Real estate agents who aren't maximizing social media in business are missing out on valuable opportunities to expand their sphere – especially with young consumers. Today, 41% of Gen Z and millennials are using social media to learn about real estate, according to the 2024 RE/MAX Future of Real Estate Report. Plus, two in three of these real estate consumers, ages 18 to 43, say that agents on social media make it easier to find properties and that they make the information on the home buying and selling processes more accessible.

Other preferences of this cohort – including what they look for in a prospective home and how they plan to achieve homeownership – are evolving, too. And the more informed an industry professional can be about these Gen Z and millennial trends, the better they can meet the needs of the modern consumer. After all, the combined Gen Z and millennial generations currently account for 41% of buyers and 25% of sellers in the U.S., according to the National Association of REALTORS®.

"What makes people tick? That's an age-old question – but it's one we're exploring in-depth through a modern lens, thanks to timely and robust research found in this year's RE/MAX Future of Real Estate Report. RE/MAX provides real estate professionals with insights that help them generate effective marketing materials, curate an impactful digital footprint and facilitate seamless, tech-enabled transactions that align with the future-focused preferences of Gen Z and millennial consumers.," says Amy Lessinger, President of RE/MAX, LLC.

"Understanding these tendencies can – and should – shape strategy. Consumer trends continually evolve, and business practices should evolve as well."

Here are a few key findings from the 2024 RE/MAX Future of Real Estate Report worth considering:

Facebook is the top social media platform Gen Z and millennials visit to browse the property market

Home search websites and portals aren't the only places consumers are heading to house hunt. The top three places Gen Z and millennials are going to look for properties are home search portals, Facebook and agent websites. Plus, one in four consumers in these demographics use Facebook to find their real estate agents, while one in five uses Instagram and TikTok.

One third of younger consumers report finding a real estate agent with expertise has become more important to them over the last year

As the housing market, real estate industry, mortgage sector and economic environment continue to shift, many homebuyers and sellers are realizing the importance of working with a real estate agent that's prepared to handle anything that comes their way. A trusted agent with immense real estate expertise, including strengths like market knowledge, home pricing strategy, negotiation skill and more, has become increasingly important to today's consumers.

Clear communication is a top priority when Gen Z and millennial consumers are seeking an agent

In the RE/MAX report, out of 23 factors identified, homebuyers and sellers chose responsiveness – and easiness to contact – as their No. 1-ranked priority when deciding on a real estate agent to work with.

Family members are the No. 1 source of guidance these buyers and sellers are looking to for help

One in four consumers say it's very important to find a house near family. And even more report also looping family members into their real estate transaction from the start. Forty-seven percent of would-be first-time homebuyers from this cohort lean on family to learn about the real estate market. And 53% take into consideration the views and opinions of family members when actually buying and selling a home.

57% of Gen Z and millennials say they want to be homeowners before they start a family

The stability homeownership can bring seems to be a top priority for more than half of respondents, who said they'd like to own a home before starting a family. The power of the American dream is also seen when considering 66% of Gen Z and millennial homeowners say that owning a home makes their life less stressful.

Move-in ready homes are preferred over fixer-uppers

RE/MAX data showed that 32% of prospective first-time buyers say they're looking for homes that are ready to move into, compared with only 16% of prospective first-time buyers who say they're looking for places with renovation potential. Amid busy lifestyles and rising costs of living, it's no surprise that more of these consumers are looking for a home requiring less attention and additional investment.

Local amenities are the top priority feature for Gen Z and millennial homebuyers

A house itself is important – but to today's young homebuyers, other local offerings like grocery stores and gyms are crucial, too. When asked about important features of the surrounding area of their home, local amenities were ranked as the top priority.

Check out the full 2024 RE/MAX Future of Real Estate Report for further insights into the evolving trends of Gen Z and millennial homebuyers and sellers.