Bigger homes equate to bigger sales—or do they? According to Jon Coile, chairman of Rockville-based multiple-listing service Bright MLS (formerly MRIS), in his latest article with The Washington Post, there is a growing trend that smaller homes are gaining in price faster than those homes with a greater amount of square footage.
One of the causes of this trend is that many of these smaller homes are condos or co-ops with amenities like pools and soundproof music rooms. Additionally, many of these smaller listings tend to be in more popular areas with an array of restaurants and retail nearby. Sometimes, an easy access to public transportation also helps drive up price.
In his article with The Washington Post, Coile further noted that people of all ages want smaller homes, especially when they’re located closer to Downtown. Buyers are also wary of how bigger houses come with higher utility bills.
Other final need-to-know factors include that D.C.’s inventory of homes has dropped 27 percent in the last five years. Meanwhile, the typical D.C. home has shrunk. According to a study conducted by PropertyShark in September 2016, newly built homes in the District during the 1910s spanned a median 1,378 square feet. This decade, they’ve reached a median 1,189 square feet.
• Why smaller homes in the D.C. area are gaining value faster than large ones [The Washington Post]
• D.C. home inventory dropped 27 percent in last five years [Curbed DC]
• The typical D.C. home has shrunk [Curbed DC]