Salt Lake City’s appeal goes far beyond the TikTok-famous “MomTok” scene—this Utah hotspot is fast becoming a Millennial magnet. Molly Jones, Managing Partner of The Agency Salt Lake City, shares the inside scoop on why a new generation of homebuyers are flocking to SLC. From their preferred communication style to the challenges they face and the amenities they crave, Jones dives deep into what’s making this city a top destination.
What neighborhoods in Salt Lake City are attracting Millennial buyers most right now?
Rose Park, Murray, Sandy and Millcreek.
What do you think is attracting them to these areas?
Community vibes are definitely a key decision factor for Millennial buyers; with so many working from home, the ease of access to great local spots and a sense of community has become more important than ever. We also have so many Millennials moving here for the incredible work/life balance that is offered with being so close to the mountains, so easy access to the outdoors is always a major selling point. We also have a lot of clients who are interested in long-term equity-building opportunities, so they’re drawn to homes that have income potential or are in areas that are still “up-and-coming” and might not be as established yet.
The texting “group chat” tends to be the dominant communication style,
using texting to share information and collaborate throughout the day.
What makes Millennial buyers different from other generations of buyers?
Millennial buyers are curious, and they definitely look at real estate from a more holistic perspective than simply a place to sleep. The overall lifestyle a home can provide appeals much more than more simple factors like beds/baths and finishes in the kitchen. They are more likely to be interested in a more transitional neighborhood if they know the long-term benefits of starting a real estate portfolio are possible with that home.
With technology and information at their fingertips, they ask a lot of questions, which creates an even greater need for real estate agents to be professionals and experts in their field; the ability for a part-time agent or someone who doesn’t make training and education a priority to get hired has become much more difficult —the value proposition that an agent brings to the table is more important than ever, which is why it is so important to align yourself with a reputable company who has incredible tools and resources to serve their clients.
The texting “group chat” tends to be the dominant communication style, using texting to share information and collaborate throughout the day as couples are rarely together until the evening, and it makes staying on the same page as one another easier.
Where do you see Millennial buyers coming from?
We have seen many buyers from larger, more expensive metros like New York, San Francisco and Seattle, with these buyers looking for a strong job market, a focus on quality of life, and a lower cost of living.
Open floorplans and great backyards are important, and a lot of [homebuyers] require
a good home office solution as usually, someone works from home in some capacity.
When it comes to owning a home, what amenities do Millennial buyers prioritize?
At more entry-level price points, the focus is definitely on the flexibility of the property to provide additional benefits like an income-producing portion of the home, or in more affordable up-and-coming area that might have less amenities, but ultimately offers a long-term upside as an investment.
At the higher price points, amenities that make entertaining easy, like open floorplans and great backyards are important, and a lot of them require a good home office solution as usually someone works from home in some capacity.
Walkability to cool local venues, and quick and easy access to the outdoors are also key amenities that always appeal to millennial buyers. They also take great consideration for how a home works with their pets! We have many buyers who make their decisions based on how well a space will work for their dogs.
Community vibes are definitely a key decision factor for Millennial buyers.
With so many working from home, the ease of access to great local spots and a sense of community has become more important than ever.
Do you have any stats or data about Millennial buyers over the past year that are notable?
Millennial buyers still make up around 50% of the active buyer pool, and a Pew Research study showed that nearly 90% of Millennials are active social media users. This creates an incredible need for agents to be active on social media and ensure their listings are seen on these platforms. Agents who don’t prioritize social media or understand the value of their company’s brand on social media are going to fall behind.
What are your predictions for Millennial buyers in your real estate market? What can we expect to see this year and into the future?
Millennial buyers really understand the value of looking at real estate as an investment more than just a “home,” and so I predict the trend is going to continue to head towards prioritizing things like ADUs (accessory dwelling units) and value-added opportunities. I also predict a bigger demand on the amenities of the neighborhoods to be community-based, with buyers wanting unique, local options at their doorstep since they’re spending so much more time at home.
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