It may surprise you that a home’s size can predict how fast it will sell.
While there are several different reasons for this, it all comes down to the price compared to the size.
Since most smaller homes have a lower price point, they are much more desirable for first-time homeowners. Also, a larger home means there will be more overhead regarding cost.
Here is everything we learned about how the size of a house can directly affect how in demand that house is:
Here’s the House Size that Sells the Fastest:
According to recent data, the house size that sells much faster than other homes is 1,500 and 2,000 square feet. Most notably, smaller houses tend to sit on the market for a shorter time than larger homes.
What Is The Most-Sold House Size In The U.S. Today?
While homes under 2,000 square feet sell faster than larger homes, the most popular size of houses in the U.S. today is just under 2,500 square feet.
Why is this?
Back in the early 1950s, the average size home in America was around 900 to 1,000 square feet. In the 1960s, homes started getting larger and larger, and more “micro mansions” were popping up right around the turn of the decade.
Back then, average-sized homes were valued at just under $10,000. People started investing in larger homes because the prices were so low.
However, these days, this is not the case.
Even smaller homes in the U.S. currently run upwards of $100,000. These homes, on average, are around 1,200 to 1,500 square feet, ten times what they used to be valued in the 1950s.
So, why are homes that are 2,500 square feet the most sold homes in America?
This is because, these days, 2,500 square feet is considered a “medium-sized home,” even though they were considered huge back in the day.
More people buy medium-sized homes because it gives them room to grow with a growing family or interest in hobbies.
When Is a House Too Big or Small for an Easy Sale?
Even if the price is right where you want it to be, many people are overwhelmed by larger homes. The maintenance alone with a big home is exhausting.
Not to mention the cost that will go into heating and cooling a house of a large size.
One thing that can turn a potential buyer off when it comes to large homes is if too many rooms are deemed unusable.
Unoccupied rooms in a large house are just room and money wasters. People don’t want to worry about furnishing rooms they may never use.
Over the past decade, people have been giving up their larger houses for ones that are easier to care for and offer a more comfortable living experience.
What if the House is Too Small?
People don’t have as much of a problem with small houses as they have a problem with what to do with them.
Even the most creative minds can have difficulty imagining how to use a small space.
Most notably, people are turned off by smaller homes that don’t offer anything regarding storage.
The trick to living in a smaller home is to keep clutter at bay. But, if there is no real space to stash that clutter, the smaller house will be less desirable no matter how low the price is.
What Else Characterizes a House That Sells Fast?
The price is the number one thing to consider when selling your home quickly.
Houses that are competitively priced sell much more quickly than those that are overpriced. Overpriced homes will sit on the market far longer than those priced to sell.
Outside of price, there are quite a few other factors that go into whether or not a house will sell quickly.
Second, the price of the home is the size. As mentioned, homes ranging between 1,500 and 2,000 square feet sell faster than others.
Next, the style of the home really matters to potential buyers.
Traditional and ranch-style homes are the most popular in the U.S. and sell faster than others. However, it all depends on where you live.
While traditional homes are favored nationwide, some states, like Arizona, prefer more cultural styles like Spanish or Mediterranean-style homes.
Lastly, you have a location. The perfect house is only as good as the neighborhood it sits in.
Homes that are in more desirable neighborhoods, like suburbs or cities surrounded by culture, sell much faster than homes that are a little more off the beaten path.
How Long Does It Take To Sell a House? (By State)
As mentioned, the speed at which a home is sold can depend on your state.
The state that sells homes faster and has the quickest turn-around in California. The state that sells homes slowest, according to studies, is Vermont. But why?
When considering why some states sell home quicker than others, you have to consider what that state offers.
When it comes to California is the center for new tech in America which means that each year, more and more people are moving to this west coast state to start their careers.
According to studies, Vermont sells homes 20% slower than the average time it takes to sell a home in the U.S.
This is because states like Vermont are considered to be fairly rural. So, most of the time, people are not relocating to states like Vermont, and the people buying houses there, already live there.
Lastly, you have to consider the market. In states like Nevada and New Jersey, homes, by percentage, are sold for over the asking price.
This is because homeowners are undervaluing their properties to make a faster sale. This has created a competitive market in these states, allowing them to sell homes faster.
Are American Houses Getting Bigger or Smaller?
Five years ago, it was said that people were buying houses that were smaller than they used to. However, the data does not support this and actually proves the opposite.
Homes in America are getting bigger and bigger while families continue to get smaller.
This is because people are redefining what it means to have a home. Also, you must consider that many people work exclusively from home. So, a home is much more than a place to live and sleep; but is also a place where you thrive.
Currently, the average size home in America is around 2,500 square feet. At the turn of the century in the early 2000s, the average size of a home that was being built and developed was just under 2,000 square feet.
So, since the 1950s, homes in America have been steadily increasing since they were an average of 1000 square feet.
However, this doesn’t mean that everyone wants a larger house.
Even though the average size of homes continues to grow in the U.S., more and more tiny houses and tiny house communities are popping up, which is helping to give people more options regarding where to live.
When you think about how much people are doing from home these days, it makes sense that homes are getting larger.
Whether they are working or working out, people prefer to stay within the privacy of their own four walls.
When it comes to selling a home quickly, the data tells us that people with average-sized homes are selling them quicker and buying them up faster.
If the trend teaches us anything, homes will continue to get bigger while the demand grows.