CNN Money reports that newly built houses are bigger than ever: the average new home was 2,598 square feet in 2013. CNN cites several factors for this trend, including the fact that first-time homebuyer numbers are still low, suppressing the market for smaller homes. At the same time, there is increased demand for “mega homes” with 4,000-10,000 square feet. In 2005, just 6.6% of newly built houses were in that size range. In 2013, this number was 9%. (Last year, 44% of newly built houses had at least four bedrooms, 33% had at least three bathrooms, and 20% had garages that could hold at least three cars, according to the Chicago Tribune.)
The
Chicago Tribune also notes that low mortgage rates contribute to the trend toward larger homes, as low rates allow buyers to “size up to bigger homes sooner rather than later.”
