What are the Home Buyer Trends – 2023 update:

According to the United States Census Bureau, millennials, those born between the early 1980s and early 2000s, now make up for the country’s largest living demographic. Their numbers, without a doubt, are bound to have an impact on the housing market. While this generation has been slow to enter the housing market, millennial home buying trends in Long Island are on a steady rise.

Additionally – Home Buyer Trends

• Location – 90% of buyers purchased in a small town or rural region slightly up from last month and one year ago.
• First-time buyers represented 29% of buyers, virtually unchanged from one year ago and one month ago.
• Cash Sales – 22% of buyers were all-cash sales, down slightly from 24% last month and 23% in 2021.
• Time to Purchase – 70% of respondents reported properties sold in less than one month. Down from 81% a month ago and down from 86% in 2021.