Ever tried on a “one size fits all” item and discovered it may indeed fit, but not correctly, not perfectly, and certainly not comfortably? Personally, I’ve never really liked the concept of one size for all or one style for all. I’ve always been a fan of special, unique, one-of-a-kind, personalized. I feel the same about my home. I don’t follow the trends because the trends don’t always fit my needs.
Over the years, there has been a consistent increase in the average size of newly constructed homes. By 2015, the typical new home spanned 2,689 square feet, a significant jump from the 1,660 square feet recorded in 1974. This upward trend has reversed in recent years, with the average new home size decreasing. However, during the pandemic, there was a temporary resurgence in house size as the need for more living space at home increased, and interest rates dropped. According to the National Association of Home Builders (NAHB), the average square footage for new single-family homes stood at 2,374 square feet by the end of 2023.
Tastes and lifestyles are changing, and the new home market has to change to stay current with buyer demands. Renovations and remodels of existing homes are an excellent snapshot of where trends are heading, as homeowners remake their abodes to better suit their needs.
One trend to note is that a majority of home buyers are choosing amenities and special features over square footage. According to the NAHB survey, called What Home Buyers Really Want, homebuyers are willing to sacrifice space for certain desirable amenities Among the most coveted home features are:
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Laundry room
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Patio
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Energy Star windows
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Exterior lighting
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Ceiling fan
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Garage storage
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Front porch
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Hardwood flooring
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Full bath on the main level
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Energy Star appliances
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Walk-in pantry
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Landscaping
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Table space in the kitchen
While most of us may agree that our current home is smaller than the one we hope to move to one day, the survey also shows that not everyone believes bigger is better. Single woman, who make up a large portion of today’s home buyers, indicate in the survey that there is a certain point when a house may have more square footage than is really necessary. Regardless of age or gender, though new homes may keep getting bigger, whether or not you want one probably has more to do with the size of your family, your financial situation, and future life goals.
Keeping the cycle of inventory in real estate growing is helped along by seniors, who, having raised their families, are now seeking to downsize according to the same survey. Upsizing or downsizing, finding your perfect fit is the goal and your local RE/MAX Alliance Associate is ready to help you do just that!
