Seller Trends: Who's Moving and Why
The housing market is ever-evolving, and new seller trends for 2023 shed light on who's selling their homes and why. According to Zillow's recent report, homeowners' demographics, motivations, and timelines for selling are shifting. Here's a breakdown of the latest trends and insights to keep in mind if you're considering selling your home.
Who’s Selling?
The largest group of home sellers in 2023 falls within the 40 to 49 age range, making up 25% of total sellers. This group, which includes both Millennials and Generation X, has been at the forefront of selling activity. Homeowners aged 30 to 39 follow closely at 23%, showing that younger homeowners are also eager to make moves.
Generationally, Millennials (born 1981-1996) dominate the seller market, with Generation X right behind them. Interestingly, even Boomers (aged 60 to 79) are staying active in the market, making up 22% of sellers. Generation Z (18-29) is still getting its footing, representing 13% of sellers.
If you're a seller in any of these age groups, you're part of a growing trend of homeowners looking to make life changes or capitalize on the real estate market.
Why Are People Moving?
A staggering 82% of sellers in 2023 indicated that major life events motivated their decision to sell. These include:
Growing families needing more space
Marriage or starting a family
Divorce or separation
Job relocations
Downsizing after kids have moved out
Life transitions continue to be the biggest drivers in real estate decisions, so if you're experiencing a major change, selling your home could be the right step.
Marriage & Home Sales Go Hand-in-Hand
The data also shows that 70% of home sellers are married, living with a partner, or have been married. Selling a home often comes at a time when a household is consolidating or expanding due to relationship changes. Whether you're moving into a larger home to accommodate a growing family or selling after a separation, these personal milestones are linked to real estate activity.
Homes are Selling Faster Than Before
Occupancy timeframes have been shrinking since 2020. In 2024, the average homeowner sells after 12 years of owning their home, down from 17 years in 2020. This shorter occupancy trend signals a more dynamic housing market where homeowners are more likely to upgrade, downsize, or relocate more frequently than in the past.
If you’ve owned your home for more than a decade, now could be the perfect time to list it, especially with demand strong for newer and well-maintained properties.
What Types of Homes Are Selling?
Homes built more recently have become the hot commodity, with older homes (especially those built before 1939) making up only 5% of sold inventory. Homes from the 1930s to 1950s are becoming less popular, while homes built in more recent decades are flying off the market faster.
If your home is newer or has undergone recent upgrades, you may be in a prime position to attract buyers looking for modern amenities.
What This Means for Sellers in 2024
Whether you're motivated by personal reasons or you're simply looking to take advantage of the current market conditions, it's essential to know where you fit in as a seller. The housing market is seeing more activity from Millennials and Gen X homeowners, but every age group is represented. With life events driving most of the sales, it's important to act when the timing is right for you.
If you’re considering selling, connect with me, Alex McLemore, your local real estate expert. I specialize in helping homeowners in the Philly suburbs, Bucks, and Montgomery County navigate the selling process and get the best value for their property. Whether you're upgrading, downsizing, or moving on to the next chapter in your life, I'm here to guide you every step of the way.
Ready to Sell? Let’s Talk
Selling your home is a big decision, and having the right guidance is essential. Contact me today to discuss your options, get an accurate home valuation, and learn how we can market your property effectively. Reach out to Alex McLemore for personalized real estate services tailored to your needs.
