According to the annual data from the Census Bureau’s Survey of Construction (SOC), a total of 29,000 5,000+ square-foot homes were started in 2022, down from 33,000 in 2021. In the boom year of 2006, the number of new 5,000+ square foot homes reached a peak of 45,000. In 2007, the number fell to 37,000. In 2008, only 20,000 such homes were started, and from 2009 to 2012, the number remained well under 20,000 a year, but has been consistently above 20,000 since then.
Tabulating the major characteristics of 5,000+ square foot homes started in 2022 shows that 80% have a porch, 70% have a finished basement, 68% have 4 bathrooms or more, 66% have a patio, 67% have a 3-or-more car garage, 56% belong to a community association and 54% have 5 bedrooms or more.
This post was excerpted from the article that was originally published on NAHB’s Eye on Housing blog, where NAHB’s economists discuss the latest housing data and policy.