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Big Demand for Small Homes

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Movies, tv shows, and celebrities often have us dreaming of owning large homes, but the reality for most people is quite different.

Since 2015, the square footage of newly built houses has been shrinking, according to Yahoo Finances. This is not projected to change as we continue into the beginning of the year.

“We expect this downsizing trend to continue in 2020, driven by a confluence of economic and demographic trends.”

Why are smaller homes trending now?

As noted in the article, there are a few main reasons for this demand:

  • “Many of today’s younger, millennial home buyers have expressed a preference for denser, more urban homes that are more walkable to shared amenities.”
  • “Today’s older homeowners are expressing a desire for smaller, less maintenance-heavy and more accessible (read: less stairs) homes as they age and move into newer homes.”

With these two demographic groups surging through the market, the demand for this type of home is rising. If you’re a homeowner with a smaller-scale house, now may be a great time to sell, as the demand for this end of the market is surely on the rise.

Bottom Line

The demand for smaller houses will continue to rise throughout 2020. Let’s get together to discuss what the housing inventory looks like in your neighborhood. It might be time for you to take advantage of this trend!

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Mark Sincavage

Mark Sincavage is a seasoned real estate professional with a proven track record of success. Holding real estate licenses in New Jersey and South Carolina, and previously in New York, Mark's career has been marked by remarkable achievements. Since 2010, he has facilitated real estate transactions totaling over $350 million. Mark currently operates as a valuable resource for clients, providing real estate referral services through the Coldwell Banker Realty Referral Network. With an extensive network of real estate agents—locally, nationally and globally, a wealth of knowledge, and a rich tapestry of experiences, Mark has established himself as the go-to partner for successful real estate transactions. His dedication to professional growth and excellence is evident through his prestigious credentials, which include Seller Representative Specialist (SRS), Seniors Real Estate Specialist (SRES), Short Sale and Foreclosure Resource (SFR), and Resort & Second Home Property Specialist (RSPS). When the time comes to embark on a residential real estate journey, Mark Sincavage stands ready to offer his expertise and guidance, ensuring a smooth and successful experience for all his clients.