San Francisco – HomeLight published its Top Agent Insights 2021 Year-End Report surveying over 1,000 top real estate agents on the most critical influences shaping tomorrow’s residential real estate market.
As the market settles into the fall season , 62% of agents report that bidding wars are on the decline, compared to only 3% last quarter, new trends for multi-generational housing, the growing popularity of accessory dwelling units (ADUs), and more young people moving to golf communities once known for retirees have emerged. The report paints a curious picture indicating how the pandemic has shifted what “home” means for retirees, their families, and millennials on the heels of a housing frenzy.
As the report indicates, more near-retirees are moving back in with their children to spark a rise in multigenerational housing popularity, the data also sheds light on a different trend: younger people are looking to move to golf communities, neighborhoods once known as havens exclusive for older adults.
This trend is more prominent in the Pacific and Mountain regions where ADUs have historically been leveraged as an affordable housing solution and 64% and 47% of agents, respectively, have seen an increase in these units since March 2020.
The top two uses of an ADU nationwide are to house parents of the owner living there (a trend cited by 61% of agents) or to support adult children who need temporary housing for financial reasons (35%). In third are short-term renters (tourists or vacations) with 32% of agents citing these guests as likely to inhabit ADUs in their market.
To view the whole report, click here.