Interesting piece in the Virginian-Pilot on how one effect of the housing bubble has been the increased popularity of smaller homes.
The average size of a new home sold last year was 2,221 square feet, according to figures from Old Dominion University and the Real Estate Information Network, the Virginia Beach-based multiple listing service. That’s compared with an average size of 2,491 square feet in 2005.
Other data also suggest that new homes are getting smaller. In 2011, local builders applied for 2,941 single-family home permits, down 6.5 percent compared with 2010, according to the Census Bureau. However, over the same time period, the value of the homes attached to those permits fell about 7 percent.
Click here to read “Smaller homes appear here to stay despite recovery.”