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For decades, the three-bedroom house has been a cornerstone of the American dream. Now, as with the rest of the nation, Metairie’s real estate profile for new single family homes seems to be changing. And last year we may well have reached a turning point in the national new home market: now four bedrooms seems to have become the new norm!
For decades, the three-bedroom house has been a cornerstone of the American dream. Now, as with the rest of the nation, Metairie’s real estate profile for new single family homes seems to be changing. And last year we may well have reached a turning point in the national new home market: now four bedrooms seems to have become the new norm!
Last year, a full 48% of new homes—nearly
half—were built with at least four bedrooms. That’s quite a jump when you
compare it with just four years earlier: in 2009, the figure was 34%. We asked
ourselves why the nation’s preferences would have undergone such a sizable
shift. A little research revealed some likely answers—and some interesting
history behind them.
The
Rise of Bigger Homes
The footprint
of the average new home built in the U.S. went Yeti in a very short time. In
the late 1940s, Postwar America began producing single family homes on a
massive scale—with an average size of about 750 square feet. As the economy
expanded, so did house sizes until by 1973 the three-bedroom home dominated the
new home market (Metairie included). By 2013, average new home sizes had reached
2,701 square feet according to the Census Bureau.
It may seem
counter-intuitive, but at the same time the number of bedrooms was increasing,
the size of the American household was heading in the opposite direction. The
3.6-person average of the 1940s had, by 2013, contracted to 2.58. That means
the living space for each individual had grown by 80%!
House
Sizes Shrink, Then Expand Again
In 2009, as a
side-effect of the last decade’s real estate market downturn, single family
home sizes had retreated by about 6%. But now the economy’s slow recovery has
reversed the reversal. According to the most recent report from the National
Association of Home Builders, the average size of a new home built in 2013 was
2607 square feet— a 300-square foot increase over just two years earlier.
Fewer
New Buyers = Bigger Homes
One of the
reasons for the new home market shift toward larger four-bedroom designs can be
ascribed to a decrease in the number of first-time homebuyers. Largely due to previous
tightening in lending criteria and rising mortgage rates (both trends have at
least momentarily stalled in the Metairie new
home market), the smaller homes favored by first-timers claimed a
proportionately smaller chunk of the market.
It’s hard to
avoid the general conclusion that what were once considered luxurious additions
are effectively today’s norm. The en-suite bathrooms, two-car garages and even
three-bedroom homes that would have been out of reach for most of the new home
buyers of the past are practically standard fare in 2014. But another fact is
that every Metairie area differs from every other. If this has you wondering
how your home compares with what today’s buyers are looking for in your own
neighborhood—why not give me a call?
Terez Harris NOLA Real Estate Group
(504)297-2619
Harris.Terez@gmail.com
Keller Williams Realty New Orleans 8601 Leake Ave. New Orleans, LA 70118 504-862-0100
Each office independently owned and operated. All brokers licensed in the state of Louisiana.
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