McMansions–Going out of Style?

Yesterday Trulia released a study about the American Dream and the American public ideals of home ownership. While the study focuses quite a bit on the population that is currently renting and when they plan to buy—which is overwhelmingly a “not anytime soon” response, the survey also asked about the size of the ideal home. It appears that the McMansions are going out of vogue, with the ideal square footage of more than 50% of the participants being between 1400 and 2600 square feet.

I decided to see how this trend compared with sales in the Charlottesville area. According to the Charlottesville Area Association of Realtors, there have been 1412 home sold since January 1, 2010 in the Charlottesville Region (Albemarle, Fluvanna, Nelson, Greene, Madison, Louisa and Orange). The largest home sold had 8,270 finished square feet. Thirty percent of the homes sold during this time period were over 2,600 finished square feet. I ran this statistic to see if there is any difference since 2006 and 28% of all the home sold then were over 2600 square feet. Seems like Charlottesville still likes their McMansions!

Tagged as: Charlottesville Real Estate