The sluggish housing market over the last several years did not have an impact on Americans’ desire for bigger and fancier homes, according to a recent report from USA Today.
Evidently, demand continues to grow for these large estates, especially as the housing market across the nation improves.
This is a fascinating trend on the national housing market and one that is sure to impact both home buyers and sellers.
Americans Love to Own Large, Luxury Homes
The American Dream of owning a bigger and better home is still very much alive across the country. In fact, as the recent USA Today article noted, many of today’s buyers still want a house that includes as many luxury amenities and features as they can think of – or at least afford. This may include gourmet kitchens, deluxe bathrooms, spacious decks or screened-in porches.
While this is occurring, experts also note that home ownership rates have remained mostly stagnant and income growth appears to be lagging behind the rising price of homes. Meanwhile, the size of families and households continues to shrink, even though the houses themselves are getting bigger.
Experts say that this is because Americans still love the idea of owning a home that makes a statement about them, that demonstrates their status in society.
A Closer Look at This Housing Market Trend
Here is some data on this housing market trend, based on Census data:
- The average square footage of newly built single-family homes in the U.S. jumped by nearly 57% from 1,660 in 1973 to 2,598 square feet in 2013
- As a result of the construction of larger homes, the average sales price of newly built single-family homes in the U.S. skyrocketed by 419% from $62,500 in 1978 to $324,500 in 2013
- Between 2012 and 2013 alone, the average sales price of newly built single-family homes in the U.S. jumped by 20% from $292,000 to $324,500
So What Do Home Owners Get With Newly Built Homes?
A better question is: What don’t they get?
Here’s a breakdown of these new construction homes and what they offer to buyers:
- Of the 569,000 homes built last year throughout the U.S. – 33 percent% contained three+ bathrooms.
- Meanwhile, 44 percent% of last year’s houses featured four+ bedrooms
- Also, 53% of the homes built last year came with a patio
Another trend that experts are seeing is that more homes have finished basements for added space. 41% of newly built homes last year were one story and 54% were two stories. Meanwhile, only 5 percent were three stories or more.
If you’re thinking of selling and have questions on the market or if you’re wondering what steps you should take to prep your home for sale, contact Wilson Realty Group at (704)251-9741! Our expert Listing Specialists are here for you!