Boomers Back on Top: What Today’s Real Estate Market Means for Buyers, Sellers & Agents

The latest 2025 NAR Generational Trends Report reveals a surprising shift in the real estate landscape—baby boomers have reclaimed their spot as the largest group of homebuyers, surpassing millennials. While millennials made up 38% of buyers in 2023, their share dropped to 29% in 2024. Boomers surged ahead, accounting for 42% of purchases, many using all-cash offers, giving them a competitive edge in low-inventory markets.

This shift isn’t just about numbers—it’s changing how agents approach their clients. Younger generations, especially Gen Z and younger millennials, are entering the market at slower rates due to affordability challenges and competition with wealthier older buyers. Meanwhile, older buyers are moving to be closer to family or to retire comfortably, not necessarily downsizing, and they’re still heavily reliant on real estate agents—86% of younger boomers worked with one in 2024.

Another growing trend is multi-generational living, particularly among Gen X buyers. They’re purchasing larger homes to accommodate elderly parents or adult children, often motivated by cost-sharing or caregiving needs. Despite having the highest median income, Gen X and older millennials are buying fewer homes than boomers—further emphasizing the power of cash-rich buyers.

For sellers and agents alike, reputation, trustworthiness, and effective marketing remain critical. A whopping 88% of buyers used an agent in 2024, and 40% found theirs through a referral. Online listings remain the top resource for house hunters, with listing photos and detailed descriptions rated as most valuable.

The takeaway? Whether you’re buying, selling, or just watching the market—understanding the dynamics of each generation is key. Agents should prepare to work with retirees just as much—if not more—than first-time buyers in today’s evolving housing landscape.