More Buyers To Enter The Real Estate Market In The Coming Years
Zillow has recently published some interesting statistics that suggest considerable growth for the real estate market in the next few years.
According to a recent blog on its website, an extra 3.11 million people will be reaching what Zillow calls "prime first-time home buying age."
In terms of numbers, Zillow says that 44.9 million people will turn 34, which is the current median age of first time buyers. This apparently represents a rise of 7.4% in comparison with the past decade.
The article goes on to say that prices will again climb quickly, not least because even more buyers will place more pressure on the inventory of available homes, which is likely to push the median age of buyers even further out.
Another important reason for home buying is that Zillow believes rents will also continue to climb. This is, of course, a trend that has been informing the market for some years now with demand often outstripping supply.
Looking more locally, Zillow identifies the San Diego market as the second highest area in the country's largest 50 metros, in terms of there being almost 20% more potential buyers in the coming years (people turning 34 over the next decade, in comparison to the past 10 years).
Clearly this bodes well for our Coronado market, as there will be a steady and growing stream of buyers in our area making their way through the real estate chain in the coming years.