Demand for Small Houses in 2020
Big Demand for Small Homes!
It is often believed that from movies, tv shows, and celebrities we dream of owning large luxurious homes, but is it still the reality for most people?
Since 2015, the square footage of newly built houses has been shrinking, according to Yahoo Finances. This is not projected to change as we continue into the beginning of the year.
“We expect this downsizing trend to continue in 2020, driven by a confluence of economic and demographic trends.”
Why are smaller homes trending NOW?
As noted in the article, there are a few main reasons for this demand:
- “Today’s older homeowners are expressing a desire for smaller, less maintenance-heavy and more accessible (read: less stairs) homes as they age and move into newer homes.”
- “Many of today’s younger, millennial home buyers have expressed a preference for denser, more urban homes that are more walkable to shared amenities.”
With these two demographic groups surging through the market, the demand for this type of home is rising. If you’re a homeowner with a smaller-scale house, now may be a great time to sell, as the demand for this end of the market is surely on the rise.
The demand for smaller houses will continue to rise throughout 2020. Contact us now to discuss what the housing inventory looks like in your neighborhood.
It might be time for you to take advantage of this trend!