U.S. Single-Family Homes are getting Smaller

According to the U.S. Census Bureau’s Characteristics of New Housing report, the average square footage of new single-family home in the US has declined from 2,724 square feet in 2015 to 2,518 square feet in 2019. The report is based on data collected in the Survey of Construction (SOC) which is partially funded by the Department of Housing and Urban Development (HUD). The SOC provides national and regional details on new privately owned single-family and multifamily residential structures. While the average square footage maybe declining, the share of homes with 4+ bedrooms that were sold increased from 41% in 2010, to 49% in 2019. With prices not adjusted for inflation, the average single-family home in 2010 sold for $272,900. In 2019 the average single-family home sold for $ 383,900.