It may seem like home buyers are looking for bigger homes. But home sales have changed over the past few years, and now smaller homes are selling more quickly than ever. Smaller homes can sell for more money, too. And in many cases, a small home can sell for more than a larger home!
Large homes sell faster than small homes
Large homes tend to sell faster than small homes, according to the latest market statistics. The median days on market in July was 19 days shorter than that of a small house. While sales of all types of homes were up last month, large houses were up nearly 16 percent year over year and small homes down 8%.
The housing market is always changing. While the 2008 housing crash caused a major recession, the damage is beginning to subside. While buyers once sought the biggest square footage, they now prioritize the best value, location, and amenities. That makes smaller homes more competitive, particularly with investors. But there is no guarantee that a large house will sell faster than a small one.
Despite the recent data, small homes still tend to appreciate more than large ones. In the past three years, the prices of the smallest homes grew by an average of 8.5 percent, while the prices of the second-largest homes rose by an average of 9.5 percent. endless ways to do i need to sell my house fast is because large homes are more expensive to begin with, so their price appreciation makes up a smaller portion of the home’s total value.
As previously mentioned, price is a huge factor in time on the market. A recent study by Zillow found that homes priced at less than the market value tended to sell 50% faster than homes priced at full market value. In addition to price, move-in-ready homes tend to sell faster than fixer-uppers and other types of homes in need of repairs. According to Zillow, homes in “move-in condition” sell 12% faster than homes that are in “fixer-upper condition. While location isn’t something a seller can change, it can help a home sell faster than a comparable home in a less desirable area.
Large homes sell faster than medium-sized homes
According to recent studies, large homes sell faster than medium-sized ones. This trend may be due to a combination of factors. For example, new homes in upscale neighborhoods tend to attract families with more disposable income. we buy houses ideas is aggressive marketing. A recent pandemic forced people back into their homes, increasing the demand for bigger homes.
Medium-sized homes sell faster than small homes
While the size of a home has always been a primary metric of value, buyers today are more discerning when choosing where to live. Fortunately, some buyers are willing to put their size concerns aside for the opportunity to live in a trendy new neighborhood. These are often younger buyers, who don’t intend to raise a large family and instead want a good space close to the activities they enjoy. In this case, smaller homes will sell faster than large ones.
Despite new post from Del Aria Investments & Holdings that home sizes vary by region, home buyers in the Midwest are typically more comfortable with medium-sized homes. These properties are generally more than 1,500 square feet in size. The average Illinois home is 1,632 square feet. Homes in this price range are often snapped up faster than homes in the upper price range.
Del Aria Investments & Holdings
11166 Fairfax Blvd Suite 500, Fairfax, VA 22030