Columbia SC homes recently built are more expansive and expensive. And when it comes to homes, American homeowners love their space and spaciousness. However, large sized homes come with larger price tags. As home become bigger they’re becoming less affordable for a bigger group of prospective buyers.
Columbia SC Homes: Big Houses, Big Prices
In 2014 the average size of a new home was 2,660 square feet. In 2015 the average size was 2,720. Nearly half the homes under construction in 2015 had four or more bedrooms. In addition, 25% of the new homes built have three-car garages or larger. With the increased size comes a heftier price. U.S. home prices have increased by 25% since the beginning of the housing market recovery in 2011.The average sales price of a new home in 2015 was $351,000 — compared to $251,000 just six years ago, in 2009.
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Experts say bigger Columbia SC homes don’t necessarily equate to signs of strength in the housing market. The new homes are geared toward a limited market of older buyers and larger families. Home builders are building fewer starter homes due to land acquisition costs and overall construction costs. In addition, mortgage availability for younger buyers has caused builders to concentrate more on those that can afford the higher prices, larger homes and bigger mortgages.
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While younger buyers who don’t want, don’t need and can’t afford bigger new homes represent an opportunity for some home builders, many of them are struggling to save money for a down payment. Some homebuilders say they plan to target the younger buying market by adding more community-type amenities like those found in apartment complexes — a popular attraction to the younger demographic. In addition, builders say smaller and cheaper houses with more outdoor space are ways of attracting younger buyers to consider purchasing Columbia SC homes.
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For more information on Columbia SC homes, see our articles to the right under Columbia SC Real Estate below Columbia SC Real Estate Categories. We also post on Facebook and Twitter, so look for us there too!
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