Luxury modular homes are the latest thing to pop up in the market, and the question now is, how much are they worth?
But where does the real estate value come from?
A few years ago, the average price of a home in the United States was about $400,000, according to Trulia.
That’s about $4,400 more than the average for the same size home in New York City.
But a lot more expensive homes have recently become popular, with prices ranging from $1.8 million in Boston to $2.5 million in San Francisco.
The trend has also been fueled by the popularity of high-end apartments, which have been gaining popularity in recent years as well.
In San Francisco, the number of luxury modulars is growing at a steady clip, with one apartment building alone selling more than a million units in 2016 alone.
So what makes a luxury modular so much more expensive?
The real estate agent at a San Francisco apartment building told CNNMoney, the key factors to a modular home’s value is its size.
If it’s a smaller house, you’re looking at a lot less money upfront for the buyer, said the agent, who requested anonymity because of the high-pressure environment surrounding the market.
In addition, modular homes typically are built for more space, so they have a more compact look.
“Most of the time, they are priced to sell because they don’t have much space.
If they are small, you can sell them for less,” said the broker, who did not want to be named for fear of retaliation from landlords.
In some cases, modulars are designed with an eye toward the market for the future, said Trulia, which is one of the main brokers in the industry.
“If they have great design and a lot going on, you get the best price.
They are always on the market,” she said.
While modular homes can come with a lot in common, they do have some unique features.
For example, a modular apartment usually has three bedrooms, while a typical house typically has five bedrooms.
That means there’s more floor space, but there are also fewer rooms and bathrooms.
There are also less amenities like bathrooms and storage units, which can make a home more expensive to maintain, according the Trulia broker.
The homes also come with more amenities like air conditioning and heated floors.
The price of one apartment in the Boston suburb of Somerville is about $2,000 to $3,000 more than an average home in San Diego, according of Trulia’s listings.
But in San Fran, it’s about twice that, at $1,400 per square foot.
The San Francisco Bay Area is the fastest-growing area in the country, with about 30 percent of the population living there.
While prices vary, they can vary greatly depending on how well the home is designed, Trulia said.
“In some parts of the country it’s very cheap, but you are going to have to pay more upfront to get in,” she explained.
“A lot of people don’t realize how expensive it can be to live in a small, bare house.”
To understand why people are buying more modulars, Trusted Reviews spoke to a number of experts, including a property agent who works in Boston.
She said she’s seen some builders who have done a lot to improve their modulars.
They include adding a larger roof deck and adding a basement that has extra storage, for example.
“The smaller they are, the more they have to sell, so people are not buying it as cheaply as they would like,” she told Trusted.
“But that is one reason why it’s such a big market.”