Average for-sale home price, size increased in 2016

Realtor.com® recently looked back on the homes that were listed on the site during 2016 across the country, and compared them to 2015’s homes on the market to see what changed in homes on the market.

The average listing price last year on the site was $412,222.94, an increase of 11 percent from 2015. As most likely expected, the average length of time on the market decreased by 6 percent, or seven days. Homes were for sale for 108.717 days on average last year.

Homes for sale on realtor.com® in 2016 also saw an increase in square footage inside. The average home listed for sale was 2,206.493 square feet, an increase of 2 percent. Likewise, the square foot lot of a single-family home rose as well. The average square foot lot was 40,914.923 square feet, an increase of 3 percent, compared to 2015.  The number of stories increased as well to 1.189 stories, an increase of 2 percent from 2015.

Bedrooms and bathrooms were also more abundant in for-sale homes in 2016 across the U.S. Bedrooms saw an increase of .6 percent to 3.287, while bathrooms saw a 3 percent increase to 2.568 bathrooms in homes on the market. Patios also saw a 7 percent increase to .193.

However, both fireplaces and swimming pools saw decreases in homes for sale in 2016. Fireplaces dropped 2 percent to .434 in 2016, while swimming pools drooped .5 percent to .125, compared to 2015.

The increase in most home sizes and accessories on the market is mostly thanks to new construction. Realtor.com® Chief Economist Jonathan Smoke added: “The high cost of land and construction have limited the ability of builders to deliver more affordable homes, especially in the most sought-after locations.”