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Characteristics of New Homes Sold In 2016

The U.S. Department of Commerce just released it’s 2016 CHARACTERISTICS OF NEW HOUSING in which it revealed features, amenities, prices, sizes, etc of new homes built and sold during 2016 in the United States.  You can see all the data in the complete report for the U.S. by clicking on the link however I’m going to just focus on the homes built here in the midwest region.

There were 69,000 new homes sold (single-family) here in the Midwest Region of the United States, down from a peak of 205,000 in 2005.  Eleven percent of the single-family homes sold were attached homes (8,000) and the remaining eighty-nine-percent (62,000) were detached homes, according to data from the U.S. Census Bureau.

Facts and Figures For New Homes Sold In The Midwest during 2016:

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2016 Characteristics of New Housing – Complete Report

  • 12.3% (69,000) of the 561,000 new homes sold in the U.S. during 2016 were in the midwest region of the U.S.  Of those, 89 percent were detached single family homes with the remaining 11 percent being attached single family homes.
  • Financing methods used by buyers of New homes
    • 78% – Conventional financing
    • 8% – FHA Financing
    • 7% – VA Financing
    • 7% – Buyer paid cash
  • 42% had 4 bedrooms or more, 46% had 3 bedrooms and 12% had 2 bedrooms.
  • 34% had 2.5 bath rooms, 33% had 3 or more bath room and 32% had 2 bath rooms.
  • 51% had vinyl siding, 15% brick, 15% fiber-cement siding, 14% wood siding and 3% stucco.
  • 38% did not have a fireplace, 57% had one fireplace and 5% had two or more fireplaces
  • 80% had a basement, 17% were built on a slab and 3% had crawl space
  • 89% had gas heat and 11% electric
  • Median lot size was 9,243 square feet.
  • 23% had a porch only, 18% a patio and a porch, 12% a patio, porch and deck, 10% porch and deck, 10% patio only, 3% patio and deck and 13% did not have a porch, patio or deck.
  • 53% had a 2 car garage, 46% a 3 or more car garage.
  • 52% were two-story homes, 47% were 1-story homes and 1% were 3 stories or more
  • The median size of the home was 2,377 square feet.
  • The median price new homes sold for was $284,400.
  • Median price per foot was $107.52 –

 

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