Real Estate in Orlando Florida
Bryant Tutas

Home Size Is Increasing Again

When the real estate market crashed in 2008, interest in large and expensive homes dropped dramatically. Home buyers were ready to live in smaller and more affordable homes.

But luxury home features are once again appealing to house hunters. Affluent home buyers are stepping back into the market. In July 2013, sales of homes costing more than $1 million rose 46.6 percent from the previous July.

According to the National Association of Home Builders, in 2007, the median size of new homes built for sale peaked at 2,295 square feet. That number fell to 2,159 square feet in 2009. In 2012, new-home size increased to a new peak of 2,384 square feet. What’s more, about 41 percent of new homes had four or more bedrooms, up from 34 percent in 2009.

Large kitchens and more expansive master suites are the top sellers today.

Also, luxury home buyers seem to be lured to established suburban communities that are near job centers and have good schools. They are showing less interest in the large homes – often dubbed “McMansions” – in the exurbs that were popular during the housing boom years, says Lawrence Yun, the National Association of Realtors®’ chief economist.

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