Which social media channels are helping Gen-Z in the housing market?
The current housing market is especially challenging to younger buyers who are likely first-time buyers, but they’re working around it in their own way. Some are turning to TikTok and Instagram to find housing tips to beat the current market. Whether it’s buying a bigger house and renting out rooms or looking for ways to save for a down payment, social media is helping Gen Z get into homes.
In 2022, 30% of Gen-Zs who were 25 owned a house. That’s a higher rate for millennials and Gen-X when they were the same age.
When asked about Gen-Z, Jon Byram, a real estate agent based in Northern Virginia said, “[Gen-Zers] are not like your average rookie buyer. They also do have a very good grasp on what the house is going to do, what they are getting for this home price, and the [resale value] down the road.”
Which real estate markets are the hottest in the country right now?
According to a recent report from Realtor.com, the east coast is where it’s at right now for fast home sales.
Homes in Massachusetts and the District of Columbia are the two fastest selling areas in the country. Homes in Massachusetts only average 36 days on the market, while homes in DC are off the market in 39 days.
A four-way tie for third place saw homes in New Jersey, Rhode Island, Connecticut, and Ohio average 42 days on market.
Montana is the slowest market in the country with homes averaging 105 days on the market.
Connecticut’s governor sees the need for more housing inventory
“First of all, you need more housing inventory. Let’s start with that. I mean, we’re desperately short right now,” is what Connecticut Governor Ned Lamont said at a speech to local real estate agents.
In response to the lack of available homes, Lamont has helped pave the way for $600 million in tax money for housing ventures. The goal is to build thousands of new homes in Connecticut’s metro areas to keep the state’s economy growing. He’s also pushing to increase housing density around transportation hubs to encourage homebuyers to choose Connecticut as a home to commute from.
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