Market Share of 5,000+ Square Foot New Homes Started Declines in 2024

In 2024, there were 24,000 homes that exceeded 5,000 square feet, equating to a 2.3% market share of all new homes started. Both the number and market share for 5,000+ square foot homes experienced declines from 2023, according to the annual data from the Census Bureau’s Survey of Construction (SOC).

The number of homes started in 2024 exceeding 5,000 square feet dropped to 24,000, a decrease from 26,000 in 2023. In 2006, the number of new 5,000+ square foot homes reached a peak of 45,000. This number proceeded to drop during the Great Recession and hit a low of 11,000 in 2009. Since 2013, the number has remained consistently above 20,000, with a recent peak of 33,000 in 2021.

Of the total number of new homes started in 2024, 2.3% had 5,000+ square feet or more of finished space, down from 2.8% in 2023.  The decline marks the third consecutive drop in the share of homes this size, down from a recent peak of 2.9% in 2021.  In 2015, the 5,000+ square foot share reached a record high of 3.9%.  Since then, it has fluctuated between 2.3% and 3.1%.

Tabulating the major characteristics of 5,000+ square foot homes started in 2024, the data show 83% have a porch, 79% have a finished basement, 71% have a patio, 69% have four or more bathrooms, 66% have a 3-or-more car garage, 54% have five bedrooms or more, and 50% belong to a community association.