Industry Trends
Marketing Insights
For American consumers, quality supersedes size when it comes to purchasing a new home.
According to research by the National Association of Home Builders (NAHB), more than 60% of first-time and repeat buyers would prefer a smaller home with high-quality products and amenities over a bigger house with fewer amenities.
The findings were part of the “Home Trends, Buyer Preferences & Must-Have Features for 2020” presentation at last month’s International Builders’ Show by NAHB economist Rose Quint and architect Donald Ruthroff of DAHLIN Group Architecture and Planning.
Average home size is also on the decline, dropping from 2,689 square feet at its peak in 2015 to 2,520 square feet in 2019. However, average home size is still larger (just barely) than the prerecession square footage of 2,499 in 2007.
In 2020, consumers want to create carefully curated spaces that reflect their tastes and lifestyles but that also work hard. According to the NAHB’s consumer survey, single-purpose spaces such as wine cellars and pet washing stations are among the least desired features for both first-time and repeat homebuyers.