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Market-Moving Preferences

Millennials are the most educated generation in history, have higher earnings, and are set to inherit more than any prior generation, according to a May 2020 report by the Brookings Institute.

Characterized by their tech-savvy and environmentally conscious values, millennial preferences are poised to dramatically shape the market, a dynamic that has been on display during the Covid-19 pandemic. Beginning almost immediately after the coronavirus hit, for instance, buyers began to flock to areas that offered walkability, nature, and a well-rounded quality of life. (Think food and an art scene.) 

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Aspen, Colo., Austin, Texas, and Montecito, Calif., were all prime beneficiaries, Nelson explains. “It’s the difference of choosing where you want to live vs. Living where you work,” he says. “Millennials are thinking about their overall lifestyle. It’s propelled these second-tier markets into the top of the interest list.” Total sales volume in Aspen hit a record high of more than $1.5 billion in the third quarter, while in some neighborhoods of Park City, Utah, median sales prices spiked by more than 50% dur-ing the summer, according to Sotheby’s 2021 Luxury Outlook. Outside the U.S., the Morning ton Peninsula outside Melbourne on Australia’s southeastern coast has also seen a similar influx, the report states.