In what could be the Goldilocks principle for what is trending in high-end real estate, homes between 5,000 and 10,000 square feet sold faster last year than smaller and larger houses, according to Realtor.com.
The middle were on the market for 97 days before selling compared with 102 days for houses between 2,000 and 5,000 square feet, and 126 days for homes larger than 10,000 square feet. That trend is continuing so far during 2021 with luxury-midsize homes taking an average of 110 days, 127 days for larger homes, and 113 days for smaller homes.
“The data supports our experience,” said Brett Dickinson of Pacific Sotheby’s International Realty in the San Diego area. “In La Jolla right now, with our 5,000-square foot homes, we can sell one a week. They’re just flying off the market.”
One factor behind this trend is that many luxury buyers are relocating from major cities to suburbs. Having become accustomed to living in apartments, these buyers are seeking more space but can feel daunted by the idea of managing a large house with ample acreage.
“Our buyers are largely coming out of Manhattan, but also the West Coast and London, and they definitely want more elbow room,” said Robin Kencel, a broker at Compass in Connecticut. “But when they’re coming out of 3,000-square-foot apartments in the city, and they’re looking at 9,000-square-foot homes, they don’t know what to do with all that space and land.”