Following years of steady decline, single-family home sizes appear to be leveling off. According to the National Association of Home Builders, the measure of new single-family home sizes have not increased significantly, but point toward increases. This could be a direct result of the pandemic and buyers’ need for more space. Third quarter 2020 data found the new median single-family square foot area to be 2,274 where average new single-family homes increased to 2,484 square feet.
On a less volatile one-year moving average, additional evidence of a leveling off of new single-family home size can be seen on the graph above. Since Great Recession lows (and on a one-year moving average basis), the average size of new single-family homes is now about 5% higher at 2,487 square feet, while the median size is about 8% higher at 2,274 square feet.
