Recent Home Buyers Buy Bigger

The coronavirus pandemic has caused Americans to spend more time in their homes than they did in the past. Remote work and stay-at-home orders have kept people at home and it’s changed how they feel about their living space. Mostly, it’s caused them to dream of a bigger house. The proof is in the numbers. For example, according to one recent analysis, the typical home sold over the past 30 days has been 3.7 percent bigger than the typical home sold during the same period one year ago. And while 3.7 percent may not seem like that much, the average year-over-year growth rate between 2015 and 2019 was just 0.4 percent. Additionally, sales of larger homes were up 21 percent year-over-year in July, nearly 10 times the growth rate for smaller homes. In short, home buyers are focused on finding more space and it’s starting to show up in the data. But while sales of bigger houses have spiked, their prices haven’t. Small and medium-sized homes are still seeing faster price increases compared to larger homes. (source)

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