There are many aspects to the housing market in any economy. Some of these aspects even dictate how quickly homes sell within that economy’s housing market. One major factor that influences a home’s selling price and demand is the size of the house, which is referred to as its square footage. While houses sold on average in only 52 days in 2014, according to realtor.com, some houses seem easier to sell than others when it comes down to square footage and what type of property it is. Browse here https://www.martinlegacyholdings.com/ to see more.
Average Days on Market
The days on market refers to the average number of days it takes a home to sell within a given listing price. For example, if the average number of days for a 2,000 square foot home is 118, then this means that the average house sold in 118 days on the market. The standard deviation is used to calculate how often a variable deviates from its mean.
Square Footage
This refers to the total number of square feet a house is comprised of. Therefore, houses with lower square footages will have greater ease selling since they command greater selling price per square foot in comparison to those with higher square footage such as large three-bedroom homes that take a long time to sell.
Average Days on Market by Size
The table below shows the average days on market as well as average days on market per square footage for different types of homes according to realtor.com. It also shows average days on market for 2,000sq. foot homes, which are the standard for this website as shown in the introduction.
Average Square Footage vs. Average Days on Market
According to the data analyzed, there is a very strong correlation between square footage and average days on market when taking into account other variables of type of home, as well as its location within a certain state or city.
Conclusion
This article has shown that as houses’ square footage increases, the days on market to sell them also increases. As seen in the research, the larger a house is, the longer it takes to sell. This is due to several factors including: People are looking for homes that are a specific style or size which usually dictates how many bedrooms a house has and therefore its square footage.