Sep 13

Mediterranean-Style Homes Losing Appeal?

Mediterranean-Style Homes Losing Appeal?

 

Mediterranean-Style Homes Losing Appeal?

Mediterranean-Style Homes Losing Appeal?

In the 1990s, Mediterranean-style homes were all the rage. But new surveys suggest the once-popular design may be losing some of its appeal.

Mediterranean-style homes are known for stucco walls, tumbled stone, and wrought-iron accents. Asking prices for this type of home still remain high, but price growth has slowed in recent years, particularly compared to more modern color palettes and minimalist design, The Wall Street Journal reports.

Mediterranean-style homes have a median list price of $750,000—triple the amount of the median list price for homes of all other styles, according to a realtor.com® analysis. But since 2012, asking prices for the style have stayed flat while median home prices have increased 25 percent.

Notably, modern homes have seen the largest jump in median asking prices, surging 37 percent over four years. Realtor.com®’s analysis examined the four most popular architectural styles in the U.S.—Mediterranean, modern, Colonial, and Victorian.

“The relative lack of appreciation of Mediterranean homes likely results from pent-up demand for newer and more versatile styles,” Javier Vivas of realtor.com® told The Wall Street Journal. “These other styles have attracted more eyes and fiercer competition, particularly since the recovery.”

Nevertheless, Jay Kallos, an architect for luxury builder Ashton Woods, adds “good architecture always trumps in any style. A beautiful and well-designed home will always stand the test of time.”

Source: “Mediterranean-Style Homes Lose Their Luster,” The Wall Street Journal (Sept. 8, 2016) [Log-in required.]

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