In its 2024 New Construction Consumer Research Report, Realtor.com’s survey of those who had purchased homes in the prior 12 months of 2023 showed that new construction was a big hit with millennial buyers (currently ages 26–41). Nearly half (48%) of this demographic purchased new construction in 2023, compared to 41% who purchased existing home stock.
Some experts believe that as a group, millennials may favor new construction because they are less handy and see fresh builds with new features, appliances and warranties as potentially less troublesome, repair-wise. They may also be attracted to the prospect of getting some customized home features without the burden of living through a rehab in an older home.
No matter their initial motivation, millennials and others who bought new construction last year are very happy with their homes—so much so, in fact, that 91% of those surveyed said they would purchase new again. If that is the case, agents who have a handle on the new construction market/process may have a built-in stable of repeat clients.
Photo: Getty Images/dolgachov
