Homebuyers are searching for larger houses, as they look for more space to live and work amid the pandemic.
The typical home that sold in the four weeks ending Aug. 16 was 3.7% larger (1,772 square feet) than the typical home that sold a year earlier, according to a report from real estate brokerage firm Redfin. That's in contrast with the 0.4% average year-over-year growth rate from 2015 to 2019.
Meanwhile, sales were up 21.2% year-over-year nationwide for large homes in July, compared with 10% for medium-sized homes and 2.3% for small homes, the report said, noting homebuyers are also searching for larger homes on Redfin's website. For its analysis, Redfin said, it divided single-family homes into small (300-1,500 square feet), medium-sized (1,500-3,000 square feet) and large (3,000-5,000 square feet).
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Christine Simmons
Christine Simmons writes about the New York legal community and the business of law. Email her at [email protected] and find her on Twitter @chlsimmons
