The share of new homes which are 5,000 square feet or larger is dropping. It’s now at its lowest point since 2012, throughout the Great Recession. The percentage has dropped from 3.9% in 2015 to 3.1% in 2016. In absolute terms, that’s 28,000 units reduced to 24,000, respectively, in accordance with the U.S. Census Bureau’s Survey of Construction.
Are 5,000-Square-Foot Homes Too Large?
In 2015, the share of 5,000-plus-square-foot homes skyrocketed to its highest number since 2007. But from 2009 to 2012, throughout the housing crisis, the total number of large homes remained lower than 3% of all the new single-family construction.
What’s inside these supersized homes? Over fifty percent of the homes have five bedrooms or more; 70% have four bathrooms or more. Seventy-four percent of 5,000-plus square-foot homes are apt to have a finished basement; 65% have got a three or even more car garage; and 58% include a patio or porch.
The National Association of Home Builders speculates that fewer larger homes are being built by builders in favor of an expansion into the entry-segment market with smaller home sizes. Builders predict that home sizes will trend lower given that the entry-level segment gets more attention.
Ready to find your new home? Nick & Cindy Davis with RE/MAX Premier Group are here to assist you. We are always a just a click here away or call 813-300-7116