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There may be a lot of talk about downsizing, but according to real estate statistics and construction reports, that’s about all it is – just talk! As builders look to make up for time (and money) during the real estate downturn, the mantra is bigger and better. Last year saw the average size of a new home increase about 2,600 square feet – with about a third of new homes built last year creeping up towards 3,000 square feet. (Homes larger than 4,000 square feet accounted for slightly less than 10% of all new homes built in the U.S. in 2014. Continuing the trend, average square footage for a new home has gone from 2,600 to slightly over 2,700 square feet in the first three months of 2015. One custom-home builder reported that requests for homes in the 8,000 – 10,000 square foot range were up and there’s no sign that desire for larger homes is waning. In fact, according to one real estate survey, nearly half of buyers want a somewhat or much bigger home than they have. Baby boomers preferred bigger homes by a narrow margin. Millennials and Gen Xers were even more vocal about larger homes – over 60% said they wanted more space.
Experts posit that “move-up” buyers are making up a greater share of the new home market these days, versus first-time buyers. These buyers have been waiting patiently to sell their current homes, creating pen-up demand for larger homes. Other factors contributing to the trend toward larger homes include relatively low mortgage interest rates and, in some families, the need for adequate space for boomerang children and/or aging parents.
In the suburbs, buyers are looking to maximize the value of land by building as large a residence as possible, often on small lots. Purchasers say they want more living space and less yard maintenance. Whether you are looking to buy big or small – simply call – The Ramsey Team – Lorraine Ronk, Realtor, Broker, SFR @ 919-573-8606 to purchase your next home! We are here to help!
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