Americans are seeking smaller homes. The average size of homes purchased in the past year has dropped 18%, the lowest since 2010. To compensate for the smaller spaces, here are eight features that have become hot among home buyers.
1. Efficient Use of Limited Square Footage: Buyers are seeking to maximize every inch of their home through smart storage spaces, open layouts, and flexible rooms.
2. Convertible Spaces: Buyers are focusing on highly convertible spaces, such as a basement that doubles as a home office or a guest bedroom, attic space that serves as a kid’s bedroom, or a garage that can be converted into an in-law suite.
3. Open Layouts: Open layouts have gone in and out of style over the years, but with homes getting smaller, open plans are hot once again. Today’s buyers do not want small boxes in the room.
4. Creative Storage: Limited square footage leaves less room for stuff, which has buyers focusing on homes that optimize places to accommodate everything a family brings into a home. Built-in, vertical shelves, and elevated floor storage ensure a small space can go a long way, saving thousands in real estate prices for middle-class buyers.
5. Updated Windows: Old and inefficient windows drag down a home’s value and increase energy bills. But they’re expensive to replace. Therefore, buyers are placing a high value on modern and efficient windows.
6. Modern Flooring: Buyers are placing a high premium on what’s beneath their feet. They recognize the importance of updated flooring not only in elevating the visual appeal of a home but also in durability and ease of maintenance. According to Better Homes and Gardens here are the top trends in flooring.
- Tiles with warm tones
- Retro carpet
- Sustainable floors
- Farmhouse flooring
- Hardwood in the kitchen
- Neutral tiles in the bathroom
7. Home Offices: Home offices had started to go away… until COVID. Now, even as the pandemic has ended, dedicated home office space is holding on. A dedicated workspace can be used for more than just the 9-to-5 job. It can be a work space for passion projects or passive income, as more and more people start side gigs. Buyers are seeking clear, well-lit spaces and soundproofing areas for a productive work environment at home.
8. Efficient Appliances and Meaningful Smart Home Technology: The trend toward smart homes tapered off in recent years, primarily due to cost. But in 2024 it’s making a comeback. Buyers are demanding technology that truly adds value without the clutter of excessive connectivity. Buyers are seeking technology that blends comfort, convenience, and cost-effectiveness. Energy-efficient appliances and smart home technologies are high on the list, improving day-to-day living as well as offering long-term savings on utility bills.
For a list of trends among the millennial generation, check out our blog.
Kyle Alfriend has been investing in real estate for over 35 years, as well as assisting over 3,000 clients in buying, selling, or investing in real estate.
For more tips on selling your home in the winter, or for a personal consultation, contact Kyle Alfriend, (614) 395-1776, or info@AlfriendGroup.com. Or go to our website, AlfriendGroup.com