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Large home sales boom as families seek more room

by Stacy Carchman

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. Miami was no exception, as out-of-staters head south to where taxes are lower, and the weather is warmer.

Miami ranked No. 9 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 Miami was $3.5 million in February.

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.

 

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