New Construction Single-Family Homes Are Getting Bigger and Bigger
The COVID panedemic changed the way everyone has viewed their homes. During the stay-at-home orders our homes were where we lived, worked, and played. Even though the stay-at-home orders were lifted, the impact on a home’s space is still occuring.
The Census Quarterly Starts and Completions by Purpose and Design and the National Association of Home Builders reported that the median single-family square floor area increased to 2,338 square feet. The average square footage also increase to 2,561 square feet. The report was derived from the fourth quarter 2021 data collected.
Since the Great Recession lows, the mean size of a new construction single-family home is now 6.3% higher at 2,537 square feet and the median size is now 10% higher at 2,312 square feet. This data is based on a one-year moving average basis.
This is good news because between 2016 and 2020 the size of new single-family homes declined. The shift in consumer preferences due to the post-COVID-19 environment shows that the home size should continue to increase going forward.
