Nearly 2x First-Time Buyers Than Repeat Buyers Purchased New Homes in 2024

Compared to repeat homebuyers, in 2024, first-time buyers were almost twice as likely as repeat buyers to purchase new homes.

Recent Home Buyer and Seller Study

1 Month Faster Home Sales in 2024

Limited inventory favored sellers, who sold their homes about one month faster than in 2022, while buyers faced a longer purchasing process.

Recent Home Buyer and Seller Study

85% of Homebuyers Make Improvements Within 12 Months

First-time buyers are more likely to renovate their newly purchased homes.

Generational Differences in Home Improvement Activity

35% of Millennials and Gen Z Prioritize Projects to Enjoy Their Home Compared to Only 21% of Boomers

Unlike Boomers, Millennials approach home improvements with a more discretionary mindset, prioritizing enjoyment, style, and quality of life over increasing home value. Project activity reflects this shift in motivation among younger homeowners.

Generational Differences in Home Improvement Activity

21% of Millennials Invested Over $5,000 in Home Improvement

Millennials not only express the most optimism about home improvement but also lead in spending, with 21% investing over $5K in projects. As enthusiasm declines with age, so does home improvement spending, following a clear generational trend.

Generational Differences in Home Improvement Activity

49% of Millennials Plan to Increase Home Improvement Spend

Millennials show the highest confidence in tackling home improvement projects this year, whether small or large. They are also the most likely to hire professionals and increase spending in the next 12 months, outpacing Gen X and Boomers in their enthusiasm for home upgrades.

Contractor Technology Adoption in Home Improvement How Contractors Are Embracing Technology: Trends, Challenges, and Opportunities [INFOGRAPHIC]

2 in 3 Pros Use AI

Two-thirds of contractors use AI in some way, with Mechanical Pros leading the charge and Finish Pros lagging behind. As AI tools become more accessible, adoption rates may continue to shift across trades.

Contractor Technology Adoption in Home Improvement How Contractors Are Embracing Technology: Trends, Challenges, and Opportunities [INFOGRAPHIC]

25% of Pros Have No Drive to Adopt Advancing Tech

Contractors who adopt less tech focus on cost savings, while those embracing high-tech solutions worry less about price. This divide highlights how different priorities shape technology adoption across the industry.

Contractor Technology Adoption in Home Improvement How Contractors Are Embracing Technology: Trends, Challenges, and Opportunities [INFOGRAPHIC]

70% of Pros Update Their Tech Annually

Larger firms are quicker to embrace new technology, with Mechanical contractors and Landscapers at the forefront. Smaller businesses tend to adopt tech more slowly, often due to cost and resource limitations.

Pro Attitudes Toward Good-Better-Best Product Offerings Pro Attitudes Toward Good, Better, Best Product Offerings [INFOGRAPHIC]

41% of Pros Report Brand Reputation Outweighs Price and Quality

HIRI research reveals that brand reputation is the top factor influencing pro purchasing decisions, outweighing price, availability, and quality. Shifting from a poorly rated to a highly rated brand has a dramatic impact on pro preferences.

Pro Attitudes Toward Good-Better-Best Product Offerings Pro Attitudes Toward Good, Better, Best Product Offerings [INFOGRAPHIC]

82% of Pros Use Brands with Good-Better-Best Product Offerings Approach

A remarkable 96% of building product pros are aware of the Good-Better-Best (GBB) approach, with 82% frequently using brands that adopt it. Clear communication and quality standards are key to winning pro loyalty and trust.

Pro Attitudes Toward Good-Better-Best Product Offerings Pro Attitudes Toward Good, Better, Best Product Offerings [INFOGRAPHIC]

Good-Better-Best Strategies Boost Pro Satisfaction and Loyalty

According to our recent research studying Pro Attitudes of Good-Better-Best Product Offerings, we found that providing a range of GBB product lines to your customers can help you increase their satisfaction, brand loyalty, and repurchase intent.

Home Services Study Who’s Hiring Pros for Home Services in 2024? [INFOGRAPHIC]

1 in 4 Homeowners Want Transparent Pricing

Looking for homeowner trust? Nearly two-thirds prefer booking over the phone or in person, and almost a quarter value transparent pricing. Dive into HIRI's Home Services Study for more.

Home Services Study Who’s Hiring Pros for Home Services in 2024? [INFOGRAPHIC]

Top 4 Factors Influencing Homeowner Choice of Professionals

Looking to connect with homeowners? Work quality and a strong reputation are more important than price, as revealed in HIRI's Home Services Study.

Home Services Study Who’s Hiring Pros for Home Services in 2024? [INFOGRAPHIC]

35% of Homeowners Hired Pros

How much do homeowners really spend on home maintenance? And how often do they hire pros vs. DIY? HIRI’s latest Home Services Study dives into key insights on homeowner habits, satisfaction and service preferences.

Fast Facts