New Homes Are Getting Bigger and Pricier – Excerpts from an article in REALTOR Magazine:
- The average new home size was 2,360 square feet during the 2008 financial crisis.
- In 2015, the average size was 2,720.
- Nearly half the homes constructed in 2015 had four or more bedrooms.
- 25% of the new homes had garages for 3 or more vehicles.
- In 2009 the average price of a new home was $250,000 and in 2015 the average price was $351,000.
- Builders are catering more to the luxury market and moving away from starter homes.
- Land prices and construction costs have ballooned.
- First time buyers tend to bring the average size of new homes down.
- Obtaining a mortgage is more difficult for first time buyers.