What's Driving Today's Homebuyers: Price Or Location?

WRE News March 8, 2024

Buyer

What's Driving Today's Homebuyers: Price Or Location?

Today’s homebuyers place more emphasis on the property’s price rather than its location, according to a new survey released by Coldwell Banker Real Estate, an Anywhere (NYSE: HOUS) brand.

In a nationwide poll of 4,213 Americans, 56% of respondents cited price as being more important than location, which was cited by 50%. Women valued price more than men – 60% to 48%, respectively.

Still, the value of location remained considerable – nearly one-third of respondents (32%) said their ideal home is located in the South, while one-quarter pointed to the Northeast (24%). Location also played a strong role in the decision making of many home sellers – 39% of respondents who planned to sell their home in the future said they were more likely to move to a different city after they sell their home, compared to only 19% of sellers who were polled in 2022.

Among buyers, 43% of respondents admitted they were either somewhat influenced or highly influenced by social media in their desire to purchase a particular type of home – and among buyers of luxury properties, that percentage was 73%. However, the Gen Z respondents admitted they have been influenced by TikTok (68%) while consumers aged 55 and above are most likely to have been influenced by Facebook (54%).

Looking ahead, more than half of respondents (56%) believed the real estate landscape will either improve or remain the same in 2024 compared to the previous year.


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