The National Association of Realtors’ 2025 Homebuyers and Sellers Generational Trends report showed that baby boomers have overtaken millennials as the largest group of homebuyers, making up 42% of purchases in the past year. Millennials’ share dropped to 29%, while Generation X remained steady at 24%.
Younger buyers, particularly millennials, relied more on financing and family support for down payments. First-time homebuyers decreased from 32% to 24%, with younger millennials (71%) leading this category. Meanwhile, older millennials are increasingly repeat buyers, purchasing larger homes with bigger down payments.
Generation X buyers had the highest median household income at $130,000, followed by older millennials at $127,500. Multigenerational home purchases rose to 17%, with Gen X leading at 21%, often accommodating aging relatives or adult children.
Generation Z remains a small segment (3%) but had the highest percentage of single-female buyers at 30%. Most homebuyers (88%) worked with a real estate agent, with younger millennials (90%) being the most likely to do so.
On the selling side, baby boomers dominated with 53% of all home sales. Homes typically sold for 100% of the final list price, and younger millennials often achieved higher returns, with 27% selling for 101%-110% of the list price.
Source : Flexing Their Equity, Baby Boomers Are Driving the Housing Market