During 2021 there was a brief bump up in the average size of new homes, but the home-size trend since then has been on a downward trajectory, with the average square footage dropping from 2,479 square feet in 2022 to 2,411 in 2023—the smallest average size in 13 years. And, according to the National Association of Home Builders’ latest "What Home Buyers Really Want" study, homebuyers today are looking for homes in the 2,070-square-foot range. In response, 38% of builders responding to NAHB's survey said they built smaller homes in 2023 and 26% indicate they plan to build even smaller during 2024.
Other homebuyer preferences noted in the study include buyers' increased focus on home personalization and the growing popularity of technology for security systems, temperature regulation, and HVAC and energy management.
Home features that remain at the top of buyers’ wish list include four outdoor features, two kitchen features and two related to energy efficiency:
- Laundry room
- Patio
- Energy Star window
- Exterior lighting
- Ceiling fan
- Garage storage
- Front porch
- Hardwood flooring
- Full bath on the main level
- Energy Star appliances
- Walk-in pantry
- Landscaping
- Table space in the kitchen
PB Topical Ref
