Real Estate Listings Echo Jumbo Footprint Popularity

Recent jobs report met familiar disagreement about the progress of the nation’s economic recovery: more new jobs, yes; too many of them part-time: yes; economy improving: sort of; enough? Barely— if at all…etc. etc. etc.

What is less controversial is the resumption of the nation’s home-buying preference for ever-larger homes. The price of real estate listings in most US regions might have risen whether or not that trend surfaced in our area, but it stands to reason that if people are reversing their decision to downsize, that’s at least one reason why average real estate listings prices would register an increase. The tilt toward more square footage isn’t confined to existing homes, either: reports from the Census Bureau show that the median size of new houses is growing as well (about 8% since 2009).

Seen another way:  Large Luxury Homes (OK, “McMansions” …for those that like using that phrase) - may be on the way back.  During the recession, most experts opined that the Larger Luxury Home days were over. As the stability of the economy faltered, young buyers had grown cautious, taking care not to choose more house than they needed. This as baby boomers downsized to match their shrinking nest eggs. Larger houses — especially the new Large Luxury Homes — fell out of vogue. The popular press leaped in, portraying spacious residences as energy-sucking, less-than-green artifacts of unsustainable prosperity. It’s small wonder how some leading experts concluded that a new housing era was upon us.

But now it is increasingly evident that consumers didn’t actually want less space. Many just couldn't afford more (or feared a less certain future). The trend toward more multi-generational living arrangements may have something to do with it — but whatever the cause, the character of real estate listings on The Main Line is changing once again.

More prospective buyers are looking at bigger homes and demanding more living space. A huge kitchen to prepare all those fantastic delights for entertaining and family gatherings, a wine cellar big enough to store enough Henry Jayer Vosne-Romanée to last into the next century, a home theater grand enough to put the original NY Roxy Theater to shame, a piano/music room that would make Gershwin blush, a Man-Cave so spectacular, well it’s just spectacular…

So don’t be surprised if you find more real estate listings that emphasize their larger square footage. They may not even be Large Luxury Homes per se, but spacious residences are renewing their popularity.

John Badalamenti is a Berkshire Hathaway HomeServices Luxury Collection Specialist with Berkshire Hathaway HomeServices Fox & Roach, REALTORS® - serving the Philadelphia Main Line & Surrounding Suburban Philadelphia area.  John can be reached via email @ johnb@subphillyhomes.com or visit his website: www.MainLineHomeZone.com