Big homes in these warm weather cities are heating up the real estate market
Larger homes are selling faster in Miami, Atlanta, Reno and more, new data suggests
Campins Company founder and luxury real estate specialist Katrina Campins discusses her outlook for the market.
Bigger is better when it comes to pandemic-era real estate trends, new data suggests.
With more Americans looking for more space, homes that encompass 4,000 square feet or more were selling faster in more than 70% of the country’s 150 biggest cities and surrounding suburbs last month, as compared to the same time period last year, according to data from Realator.com.
In Miami, the medium list price for homes measuring 4,000 square feet or more is $3.5 million, according to Realator.com data. (iStock)
Cities including Boston, Washington, D.C., Indianapolis, Denver and Santa Barbara, among others, currently have homes with the biggest square-footages for sale. But many of the cities with bigger homes were also in warm-weather states, where outdoor amenities are abundant and accessible for buyers working remotely during the pandemic.
Take Miami, where the medium list price for 4,000-square-foot homes (or more) is up to $3.5 million, according to Realtor.com. Other nearby hot spots in the Miami metropolitan area include Weston, Coral Springs and South Miamim, where similarly sized homes are priced between $850,000 to $2 million on average, the report shows.
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And in Reno, Nevada, the median list price for larger homes (at or above 4,000 square feet) is $3.3 million, with buyers flocking to the warm-weather city for its proximity to outdoor amenities like golf courses, mountain views and hiking, as well as easy access to Lake Tahoe for skiing.
Then there’s Atlanta, where the medium home price for a larger pad is $985,000. The city is also attracting a number of out-of-state buyers considering a larger home purchase, as its sprawling suburbs offer ample space for families of four or more.
“Atlanta has always had a healthy appetite for these bigger, grandiose homes in certain areas,” real estate broker Tim Hur, of Point Honors and Associates, told Realtor.com.
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Across the board, record-low interest rates have sparked a boom in real estate purchases, resulting in months of consecutive growth and double-digit year-over-year price gains despite high unemployment rates and economic turmoil during the pandemic.
FOX Business' Nikolas Lanum contributed to this report