More Bad News for Owners of “Big Homes”

Not only are there way too many big homes on the market, but there is now far less desire for people to ever own a Logan Luxury Home. A recent survey conducted by Trulia recently shows that American’s attitudes towards home ownership, and the size of homes they desire to own has drastically changed over the past few years.

Consider this:

American's Now Desire Smaller HomesIn the survey, just 9% of Americans adults desire a home bigger than 3,200 square feet. Currently 24% of the homes for sale in Cache Valley are bigger than 3,200 square feet.

Just 13% of  adults want a home between 2,601 and 3,200 square feet. 16.8% of Homes for Sale in Logan are of this size.

27% wanted a house  between 2,001 and 2,600 square feet. We’re about right on in this size range as 23.4% of Cache Valley Homes for Sale are this size.

28% of American adults desire homes between 1,401 square feet and 2,000 square feet. 20% of Cache Valley Homes for Sale are of this size.

9% want homes less than 1,400 sqaure feet. 16% of the current Logan Homes for sale are in this size range.

There might be a little bit more demand for larger sized homes in Cache Valley due to different demographics. Cache Valley’s population is much younger than national averages and we also have larger  average family sizes. The actual desire for different sized homes is probably different than the national averages. Even then, there are still way too many larger homes for sale in Northern Utah. We are likely going to see significant drops in the values of large Cache Valley Homes.

The average U.S. home size has increased each decade since the 50’s, but it appears that that trend is now coming to an end.

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