Americans are as hungry as ever for homes, and home builders are ramping up construction to meet the demand. But U.S. home shoppers may find that those new homes are getting smaller and closer together. “It’s pretty consistent nationally,” said Mikaela Arroyo, director of the New Home Trends Institute at John Burns Real Estate Consulting.
In an April report, JBREC surveyed 290 residential architects, designers and design-oriented builders and learned exactly how much homes are shrinking: A third of detached homes now being planned and built are expected to be under 2,000 square feet, and 70% will be under 2,500 square feet, the company found. Townhomes are expected to be between 1,500 and 2,000 square feet. “While overall home sizes will shrink, townhomes may grow as would-be detached homes become attached to increase density,” the report said. And although “a lot of the market has historically been really resistant to density,” Arroyo said, even markets where lots and homes are typically bigger are seeing it increase. “Areas like Texas, where density wasn’t very common, we’re now seeing it increasing just because that’s the only way to get prices to an affordable level.” As newly buil …
Article Attribution | Read More at Article Source