Bigger is better when it comes to houses on the market, according to a new report from Realtor.com.
After a year at home due to the pandemic, homeowners are looking for more space for home offices, home gyms, an extra bedroom, outdoor space and more.
The report found homes with 4,000 square feet and more sold faster in more than 70% of the 150 largest metro areas in February compared to February 2020. Boston was no exception. Where townhouses were once in high-demand, now it’s all about space.
Boston ranked No. 7 on a list of the top 10 areas with the highest percentages of large homes for sale. The median list price for 4,000+ square foot homes in Boston was $2.2 million in February.
Gary Kaufman of Keller Williams Realty told Realtor.com that travel restrictions have Bostonians seeking homes that can serve as offices, schools and vacation retreats as well as primary residences. According to the report, Kaufman has a home under contract with not only an indoor golf simulator but a refrigerated ice rink as well.
The need for more is not surprising, given the pandemic’s challenges.
Coldwell Banker Global Luxury’s “The Report: 2021 Global Luxury Market Insights,” found family, health, space and security has driven affluent-living trends, as homebuyers seek more space, outdoor access and privacy.
Demand for mega-mansions, estates and luxury compounds has surged, with square footage the No. 1 amenity.