Millennials embracing 'for sale by owner'

New data from ForSaleByOwner.com's ForSaleByOwner Trend Watch suggests that millennials are increasingly forgoing real estate agents during the homeselling process.

The report revealed that millennials are the fastest-growing demographic to adopt homeselling by owner, though there's a growing number of homeowners across all demographics.

“We’re seeing a dramatic transformation of the real estate industry with today’s consumers, especially millennials exerting more control over the buying and selling process than we have ever seen before,” said Lisa Edwards, director of business strategy at ForSaleByOwner.com. “Half of all respondents in our report noted that they’d consider selling their home on their own, which tells us that consumers are feeling more comfortable, informed and especially empowered to tackle any of the important home-selling activities – from marketing to price setting – without an agent.”

The research found that about 55% of millennials would consider selling their homes themselves, and nearly half of consumers of all age groups are using their own research to set the price of their homes.

The growing popularity of independent homeselling has contributed to a 57% year-over-year increase in number of new listings on the site this past spring, with lots of new activity occurring in New York, Boston, Philadelphia and other hot markets.

Additionally, the shift seems to be working in the homeowner's favor.

ForSaleByOwner.com's median time on the market is 30 days, which is 4 days less than the national average.