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Home sizes expected to rise in post-COVID world

by Chicago Agent

Home sizes expected to rise in post-COVID world

By John Yellig

After a multi-year decline, the size of new single-family homes has begun to level off, reflecting a desire for larger residences as consumers spend more time at home in a post-COVID 19 environment, the National Association of Home Builders said, citing its analysis of the fourth-quarter 2020 Census Quarterly Starts and Completions report.

The median size of single-family homes started in the quarter was 2,274 square feet, and the average size was 2,475 square feet, compared to 2,252 square feet and 2,509 square feet a year earlier, respectively.

On a one-year moving-average basis, single-family homes were up 4.5% from Great Recession lows, at 2,477 square feet, while they were up about 8% on a median basis, at 2,273 square feet.

According to the NAHB, home size rose from 2009 to 2015 as entry-level construction was hampered by the recession but has risen since 2016 as more starter homes entered the mix.

The association expects to see another increase in home size going forward as homebuyers seek more space for work and study.

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