry News, Real Estate Marketing Ideas

Profile of Millennial Home Buyers in 2023

By Michael Yates Last Updated August 18, 2023 2 min read

Even as the housing market shifts as we enter the last of 2023, Millennial home buyers are sweeping the nation.

In NAR’s annual Profile of Home Buyers and Sellers, they found that 26% of buyers were first-time, with their average age at 36—or in the prime of a Millennial home buyer—who is willing to make sacrifices to purchase a home.

So, if you’re looking to target Millennial home buyers, here is a quick guide on what you need to know to win their business.

They like digital

Millennials do a tremendous amount of online research when deciding on an agent and home. For 47% of recent buyers, the first step they took in the process was looking online, and 96% of buyers used online tools in their search process. Additionally, most buyers only looked at five homes, with four only online

When searching online, 60% of buyers used mobile devices, while 34% used a laptop or desktop computer. 

All that data means how you market yourself online is crucial! If you aren’t utilizing digital marketing, you’re losing a large portion of the market and leads! 

Apart from using social media and other digital marketing strategies, ensure you have a professional website and reviews from previous clients. This also means having professional real estate photography and useful features for each of your listings. This includes:

Also, when it comes to millennial sellers, they understand that online appeal is the new curb appeal. Sellers who sold their homes for more than the listing price made imagery and home information available across multiple online outlets, including listing sites and social media. 

They follow in their parents’ footsteps

Not all millennials want a lofty condo downtown near restaurants and shops. Many of them are looking to buy a single-family home in the suburbs, and 49% believed the quality of the neighborhood was the most important factor when determining location. In a close second, at 37%, were buyers looking for convenience to family and friends and affordability. 

Additionally, 14% of home buyers purchased a multi-generational home to care for aging parents or relatives.

Millennial home buyers are loyal

Millennials like consistency and rely heavily on word of mouth when selecting an agent. 38% of home buyers used an agent that was a referral from a friend, neighbor, or relative, while 63% of sellers found their agent through a referral. They are also the demographic most likely to provide an online review and recommend you to their peers. 

Finally, 80% of recent sellers and 67% of buyers only interviewed or contacted one agent before making their decision. 

Meet your Millennial buyers’ and sellers’ needs with Virtuance

Consistent brand imagery, stunning real estate pictures, and open communication are key to converting Millennial home buyers and sellers. To end 2023 strong and generate more leads for 2024, it’s essential you have a solid marketing plan, and Virtuance can help.

We offer professional real estate photography, aerial photography, virtual tours, and more, all with our HDReal® technology. Even better, every order comes with a single listing website and access to our Marketing Suite, ensuring you have all the tools you need to succeed.