Weekly Real Estate News
Source: World Property Journal —
The National Association of Home Builders is reporting that U.S. homebuyer preferences have continued to reverse trends in home building as builders work to respond to new interests in the wake of COVID-19. Increased desire for bigger homes, suburban locations and more outdoor amenities are driving new home design, resulting in a rise in the average size of a new home to 2,524 square feet, and the percentage of new homes with 4+ bedrooms and 3+ full bathrooms to 46% and 34%, respectively.
These interests vary across generations and are primarily driven by millennials and Gen Xers-36% and 34%, respectively, of whom noted their housing preferences have changed because of the pandemic. In addition to a desire for more space and more bedrooms, millennials and Gen Xers are also looking for homes with modern or contemporary exteriors that are designed for multiple generations. Other changes include an interest in exercise rooms and home offices, as well as designated bike lanes in their communities.
