Tuesday, September 1, 2009

Did You Know: Size of Home Purchased

By Jessica Lautz, Research Economist

  • The American Institute of Architects recently released a study, AIA Home Design Trends Survey, showing there is a growing demand away from McMansions and towards homes that are smaller.
  • From the survey only 4 percent of architects reported their clients wanted more square footage this year compared to 16 percent last year.
  • The smaller home size could be a reflection of a number of factors including the affect of the recession on home owners and home buyers mind set. Smaller is better and less is more. It could also be a reflection of home owners moving towards a more energy efficient home to lower energy consumption costs.
  • The 2008 Profile of Home Buyers and Sellers showed the average home buyer purchased a home that was 1,825 square feet.
  • Those who purchased new homes typically purchased home that were larger than those who purchased home that were previously owned.

Source: 2008 NAR Profile of Home Buyers and Sellers

Copyright National Association of REALTORS®, Reprinted with permission.

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