Millennials are leading the housing boom, accounting for 37% of home purchases 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