As technology evolves, smart appliances have become a mainstay in homes across the globe. These advancements have aided consumers and home builders alike, with one report suggesting smart technology can help investors see higher returns on home sales. According to recent insight from the National Association of Realtors, the global smart home market was valued at $81 billion as of 2022, and by the end of 2030, its value is expected to exceed $338 billion. These metrics suggest consumers are actively pursuing smart technology when house hunting to aid with energy efficiency, provide greater home security, and potentially increase resale value.
In today’s market, automating homes can build equity and smart home features can help a home sell faster, at a higher price. IoT devices have been shown to increase a property’s resale value by up to 5%. And current research indicates that 77% of home buyers are interested in smart homes.
Considering that roughly half of millennials use smart technologies, and they are the largest demographic of potential home buyers, it’s not surprising that almost 90% of millennials are willing to pay more for the benefits smart homes offer. And though possibly less tech-savvy, 65% of baby boomers report a willingness to spend more on properties that are IoT-enabled, which is a sizable market.