The top five housing trends for 2017
Here's the country's top five housing trends for 2017, according to Realtor.com.
Top housing trends for 2017
1. Millennials and boomers will dominate the market
Mount Vernon Cultural District in Baltimore, MD
The housing market will be in the middle of two massive demographic waves – millennials and baby boomers – that will power demand for at least the next 10 years. Although increasing interest rates prompted realtor.com to lower its prediction of millennial market share to 33 percent of the buyer pool, millennials and baby boomers will still comprise the majority of the market. Baby boomers are expected to make up 30 percent of buyers in 2017.
2. Midwestern cities will continue to be hotbeds for millennials
Eastern Market District - Detroit, MI
Midwestern cities are expected to continue beating the national average in millennial purchase market share in 2017. This year, average millennial market share in five of these markets is 42 percent – far higher than the U.S. average of 38 percent.