Gen X, millennials set to inherit trillions in real estate wealth

For years, the coming wealth transfer sounded theoretical. Now it’s showing up in closing rooms, estate sales and sudden all-cash offers as younger buyers inherit property — and purchasing power — at unprecedented scale.

Coldwell Banker Real Estate released its Global Luxury 2026 Trend Report, finding that Generation X and millennials are expected to inherit an estimated $4.6 trillion in global real estate wealth over the next decade, with the U.S. projected to capture more than half of that transfer.

Findings show that 52% of the projected property wealth transfer will take place in the U.S. as assets shift from baby boomers to younger generations.

Gen X is expected to receive the largest share in the near term, while Millennials are projected to inherit the greatest portion over the longer horizon.

Based on three years of luxury home sales data and a survey of more than 100 Coldwell Banker specialists, the report concludes that younger, affluent buyers are redefining luxury real estate priorities — emphasizing lifestyle fit, long-term value and functionality over traditional status markers.

“The next generations are inheriting a historic amount of wealth and approaching luxury with intention,” said Michael Altneu, vice president of the Coldwell Banker Global Luxury program. “They are choosing homes that reflect their identity, support their day-to-day lifestyles and protect long-term financial value. For many, real estate has become a strategic piece of their wealth planning and a sanctuary for their well-being.”

Luxury market diverges from broader housing trends

As the wealth transfer accelerates, the report finds that luxury housing activity has started to separate from broader residential market conditions.

While higher interest rates and affordability pressures have slowed activity in some segments, affluent buyers continue to expand their real estate holdings.

Since 2020, global wealth among high-net-worth individuals has grown by nearly 40% — including a 29.4% increase in real estate holdings — reinforcing property’s role as a long-term store of value.

Nearly 80% of surveyed luxury agents described their local markets as “resilient,” citing stable pricing and consistent inventory turnover. In the U.S., luxury single-family home prices rose 3% in 2025, while sales increased 4%, according to the report.

“What we’re seeing is confidence, not caution,” Altneu said. “Luxury buyers are staying active, prices are holding, and demand is concentrating in markets that offer lifestyle depth and long-term stability. That’s why these markets continue to perform.”

U.S. positioned as primary beneficiary

The report identifies the U.S. as the leading beneficiary of the global wealth transfer, with an estimated $2.4 trillion in domestic real estate expected to change hands over the next 10 years.

Individuals with net worth between $5 million and $30 million are projected to drive nearly two-thirds of U.S. property transfers.

Since 2020, investment in U.S. luxury real estate among buyers with more than $5 million in net worth has increased nearly 60% — far outpacing growth in other countries.

Luxury buyers are also increasingly directing discretionary spending toward real estate — a trend the report refers to as “nest investing.”

High-net-worth households are prioritizing upgrades to primary residences and acquisitions of second or lifestyle properties over personal luxury goods.

Home-related spending among households with net worth above $30 million is projected to grow faster than spending on luxury consumer products. Demand is also accelerating for homes priced between $3 million and $10 million.

“Younger buyers are approaching asset allocation differently than older generations,” Altneu said. “They’re weighting real estate more heavily in their portfolios, signaling a preference for stability, utility and long-term value.”

New luxury hotspots emerge

Shifts in wealth migration are also redrawing the luxury real estate map.

The report highlights emerging luxury markets in the U.S. South and Midwest, including Atlanta, Nashville, Dallas, Salt Lake City, Minneapolis and San Diego.

These markets are attracting affluent buyers due to economic diversity, lifestyle amenities and relative stability — characteristics once associated primarily with legacy luxury hubs such as New York and London, the report added.

“Affluent buyers have more geographic flexibility than ever before,” Altneu said. “As wealth becomes more mobile, buyers are choosing different cities, and that shift is changing where luxury demand concentrates globally.”

Nearly 40% of surveyed agents said minimum bedroom and bathroom counts were non-negotiable, while homes with five or more bedrooms accounted for nearly two-thirds of luxury single-family inquiries.

The average luxury single-family home sold in 2025 measured approximately 4,250 square feet — nearly twice the size of the average new U.S. home.

“For today’s ultra-luxury buyers, special characteristics matter,” said Jade Mills, president of Jade Mills Estates and international ambassador of the Coldwell Banker Global luxury program. “They want homes with presence and lasting value, including acreage and privacy, forever views and architectural quality. Homes must tell a story to truly stand out.”