To add to that, a house a hundred years ago was nothing like a house today: building codes, square footage per person, heating, plumbing, connectivity... Building and maintaining a decent housing unit is far more expensive in material and energy than it was 60 years ago.
This is the one I'm curious to see play out. How low can it go? Did it reach bottom? Maybe once it stabilizes at a new norm, housing supply will catch up and prices will settle down.
I must not be looking at the right place then. All the new homes I've seen recently are 2000+ sq. ft. The only ones that are smaller are usually townhomes and are even less affordable than the bigger homes I just mentioned they are located near downtowns or other heavily populated areas.
> The only ones that are smaller are usually townhomes and are even less affordable than the bigger homes I just mentioned they are located near downtowns or other heavily populated areas.
That will not change because the market of people looking to buy a 1k sq ft home on a quarter acre lot in a less populated area either cannot afford the construction costs or the set of buyers interested in that is too small to bet on for a developer.
