The standard new single-family detached home is definied by these features, which are based primarily on averages or medians from the Census Bureau’s Survey of Construction:
- 2,150 square feet of living space
- Two full bathrooms and one half bath
- Three bedrooms
- Construction on a slab foundation
- A garage, found in 70% of the single-family homes built since the mid-1980s
- Central air conditioning, found in 90% of single-family homes
- A fireplace, which was in more than 50% of the homes since 1974 up until 2010, when homes with a fireplace were slightly below 50%
- A separate dining room, which the 2009 American Housing Survey found in 2.2 million out of 3.8 million new owner-occupied housing units
- Three miscellaneous rooms
- Satisfactory shopping (grocery or drug stores) within 15 minutes of the community or neighborhood, which the AHS found reported by 3.4 million out of 3.8 million — or nearly 90% — of new home owners
“Because the model uses data from the American Housing Survey (AHS), which contains somewhat limited geographical detail, the results show averages across a broad region rather than estimates for a particular house in a specific location,” said Paul Emrath, NAHB’s vice president for survey and housing policy research.
A Knoxville home builders might use the estimator to help determine if the cost of providing a particular amenity will be valued by consumers. Knoxville home buyers can use it as a preliminary search tool, to get a rough idea of likely price differences for different sizes and amenity packages. Existing home owners can use it for an idea of how much it would cost to trade up to a home that is newer, larger or with more amenities. Knoxville home owners can also use it to approximate how much particular remodeling jobs would add to the value of their homes, he said, which is also useful information that remodelers can provide to their prospective customers.
For example, the estimator shows that a location on a body of water — such as a lake, a river or the ocean — is the neighborhood amenity with the largest positive impact on the price of a home. Moving the standard Southern suburban new home to an otherwise similar neighborhood on the waterfront increases its estimated price by nearly $90,000.
The Single-Family Detached House Price Estimator can be found on NAHB’s website at: www.nahb.org/housepriceestimator.