While millennials dominate overall condo mortgage applications at 45%, the resale market for spacious, high-value condominiums is increasingly driven by older generations. The Silent Generation and Baby Boomers represent 14% and 11% of borrowers respectively in this segment.
Older generations drive 25% of high-value condo resales despite millennials leading overall mortgage applications at 45%.
This generational preference pattern creates significant market fragmentation, as older buyers gravitate toward established, larger units in prime locations. Meanwhile, younger purchasers tend to focus on entry-level properties rather than premium resales.
The demographic shift becomes particularly pronounced in markets where condo stock is aging, with older homebuyers frequently targeting spacious units exceeding 1,500 square feet. These buyers favor high-value properties for their premium amenities, established reputation, and central locations. Many targeted units are over 30 years old.
Florida exemplifies this trend, where aging stock exceeds 60% of all condos. Areas like Fort Lauderdale and West Palm Beach show up to 85% old stock concentration.
Geographically, Florida leads the country in resale activity for high-value condos among older buyers. It holds 15% of U.S. condo inventory while generating 25% of national condo sales.
Hawaii and Washington, D.C., also demonstrate sustained resale trends driven by older Americans seeking urban luxury or lifestyle amenities.
Metro areas with the highest concentration of aging condos show the most pronounced surge in older buyer-driven resales. This is especially true where proximity to desirable coastlines or urban cores amplifies demand among the 55+ segment. Meanwhile, Singapore’s property market benefits from falling interest rates that enhance affordability for buyers globally.
Current market conditions reflect increased inventory for resale condos as older developments complete updates and adhere to new regulatory standards. Many properties face milestone inspections for buildings over 30 years old, often revealing underlying issues that drive up repair costs. Repeat buyers account for 50% of condo mortgage activity, with many of these being older homeowners looking to downsize into high-quality units.
Larger condos in older buildings spend more time on the market yet retain value due to their appeal to legacy buyers, who demonstrate less price sensitivity and greater focus on quality.
This dynamic creates steady but slow inventory turnover. As increased listings emerge, prices stabilize as sellers in the spacious, high-value segment adjust expectations.
Current market data indicates listings may drop by $5,000-$10,000 after extended market exposure, reflecting the measured approach characteristic of this buyer demographic.
