According to recent data from the U.S. Census Bureau, the median size of a new single-family home in 2024 was 2,146 square feet. down 300 square feet from ten years earlier. In fact, sizes for median new homes have decreased in six of the past ten years.
And it’s not just home sizes. Lots have decreased by 20% since 2009 to an average of 8,500 square feet.
While the overall size of homes are getting smaller, buyers are insisting that the kitchen, closets, and bathrooms remain as they were.
The reason behind the smaller sizes is, of course, affordability as developers and builders do their best to construct homes that are within reach of more potential buyers.
It seems to be working. According to the National Association of Realtors, new home prices have declined by 12% over the last 2 ½ years while existing home prices have increased by 9%.