Millennials are entering the housing market at a record pace, fueling demand and driving sales prices higher amid an epic housing shortage. Currently, millennials represent 22% of the U.S. population but make up 43% of the current market share, according to a survey by the National Association of REALTORS®. With nearly a quarter of the population approaching their peak earning years over the next two decades, this new generation of homebuyers are expected to have a big impact on the economy—and on the housing market—in the years to come.
Q1 2022 Market Snapshot
Sales: In the first quarter of 2022, pending sales decreased -27.1 percent, rounding out the quarter with 1,688 pending sales. Closed sales were down -22.4 percent to end the quarter at…
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