But with the economy in shambles and a new buyer emphasis on sustainable, energy efficient living, the trend has shifted significantly over the course of the last few years. In fact, the average median square footage in new homes built within the past year has dropped for the first time in almost 15 years. Freshly built homes were 7% smaller in 2008, according to the U.S. Census Bureau. Picture a large home with one less average sized bedroom.
Smaller homes are cheaper to build, much more energy efficient and have a smaller carbon footprint, for obvious reasons. Plus, they cost less to the consumer, many of whom are downsizing from larger homes or getting in to their first home.
The remodeling and retrofitting of existing small to medium sized homes is also trending upward. Rather than move up or build new, homeowners are opting to freshen up their current abode with quality upgrades. For instance, formal dining spaces are becoming obsolete, as many homeowners expand out their gourmet kitchens or opt for great rooms and open floor plans over chopped up and formal spaces.
