The National Association of Realtors 2019 Home Buyers and Sellers Generational Trends Report show what type of homes are being bought. According to the chart above, a detached single family home is the most popular (the green bar). They make up 82 percent of all home purchases. The typical home consists of 3 bedrooms, 2 bathrooms with 1,900 square feet of living space.
If you were a buyer between the ages of 39 to 53, the home is larger at 2,100 square feet compared to buyers 28 years or younger, which bought a home at 1,600 square feet, as well as buyers 73 and older, who bought a home averaging 1,700 square feet.
Fifty-one percent of home buyers across generations purchased a home in a suburb or subdivision, followed by 20 percent in a small town, 14 percent in an urban area or central city, 13 percent in a rural area, and 2 percent in a resort location.
The average prices, of course, are throughout the U.S. which is one of the reasons the “average” seems low, compared to the SF Bay Area. The average prices are the following:
28 and younger: $177,000 29 to 38: $274,000 39 to 53: $277,800 54 to 63: $251,100 64 to 72: $250,000 73 to 93: $243,000
One take away we can get from the report, is when purchasing, be well informed of the re-sell value of your home, and who would be interested in eventually buying it when it comes time to sell. Of course, multi generational homes are growing in demand, which could house adult children and aging parents. That way, a larger home purchase can be in order to be able to help parents and children alike.
Let’s stay in touch so we evaluate together what the best move for you would be. Rafael (650) 483-4932.