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While the real estate market is facing economic headwinds and the stock market is currently in turmoil, there’s a much broader and more positive economic trend that brokerages need to pay close attention to if they want to thrive in 2025 and beyond.

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With an expected $84 trillion in wealth flowing from the Silent Generation and Baby Boomers to their heirs by 2045 — a shift being referred to by market watchers as the Great Wealth Transfer — brokerages will need clear, grounded strategies paired with both new and time-tested skills to win market share in the years ahead. 

Understanding the great wealth transfer

As we navigate the Great Wealth Transfer, it behooves us as trusted advisors to deeply understand the context in which our clients are making major financial decisions. Brokerage leaders must guide agents in developing effective wealth-transfer strategies for their clients, rooted in the rules governing the transfer and taxation of multigenerational wealth.

The ultimate goal is to serve our clients, guiding them to make wise investment choices and buffer them against any potential impacts of this historic shift. 

Building generational trust

As part of this approach, brokerage leaders must be skilled at building generational trust. Successful brokers will understand and align themselves with the lifestyle, values and goals of the next generation of clients.

If Baby Boomers and Gen X value long-term wealth building, retirement planning and strategic location investing in their real estate investment strategy, Millennials and Gen Z may be more prone to living as global citizens who place a higher value on lifestyle, sustainability and wellness.

By identifying generational values, asking astute questions and actively listening, brokerages can better serve each client’s unique needs and strategically capture market share throughout this seismic change. 

Adopt a growth mindset

Brokerages should continually invest in expanding their team’s skills and expertise. Standing still means falling behind. For most of us, learning feels exhilarating. Don’t shortchange yourself or your team by missing opportunities to learn — and teach.

The hallmarks of a growth mindset include active listening, learning from feedback, embracing challenges as opportunities, persevering through change and believing that everyone is capable of growth through consistent effort. It’s not just about business growth — it’s about fostering a culture that values learning, growth and effort as much as results, where individual successes are celebrated.

Create memorable client experiences

In our most recent annual wealth report, we identified the evolving habits of the luxury consumer. As the next generation of real estate investors inherit wealth, brokerages that drive innovation through personalized and curated client experiences, strategic partnerships, and new products and services tailored to meet clients’ evolving needs are likely to thrive.

Brokerages that create unique brand collaborations or segment their database to deliver tailored communications and personalized messages are examples. Focus on your clients and respond to rapid-fire industry changes, market trends and economic fluctuations with valuable information and elegant solutions that fit the moment, not the industry as it was five or 10 years ago — or even last year. Personalized property searches, distinctive open-house events, and virtual home and neighborhood tours have become the industry standard.

Lean into digital innovation

As the luxury consumer’s habits evolve, savvy brokerages must lean into digital innovation to maintain a competitive edge. Delivering best-in-class digital experiences and innovative products and services online, where consumers spend much of their time, is crucial.

The best brokerages are more than a real estate brand; they’re a lifestyle and media brand, too. A strong and innovative tech team is essential to brokerage success in this digital age.

Focus on collaboration

Collaboration is a pillar of effective leadership, and at The Agency, we’re proud to foster a workplace culture where teamwork truly flourishes, diverse perspectives are welcomed, and every team member’s unique contributions are celebrated. It’s not just something we value — it’s central to who we are, and it results in greater productivity, inclusivity, innovation and better business outcomes.

At The Agency, we invite stakeholders across departments to gather and share new ideas, respecting established channels of communication, to drive forward the best consensus-based ideas.

Build a positive company culture

A healthy company culture doesn’t just happen — it’s intentionally cultivated and evolves as your brokerage grows. Instead of hiring for “culture fits,” look for “culture adds” — individuals who bring fresh perspectives and diverse experiences to enrich your brokerage team, avoid echo chambers and drive long-term growth.

In the face of economic headwinds and shifting market dynamics, brokerages must embrace change with clarity, strategy and agility.

The Great Wealth Transfer presents a once-in-a-generation opportunity — one that demands a deep understanding of generational aspirations, a commitment to building trust and an unwavering focus on innovation. By using these strategies, brokerages can position themselves not only to weather the current market — but to lead it.

Rainy Hake Austin is president of The Agency in Los Angeles. Connect with her on Instagram.

Bigger. Better. Bolder. Inman Connect is heading to San Diego. Join thousands of real estate pros, connect with the Inman Community and gain insights from hundreds of leading minds shaping the industry. If you’re ready to grow your business and invest in yourself, this is where you need to be. Go BIG in San Diego!

Although the pandemic buying boom is over, it continues to impact consumer expectations and pricing trends throughout the country. Although the typical starter home is still below $200,000, there are a growing number of cities with starter homes priced at $1 million or more — a steep price for a first-time buyer.

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According to Zillow’s latest market report, the number of cities with $1 million starter homes has grown from 85 in 2020 to 233 in 2025, representing a 174 percent increase. California (113), New York (32), New Jersey (20), Massachusetts (11) and Florida (11) lead the way in the number of cities with seven-figure starter homes, with the remaining 20 states having at least one city where the median starter home clocks in at $1 million.

Kara Ng | Credit: LinkedIn

On a metro level, the New York City metro area, which includes parts of New Jersey and Pennsylvania, has 48 cities with $1 million starter homes. The San Francisco metro has the next-highest count at 43, Zillow said, followed by Los Angeles (34), San Jose (16), Miami (8) and Seattle (8).

Zillow Senior Economist Kara Ng said the report underpins the volatility of today’s market, which has led would-be homebuyers to delay their homeownership dreams. First-time homebuyer activity dropped to a new low in 2024, with the National Association of Realtors reporting this demographic only accounted for 24 percent of sales. The median age for first-time buyers also increased from 25 to 38, a new high since NAR began tracking sales.

“First-time buyers are facing a market where prices that once seemed unimaginable have become reality,” Ng said in a prepared statement.

Despite the growth in $1 million starter homes, Ng said there’s still plenty of opportunities for buyers to thrive.

The latest slate of existing-home and new-home sales data shows increasing inventory levels, which led to softening home price growth for existing stock and price declines for new builds.

“The encouraging news for buyers is that starter homes remain well below $1 million in most of the country,” Ng said. “With more homes hitting the market, listings lingering longer, and sellers cutting prices at record rates, buyers are starting to regain some negotiating power.”

Email Marian McPherson

Bigger. Better. Bolder. Inman Connect is heading to San Diego. Join thousands of real estate pros, connect with the Inman Community and gain insights from hundreds of leading minds shaping the industry. If you’re ready to grow your business and invest in yourself, this is where you need to be. Go BIG in San Diego!

Although the pandemic buying boom is over, it continues to impact consumer expectations and pricing trends throughout the country. Although the typical starter home is still below $200,000, there are a growing number of cities with starter homes priced at $1 million or more — a steep price for a first-time buyer.

TAKE THE INMAN INTEL SURVEY FOR APRIL

According to Zillow’s latest market report, the number of cities with $1 million starter homes has grown from 85 in 2020 to 233 in 2025, representing a 174 percent increase. California (113), New York (32), New Jersey (20), Massachusetts (11) and Florida (11) lead the way in the number of cities with seven-figure starter homes, with the remaining 20 states having at least one city where the median starter home clocks in at $1 million.

Kara Ng | Credit: LinkedIn

On a metro level, the New York City metro area, which includes parts of New Jersey and Pennsylvania, has 48 cities with $1 million starter homes. The San Francisco metro has the next-highest count at 43, Zillow said, followed by Los Angeles (34), San Jose (16), Miami (8) and Seattle (8).

Zillow Senior Economist Kara Ng said the report underpins the volatility of today’s market, which has led would-be homebuyers to delay their homeownership dreams. First-time homebuyer activity dropped to a new low in 2024, with the National Association of Realtors reporting this demographic only accounted for 24 percent of sales. The median age for first-time buyers also increased from 25 to 38, a new high since NAR began tracking sales.

“First-time buyers are facing a market where prices that once seemed unimaginable have become reality,” Ng said in a prepared statement.

Despite the growth in $1 million starter homes, Ng said there’s still plenty of opportunities for buyers to thrive.

The latest slate of existing-home and new-home sales data shows increasing inventory levels, which led to softening home price growth for existing stock and price declines for new builds.

“The encouraging news for buyers is that starter homes remain well below $1 million in most of the country,” Ng said. “With more homes hitting the market, listings lingering longer, and sellers cutting prices at record rates, buyers are starting to regain some negotiating power.”

Email Marian McPherson

Bigger. Better. Bolder. Inman Connect is heading to San Diego. Join thousands of real estate pros, connect with the Inman Community and gain insights from hundreds of leading minds shaping the industry. If you’re ready to grow your business and invest in yourself, this is where you need to be. Go BIG in San Diego!

The apartment data firm RealPage is facing yet another legal challenge over its rent-setting technology. This time, New Jersey has the firm in its crosshairs.

New Jersey Attorney General Matthew Platkin on Wednesday filed a lawsuit against Texas-based RealPage and 12 property management and development firms, including some of the nation’s largest. The suit alleges RealPage colluded with the firms to unfairly raise rent prices, violating state and federal antitrust laws as well as consumer protection laws.

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“The defendants in this case unlawfully lined their pockets at the expense of New Jersey renters who struggled to pay the increasingly unlivable price levels imposed by this cartel,” Platkin said in a statement. “Today we’re holding them accountable for unlawful conduct that fueled the state’s affordable housing crisis and deprived New Jerseyans of their fundamental right to shelter.”

The complaint largely makes similar allegations against RealPage and the property management firms that have been made by a handful of other lawsuits filed in other states.

Platkin’s lawsuit takes aim at price-setting algorithms RealPage created and licensed to its clients, who in the past agreed to share data and receive guidance on rent increases to optimize occupancy of their buildings.

“Stated simply, these products employ statistical models that use data—including proprietary, non-public data—to estimate supply and demand for multifamily housing that is specific to particular geographic areas and unit types, and then generate a price to charge for renting those units that maximizes the landlord’s revenue,” Platkin’s office said in a statement.

“The complaint asserts the RealPage software is anticompetitive by design because it restricts meaningful price reductions and facilitates collective action to push rents higher,” it continued.

Among the companies listed as defendants are three of the largest property management firms in the country, along with large landlord companies in New Jersey.

• Morgan Properties Management Company
• AvalonBay Communities
• Kamson Corp
• LeFrak Estates
• Realty Operations Group
• Greystar Management Services
• Aion Management
• Cammeby’s Management
• Veris Residential
• Russo Property Management
• Bozzuto Management Company

Greystar manages 946,742 units as of 2025, according to the National Multifamily Housing Council. Bozzuto manages 121,232 units, and AvalonBay manages 86,753 units.

The other defendants aren’t within the top 50 among property managers in the U.S., according to the NMHC.

More cases pending

RealPage announced in December that it received word the U.S. Department of Justice had ended a criminal investigation into multifamily rental pricing — though other civil cases involving the company are still ongoing.

The company is facing lawsuits in Washington D.C., as well as with a handful of states that filed a lawsuit against the company.

Each of the suits takes aim at the company’s rent-pricing algorithms and also names large landlords as defendants.

RealPage and other defendants have filed motions to dismiss the U.S. vs. RealPage case this month. The judge in that case has yet to rule on the motion.

RealPage also filed a lawsuit of its own earlier this month, challenging Berkeley, California’s ban on rent-setting algorithms.

RealPage responds 

In response to the lawsuit, RealPage said that it was “disappointed” by Platkin’s lawsuit, which a spokeswoman for the company said was “recycling the inaccuracies of predecessor cases to blame RealPage for New Jersey’s housing affordability challenges.”

“Today’s action against RealPage was a surprise, as there were no efforts by them to engage with RealPage prior to filing the lawsuit, further underscoring the problem with this process and the politics in play,” RealPage spokeswoman Jennifer Bowcock told Inman in a statement. 

Throughout numerous lawsuits and class action complaints across the country, RealPage has maintained that its software was designed to be legally compliant.

“RealPage’s revenue management software helps housing providers comply with Fair Housing laws, rent control laws and state of emergency price gouging laws, and does not use any personal or demographic data to generate rent price recommendations,” Bowcock said. “New Jersey residents deserve real solutions to increase access to affordable housing.”

She called on the state to focus on policy reforms that would increase housing supply to drive down prices.

Email Taylor Anderson

Bigger. Better. Bolder. Inman Connect is heading to San Diego. Join thousands of real estate pros, connect with the Inman Community and gain insights from hundreds of leading minds shaping the industry. If you’re ready to grow your business and invest in yourself, this is where you need to be. Go BIG in San Diego!

Existing-home sales fell in March to their slowest pace since the subprime mortgage crisis in 2009 as high home prices and mortgage rates continued to impede buyers, data released Thursday by the National Association of Realtors shows.

Sales dropped in all four major regions month over month, with total existing-home sales decreasing by 5.9 percent from February to a seasonally adjusted annual rate of 4.02 million in March. On an annual basis, sales dropped by 2.4 percent from March 2024’s rate of 4.12 million.

Economists had pegged March 2025’s existing-home sales to hit closer to 4.13 million units.

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“Homebuying and selling remained sluggish in March due to the affordability challenges associated with high mortgage rates,” NAR Chief Economist Lawrence Yun said in a statement. “Residential housing mobility, currently at historical lows, signals the troublesome possibility of less economic mobility for society.”

Total inventory hit 1.33 million units in March, which was up 8.1 percent month over month, and up 19.8 percent year over year. At the current sales rate, unsold inventory is at a 4 month supply, which is up from 3.5 months in February 2025 and up from 3.2 months in March 2024.

The median existing-home sale price across all housing types rose 2.7 percent year over year to $403,700.

“In a stark contrast to the stock and bond markets, household wealth in residential real estate continues to reach new heights,” Yun added.

“With mortgage delinquencies at near-historical lows, the housing market is on solid footing. A small deceleration in home price gains, which was slightly below wage-growth increases in March, would be a welcome improvement for affordability. With real estate asset valuation at $52 trillion, according to the Federal Reserve Flow of Funds, each percentage point gain in home prices adds more than $500 billion to the household balance sheet.”

Homes typically stayed on the market for 36 days in March, according to the Realtors Confidence Index, down from 42 days in February and up from 33 days the year prior.

First-time homebuyers made up 32 percent of March home sales, up slightly from 31 percent in February and equal to March 2024.

Cash deals represented 26 percent of transactions, down from 32 percent in February and 28 percent in March 2024. Individual investors and second homebuyers (who represent many cash sales) bought 15 percent of homes in March, which was nearly equal to February 2025 and March 2024 figures.

Single-family sales declined 6.4 percent from February to a seasonally adjusted annual rate of 3.64 million, which was down from 2.2 percent in March 2024. Existing condo and co-op sales stayed flat month over month at a seasonally adjusted annual rate of 380,000 units, down 5 percent from the previous year.

By region

• In the Northeast, existing-home sales dropped 2 percent from February to an annual rate of 490,000. The median price rose 7.7 percent annually to $468,000.
• In the Midwest, existing-home sales dropped 5 percent from February to an annual rate of 950,000. The median price rose 3.5 percent annually to $302,100.
• In the South, existing-home sales declined 5.7 percent from February to an annual rate of 1.81 million. The median price ticked up 0.6 percent on an annual basis to $360,400.
• In the West, existing-home sales tanked 9.4 percent from February to an annual rate of 770,000. The median price increased 2.6 percent on an annual basis to $621,200.

Email Lillian Dickerson