Guesthouses, grannie models, casitas, in-law suites or—the much less enjoyable, however formalized—accent dwelling models (ADUs) are all phrases used to explain a second, usually smaller, residence on the identical property as the primary home. And houses which have ADUs are a scorching ticket in at the moment’s vigorous housing market.
Knowledge reveals that ADU houses have been promoting quicker, with greater value tags, year-over-year, whereas outpacing nationwide gross sales traits in the course of the coronavirus pandemic.
In January, earlier than the pandemic took maintain in america, houses with ADUs have been promoting 1.8% (two days) quicker than the identical time the yr prior. Quick-forward to November, and the tempo spiked to 26% (22 days) quicker than the identical time final yr. This development zipped previous the nationwide charge, the place houses have been promoting 18% quicker year-over-year in November, in accordance with information from Realtor.com.
ADU residence costs additionally outperformed the remainder of the nation in November, with a median itemizing value of $567,000, up 14.5% year-over-year, outpacing the general value progress charge, which was 12.7%.
The worth per sq. foot of ADU houses rose to $183 in November, up 16% year-over-year, in comparison with 15% progress in value per sq. foot nationally.
EcoSmart Builders, an ADU improvement firm based mostly in Southern California, is on observe to triple its gross sales from the identical time final yr whereas processing between 100 and 150 ADU proposals every month, says Freddie Zamani, the corporate’s CEO and president.