In 2024, new single-family homes in the U.S. have continued to shrink to a median size of 2,150 square feet, significantly down from 2,500 in 2013. This trend signifies ongoing affordability challenges faced by potential buyers amidst rising home prices—up more than 60% since 2019. The gap between new and existing home prices has also narrowed, highlighting a shift in market dynamics. Homebuilders are adapting by constructing smaller, more affordable homes and offering buyer-friendly financing options, responding directly to market demands.
In 2024, the median size of a new single-family home in the U.S. shrunk to 2,150 square feet, reflecting significant affordability challenges in the housing market.
Daniel McCue from Harvard's Joint Center for Housing Studies emphasizes that homebuilders respond to demand for lower-cost units by adjusting their offerings to include smaller homes.
Collection
[
|
...
]