Home sizes continue to shrink across the country as families look to downsize and move closer to the city.
A McMansion was a trophy--often times a house with five or six bedrooms when you only needed two, says Scott Phillips, a real estate agent with Keller Williams in Cleveland.
The median home size in 2008, the most recent year for data, is 1,825 square feet, according to the National Association of REALTORS®. First-time buyers are buying even smaller at 1,580 square feet.
Phillips says home owners aren’t just downsizing but they are also moving closer to the city.
People like to live where they're closer to the amenities, the parks, night life, grocery stores, he says.
Source: “McMansions Out of Vogue in New Economic Reality,” Gannett News Service (Feb. 11, 2011)