Piedmont Market Update - March 2024

Your Trusted Piedmont Real Estate Team – Buy or Sell with Confidence

Thinking of buying or selling a home in Piedmont? At Calia Homes, we specialize in guiding East Bay clients through the unique Piedmont real estate market with care and confidence. Whether you're searching for your dream home on a quiet tree-lined street or preparing to sell a legacy property near Piedmont Park or Crocker Highlands, our experienced Piedmont Realtors provide trusted advice, deep local insight, and a people-first approach. With decades of experience and a reputation built on referrals, we’re here to help you make smart, successful real estate decisions in Piedmont and the surrounding East Bay communities.

Piedmont Real Estate Update Generational Trends in Real Estate We often hear about the impact Millennials have had on the world since they came of age decades ago. From dominating the workplace and shaping social media to being environmentally conscious and native to the world of technology, they have undeniably altered the landscape. Their effect on real estate has also had an impact. From 2014 - 2022, Millennials formed the biggest share of buyers. However, in 2023, many home buyers of that generation put off a purchase due to the high cost of borrowing and unique buying habits. As a result, Gen Xers and younger Baby Boomers stepped up and took the lead. 2023 Profile of Home Buyers Since 2013, the National Association of Realtors has produced an annual report on the habits and trends of Buyers and Sellers. In 2023, we saw a few interesting data points in their research that we wanted to share. “Seventy-eight percent of home buyers financed their home purchase—a share that decreases as the age of the buyer increases. Younger buyers continue to depend on savings for their downpayment, while older buyers use proceeds from the sale of their previous residence. Twenty-two percent of younger Millennials received downpayment help in the form of a gift or a loan from a friend or relative. Older Millennial and Gen X buyers’ purchases were delayed the longest due to debt at a median of five years. Buyers overall were delayed primarily by student loan debt and high rental costs holding back saving. In fact, 35 percent of younger Millennials reported having student loan debt with a median loan balance of $30,000, compared to 30 percent of older Millennials with a median of $40,000. While only three percent of older Boomers had student loan debt with a median balance of $9,000. This may be due to not only their personal educational loans but accumulating debt from their children’s education.*