Bigger Homes for Single-Family Houses
Since all of our worlds were forever altered due to COVID, the home has adopted a couple other hats than just a “home” – and homebuyers are looking for the place that has it all.
According to the latest Census Bureau data reported by the National Association of Home Builders (NAHB), the median single-family square floor area has increased to 2,337 square feet in the third quarter, while the average square footage of new single-family homes rose to 2,541.
A home is now an office space, a study hall, and a daycare – homeowners are wanting more space to grow and be comfortable. NAHB’s Chief Economist, Robert Dietz, explains: “Going forward, we expect home size to increase again, given a shift in consumer preferences for more space […] in the post-COVID-19 environment.”