Now that we are well into Q2, let's examine what happened in the market during Q1 and what that might mean for the rest of the year.
Prices are up 5% overall in the Maine residential real estate market, but this number doesn't translate to individual regions. If you are looking to buy in a particular area, make sure to work with a trusted local real estate agent (you can find one here!) who has the pulse on the individual towns' market trends.
The National Association of Realtors recently released its 2024 Buyer and Seller Generation trends report, which provides insight into which generations are most likely to sell and which currently have the most buying power.
Millennials Buy the Most Homes
Millennials aged 27-45 currently make up 38% of all homebuyers in the market. Baby boomers make up 31% of the market with Gen X at 24%.
Gen Z Quietly Enters the Market
They may be just getting started, but the Gen Z buyers (20–26) market accounts for 3% of all homebuyers. This generation is mostly single and buying their first home. Gen Z is also considered the most diverse generation of buyers!
Gen X Makes the Most + Buys the Most Expensive Homes
Buyers aged 46 to 60 now top the income charts, with a median household income of $126,900. That puts them ahead of every other generation, and they’re using their financial advantage to purchase homes!
First-time Home Buyers Bounce Back
First-time buyers held a meager 26% market share last year but that’s surged back to 32% in quarter one of this year. While it’s a positive trend, it still falls short of the 38% historical average.
When we dive deeper into how and where current buyers are entering the real estate market we see that 32% of Gen. Z buyers are receiving a gift or loan from family/friends for their down payment. On average out of all first-time home buyers only about one-fourth need assistance from a friend or family.
Another notable trend, long-distance moves are on the rise. Buyers are moving an average of 20 miles from their previous home, a number that is doubled to what was last reported in 2021. Gen Z is moving the farthest distance at a median of 35 miles. Considering a move? Through Portside's LeadingRE network, our agents can help you buy or sell outside of Maine + New Hampshire and even around the world.
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