How Today’s Home Buyer Trends Shape South Carolina

This photo of this old barn reminds me of scenes we see all around where we live but the landscape and views are definately changing.

If you have been wondering who is still buying homes in this market and who is having to sit on the sidelines a little longer, the latest National Association of REALTORS® generational trends report tells a pretty honest story. Across the country, Baby Boomers now make up 42% of home buyers, while Millennials account for 26%, Gen X makes up 25%, and Gen Z is still a small share at 4%. Baby Boomers also make up 55% of home sellers, which shows just how much of today’s market is being driven by longtime homeowners with equity.

And honestly, that tracks with what many of us are seeing here in South Carolina too. Around here, a lot of younger buyers still want a home, a yard, a porch, maybe a little land, and a place that feels settled. But wanting it and being able to comfortably afford it are two different things right now. Nationally, first-time buyers made up just 21% of all buyers, which is the lowest share NAR has recorded since it started tracking the data in 1981. Among Younger Millennials, 60% were first-time buyers, down from 71% the year before.

That drop matters because first-time buyers have always been the heartbeat of the market. They are the ones trying to plant roots, build equity, and get started. But higher prices, limited inventory, and everyday bills have made that harder than it should be. NAR says the market is sharply divided between homeowners with equity and first-time buyers trying to break in, especially younger Millennials. That is about as plain and true as you can say it.

Here in our part of South Carolina, I think that hits home even more. A lot of buyers are not looking for flashy. They are looking for practical. They want a home that works for their family, a payment they can live with, and maybe enough room for kids, pets, grandparents, or even a garden out back. That lines up with another big trend from the report: multigenerational living is still a real factor. NAR found that 14% of buyers purchased a multigenerational home, and Gen X led the way at 19%.

That makes sense in the South. Families here have always leaned toward staying connected. Sometimes that means aging parents moving in. Sometimes it means grown kids staying longer while they save money. Sometimes it means buying a place with enough room so everybody can breathe a little easier. That is not a trend that feels strange here. It feels familiar.

Another thing the report makes clear is that Older Millennials are in a very different spot than younger buyers. NAR found that Older Millennials had the highest median household income of any generation at $132,700, and they bought the largest homes with a median size of 2,100 square feet. In other words, many of them are not just trying to buy their first house anymore. They are trying to buy the next right house.

That shows up here too. Some buyers are still fighting to get in. Others are moving up because they have outgrown where they started. Some are leaving neighborhoods for a little acreage. Some want less maintenance and easier living. Some are selling because they are ready for a simpler chapter. It is not one market. It is several markets happening at the same time.

Even Gen Z is beginning to leave its mark. NAR reported that Gen Z made up 4% of buyers, and among that group, 35% were single women, the highest share among all generations. That says a lot. Young buyers are still finding ways to make ownership happen, even if the path does not look like it used to.

For South Carolina buyers and sellers, the biggest lesson is this: real estate is personal. National numbers are helpful, but they do not replace local strategy. A first-time buyer in our market needs a different plan than someone selling a paid-for house and buying with equity. A family moving here from out of state is going to shop differently than someone who has lived here all their life and just wants more land or a better layout. The report gives the big picture, but the day-to-day decisions still come down to what works for your life and your budget.

That is why I always say real estate does not have to be complicated. It just needs to be explained clearly and handled the right way. Whether you are trying to buy your first place, move up, downsize, or figure out whether now is even the right time, the right plan matters more than hype.

Casey Breitenbach

Broker-in-Charge | REALTOR

Source: https://www.nar.realtor/research-and-statistics/research-reports/home-buyer-and-seller-generational-trends?utm_source=chatgpt.com