Larger Homes on Smaller Lots?

The housing market continues to change and adapt as the wants and needs of consumers change. Since the late 1990's the trend towards larger homes on smaller lots has been developing.  Zillow's latest research helps to quantify this change.

The median size of homes increased by 24%, from 2100 square feet to 2600 square feet. At the same time, the average lot size has shrunk about 10%.

There are a few reasons for this change.  Home buyers are looking for more space - specifically an increased number of bedrooms and bathrooms.  They are also looking for locations convenient to work and recreation. These locations often come at a premium. A smaller size lot allows for a compromise between cost and desirability.

Zillow's latest research also showed the average length of time for a new single-family home to sell is about two months after the start of construction.  Construction itself usually takes about five months.

What are you looking for in a new home? Did you know that your buying power is never more powerful than it is today?