Exploring Housing Sizes: Trends Among Buyers

Exploring Housing Sizes: Trends Among BuyersWhen it comes to purchasing a home, size is a crucial factor that can vary significantly based on the buyer's profile and preferences. Let's delve into the latest trends in housing sizes purchased by different types of buyers:

Overall Median Size: Recent homes purchased had a median size of 1,860 square feet this year, providing a baseline for understanding the market. However, this number varies significantly based on the buyer's status and household composition.

Buyer Profile Impact: Repeat buyers tend to purchase larger homes compared to first-time buyers. The median home size for first-time buyers was 1,670 square feet, while repeat buyers opted for larger homes, with a median of 1,970 square feet.

Household Composition Differences: Single females and single males purchased the smallest homes, with medians of 1,500 and 1,600 square feet, respectively. In contrast, married couples and households with children under 18 purchased the largest homes, with medians of 2,050 square feet and 2,080 square feet, respectively.

Home Type Preferences: Detached single-family homes were the largest homes purchased, with a median of 1,950 square feet. Townhouses or row houses, while smaller in size, commanded the highest price per square foot at $220. Other types of homes had a price per square foot of $190.

Bedroom and Bathroom Trends: The typical home purchased this year had a median of three bedrooms and two bathrooms. This aligns with the preferences of households with children under the age of 18, as 95 percent of them purchased homes with three or more bedrooms.

The size of homes purchased varies significantly based on buyer profile, household composition, and preferences. Understanding these trends can help buyers make informed decisions when searching for their ideal home size. Whether you're a first-time buyer or a repeat buyer, knowing your preferences and priorities can guide you towards the right home size for your needs.

*Statistical Source: National Association of REALTORS' 2023 'Home Buyer and Seller Profile'

 

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