This week, National Associational of REALTORS® economist Dr. Paul Bishop paid a visit to Housing Virginia to offer an informative presentation on the single-family home market. According to Dr. Bishop, a recent NAR survey revealed that presently, eight out of ten consumers believe that purchasing a home is a “good” financial decision. The categories reporting the highest levels of confidence in this belief included Older Baby Boomers (1946-1954) as well as those who live in rural areas. A whopping 85% of those surveyed also conveyed that owning a home is a part of their “American dream”.
While homeownership rates (both nationally and in Virginia) have recently dropped to a 50-year low, those numbers have begun slowly climbing back up. Current market conditions, such as rising prices and low inventory, are significant contributors to this decrease in purchases. Dr. Bishop noted that Millennials (1980-1998) are demonstrating a growing influence in the single-family home market. Currently, seven out of ten first-time buyers are Millennials, while Older Boomers and the Silent Generation (1925-1945) account for nearly one-third of repeat home buyers.
Click here to see the complete collection of slides from Dr. Bishop’s presentation.