Rise of Smaller Homes: Are McMansions Declining?
The trend in housing is shifting towards smaller homes, with the median size decreasing from 2,500 to 2,210 square feet since 2015, suggesting that the era of large McMansions may be ending.
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Housing Trends
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California Home Prices Soar Past $900K for First Time
For the first time, the median price for a home in California has surpassed $900,000, marking an 11% increase from last year. If this trend continues, the median price could exceed $1 million by next year. Modesto is the most affordable large city in California, ranking 87th on a national list, while Los Angeles ranks 98th. Knoxville, Tennessee, is the cheapest major city to live in the U.S.
real-estate2 years ago
Baby Boomers Dominate Home Buying Market, Leaving First-Time Buyers Struggling.
Despite the common belief that millennials are the driving force behind the current real estate market, baby boomers have become the biggest share of home buyers. This shift in demographics is due to a combination of factors, including the aging population and the desire for more space during the pandemic.
U.S. cities see trend of shrinking apartment sizes.
New apartments in Seattle are the smallest in the US, with an average size of 659 square feet, 26% smaller than the national average. This trend of shrinking apartment sizes is happening nationwide, with newly built apartments shedding an average of 30 square feet compared to 2021. The decrease is due to more studios and one-bedroom apartments entering the market, accommodating more units in projects. The size of apartments under construction could signal whether the trend of smaller rentals will continue.