The Census Bureau’s Survey of Construction has found that the share of 5,000+ square foot new home starts reached a post-recession peak of 3.9% in 2015, or a total of 28,000 units with 5,000+ square feet of living space. This marks an increase not only in the share of larger home starts, but also in the number. Their market share is the highest since 2004, and their total starts the highest since 2008.
In the boom year of 2006, 3.0% or 45,000 new homes started were 5,000 square feet or larger… From 2009 to 2011, fewer than 13,000 of these large homes were started every year, accounting for less than 3% of all new construction during this period. The extent to which the 5,000+ square foot homes have recovered, roughly to where they were in 2008, shows a growing trend at the top of the market at least through 2015.
79% of these 5,000+ square-foot homes have a finished basement, 68% have a 3+ car garage, and 60% have a patio or porch. 50% have 5+ bedrooms, and 70% have 4+ bathrooms.