Oct
19

Average Chicago New Home Size is Shrinking

October 19, 2012

size of new homes in Chicago shrinkingNormally, the average new home in Chicago is about 2,438 square feet. But, according to a survey conducted by the National Association of Home Builders, smaller homes are now in demand because it is more affordable to keep them warm and cool.

Almost 75 percent of builders predict that the average home will decrease to 2,152 square feet by 2015.

Yet, just because the average home size is shrinking doesn’t necessarily mean bad news for builders. Many communities are capitalizing on the other needs of homeowners such as requests for more community features. According to a survey by real estate consultants Robert Charles Lesser & Co., home buyers don’t mind purchasing a smaller, more cost-effective home if the home is located in a community that offers a variety of amenities such as a large fitness center or walking trails. Buyers also stated that they would rather have a smaller home and a shorter commute.

So, what do you think of the trend in smaller home sizes? Are community amenities an important part of your new home search?

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Jessica Thom

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