According to the National Association of Home Builders (NAHB), the COVID-19 epidemic is raising home sizes.
The viral crisis is expected to raise demand for residential space as people use their homes for more functions, including work.
Recent data indicates that this market influence is still taking place.
According to statistics from the Census Quarterly Starts and Completions by Purpose and Design and NAHB research, the average single-family square floor size increased to 2,338 square feet in the fourth quarter of 2021.
The average (mean) square footage of new single-family homes has increased to 2,561.
The average size of new single-family houses has climbed by 6.3 percent to 2,537 square feet since the Great Recession’s lows (on a one-year moving average basis), while the median size has increased by 10% to 2,312 square feet.
From 2009 to 2015, home size grew due to a lack of entry-level new construction. Home size declined between 2016 and 2020 as more starter homes were built.
NAHB believe that home size will continue to increase in the future, owing to a shift in consumer demand for more space as a result of homes’ expanding use and roles (for employment, among other things) in the post-Covid-19 setting.
