After a year at home due to the pandemic, homeowners are looking for more space for home offices, home gyms, an extra bedroom, outdoor space and more.
The report found homes with 4,000 square feet and more sold faster in more than 70% of the 150 largest metro areas in February compared to February 2020. Atlanta, where gated communities and developments near golf courses are in high demand, was no exception.
Atlanta ranked No. 8 on a list of the top 10 areas with the highest percentages of large homes for sale. The median list price for 4,000+ square foot homes in Atlanta was $985,000 in February.
Tim Hur of Point Honors and Associates told Realtor.com that while Atlanta has always had a healthy appetite for large homes, that hunger has grown significantly as stock market gains have given buyers more money to spend on larger spaces to accommodate working from home.
The need for more is not surprising, given the pandemic’s challenges.
Coldwell Banker Global Luxury’s “The Report: 2021 Global Luxury Market Insights,” found family, health, space and security has driven affluent-living trends, as homebuyers seek more space, outdoor access and privacy.
Demand for mega-mansions, estates and luxury compounds has surged, with square footage the No. 1 amenity.