Homebuyers are expressing a desire for smaller homes, whether as a compromise given high prices or because they simply want a smaller space, experts say.
The typical buyer today wants a 2,067-square-foot home, according to the NAHB's 2024 What Home Buyers Really Want study.
"They may not need 2,000 square feet or even want that for themselves," she said.
About 28% of polled buyers recently purchased a home between the sizes of 1,501 to 2,000 square feet; while 26%, purchased a home between 2,001 to 2,500 square feet, according to the NAR's 2024 Home Buyers and Sellers Generational Trends Report.
How zoning influences home sizesAbout 38% of builders say they built smaller homes in 2023 and 26% plan to build even smaller homes this year, according to NAHB.
Persons:
Robert Dietz, Jessica Lautz, Dietz, NAHB
Organizations:
NAHB, National Association of Realtors
Locations:
Thana, U.S