Larger homes and lots see decrease in demand
Are larger homes losing popularity?
According to the American Institute of Architects Home Design Trends Survey for the first quarter of 2017, homeowners’ interest in larger homes and lots is fading.
Homeowners looking for volume dropped from 31 percent last year to 26 percent in 2017, while interest in square footage dropped 2 percent from 21 to 19 percent in the same time period.
“With younger households that are increasingly entering the market looking for more affordable options, home sizes appear to have peaked for this economic cycle,” said AIA Chief Economist Kermit Baker, PhD, Hon. AIA. “For aging owners, accessibility continues to be a high priority. As building lots continue to be smaller and scarcer, lot preparation with the goal of maximizing livable outdoor space tops the list of property enhancement desires.”
One feature homeowners are looking for more this year are single-floor plans, which increased from 47 to 53 percent in popularity, while easy access in and out of home remained the same at 49 percent. Open-spaced layouts and in-home accessibility remained popular as well.
For outdoor features, a few categories saw their popularity rise. Blended indoor and outdoor living, along with increased building density and green fencing, all saw increased interest. Outdoor living space saw a slight decrease from 69 to 66 percent, but remained the most popular option.
Professionals also saw increases in some areas of remodeling. Kitchen and bath remodeling increased slightly, while additions and alternations saw a slight decrease. The first-time buyer and affordable home markets also increased, while the second and vacation home markets decreased 10 percent.