While the size of a new home began trending upward after the national post-recession recovery, new statistics show that the median square footage for the average new single-family home dropped at the end of last year.
Census construction data, along with data from the National Association of Home Builders, show that the median size of a new single-family house fell to 2,252 square feet in the fourth quarter of 2019, dropping by about 60 square feet year-over-year.
While median size dropped, the average size of a home is still on the rise. The average size of a new home increased to 2,511 square feet, showing that there is still an appetite for spacious new construction. For additional context, average square footage has increased year-over-year since the market bottomed out in 2009, rising by about six percent.
An analysis of the data explains that homebuilders are responding to the demand created by low interest rates and the need for entry-level housing on the for-sale market. Home size tends to shrink before and during a recession and bounce back after the market recovers.
This article originally published at https://dc.urbanturf.com/articles/blog/new-single-family-home-size-is-shrinking/16510.
Most Popular... This Week • Last 30 Days • Ever
The storied unit along P Street is now looking for a new owner.... read »
There are five projects in the works around Audi Field which could bring nearly thous... read »
The news anchor dropped the price for his sprawling DC home, but it still could set a... read »
DC is getting close to meeting Mayor Muriel Bowser's goal of producing 36,000 new ho... read »
The development pitched for the site of a Goodwill store in Arlington got the key app... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro