And the demand for Toll Brothers’ high-end homes isn’t slowing down — it saw a 7.1 percent increase in year-over-year sales during the third quarter of 2018.”
1. Smaller Homes
Millennials in the luxury home market are going for less square footage, without skimping on quality. They would rather have a smaller home with high-end amenities and furnishings.
2. Smart Homes
This is no surprise that the tech-savviest generation is looking for high-tech upgrades in their homes. “Constant connectedness, both personally and professionally, has become the norm for millennials.” Since Millenials are also known for pushing companies to offer the flexibility of working remotely, these two goes hand in hand.
3. Green Energy
Millennials in the luxury market are also very environmentally conscious when looking for their next home. They want features such as solar power, indoor air purification systems, tankless water heaters, and geothermal energy systems.
4. Walkability and Location
This goes hand in hand with the idea millennials are straying further from the suburbs and moving closer to urban areas. Being close to public transportation and being within close proximity to like-minded individuals, events, and things to do.
Some millennials in the luxury market are even giving up their cars to utilize ride-share services. Walkability is also important because like these rideshare services, many millennials will rent out their homes to Airbnb while they are out of town.
5. Indoor/Outdoor Living
Since more millennials are flocking to urban areas, indoor/outdoor living is becoming more and more important to millennials in the luxury market. They want to have a feeling of nature, health, wellness, and fresh air. “High-end condo developers have started adding lush outdoor amenities meant to encourage wellness. include an outdoor yoga deck in L.A., in New York City and a tranquility garden complete with lemon trees in Florida.”