Where Is New Construction Creating Affordable Housing Options? Look to the South and the West
Realtor.com's new report, 'New Construction Insights', reveals that South Carolina, North Carolina, and Idaho are leading in new home construction, considering volume, affordability, and future growth. The top ten states for new construction are predominantly in the South and West regions. Nationwide, new home prices are lower than existing homes and have decreased significantly since July 2022. Builders are responding to affordability concerns by constructing smaller, more affordable homes. Homes built in 2024 are 8% smaller (163 sq ft) than those built in 2022. The report highlights a supply shortage of over 7 million single-family homes at the end of 2023, emphasizing the need for new construction to meet housing demand and contribute to economic activity.
Il nuovo rapporto di Realtor.com, 'Nuove informazioni sulla costruzione', rivela che Carolina del Sud, Carolina del Nord e Idaho sono in prima linea nella costruzione di nuove abitazioni, considerando volume, accessibilità e crescita futura. I primi dieci Stati per la nuova costruzione si trovano prevalentemente nelle regioni del Sud e dell'Ovest. A livello nazionale, i prezzi delle nuove case sono più bassi rispetto alle case esistenti e sono diminuiti in modo significativo da luglio 2022. I costruttori stanno rispondendo alle preoccupazioni riguardo all'accessibilità costruendo case più piccole e più accessibili. Le case costruite nel 2024 sono più piccole dell'8% (163 piedi quadrati) rispetto a quelle costruite nel 2022. Il rapporto mette in evidenza una carenza di oltre 7 milioni di case unifamiliari alla fine del 2023, sottolineando la necessità di nuove costruzioni per soddisfare la domanda abitativa e contribuire all'attività economica.
El nuevo informe de Realtor.com, 'Perspectivas de Nueva Construcción', revela que Carolina del Sur, Carolina del Norte e Idaho son líderes en la construcción de nuevas viviendas, considerando el volumen, la asequibilidad y el crecimiento futuro. Los diez principales estados para la nueva construcción están predominantemente en las regiones del Sur y del Oeste. A nivel nacional, los precios de las nuevas casas son más bajos que los de las viviendas existentes y han disminuido significativamente desde julio de 2022. Los constructores están respondiendo a las preocupaciones sobre la asequibilidad construyendo casas más pequeñas y asequibles. Las casas construidas en 2024 son un 8% más pequeñas (163 pies cuadrados) que las construidas en 2022. El informe destaca una escasez de más de 7 millones de casas unifamiliares a finales de 2023, enfatizando la necesidad de nueva construcción para satisfacer la demanda de vivienda y contribuir a la actividad económica.
Realtor.com의 새로운 보고서 '신축 건설 인사이트'는 사우스캐롤라이나, 노스캐롤라이나, 아이다호가 규모, 저렴함 및 미래 성장 가능성을 고려하여 새로운 주택 건설에서 선두에 서 있다고 밝혔습니다. 새로운 건설을 위한 상위 10개 주는 주로 남부 및 서부 지역에 위치하고 있습니다. 전국적으로 새로운 주택 가격은 기존 주택보다 낮으며 2022년 7월 이후 상당히 감소했습니다. 건축자들은 더 작고 저렴한 주택을 건설하여 가격 접근성 문제에 대응하고 있습니다. 2024년에 건설된 주택은 2022년에 비해 8% 작습니다(163 제곱피트). 이 보고서는 2023년 말에 7백만 채 이상의 단독 주택 공급 부족을 강조하며, 주택 수요를 충족하고 경제 활동에 기여하기 위한 새로운 건설의 필요성을 강조합니다.
Le nouveau rapport de Realtor.com, 'Aperçus sur la construction neuve', révèle que Caroline du Sud, Caroline du Nord et Idaho sont en tête de la construction de nouvelles maisons, en tenant compte du volume, de l'accessibilité et de la croissance future. Les dix premiers États pour la construction neuve se trouvent principalement dans les régions du Sud et de l'Ouest. À l'échelle nationale, les prix des nouvelles maisons sont inférieurs à ceux des maisons existantes et ont considérablement diminué depuis juillet 2022. Les constructeurs répondent aux préoccupations concernant l'accessibilité en construisant des maisons plus petites et plus abordables. Les maisons construites en 2024 sont 8 % plus petites (163 pieds carrés) que celles construites en 2022. Le rapport met en évidence une pénurie de plus de 7 millions de maisons unifamiliales à la fin de 2023, soulignant la nécessité de nouvelles constructions pour répondre à la demande de logements et contribuer à l'activité économique.
Der neue Bericht von Realtor.com, 'Einblicke in den Neubau', zeigt, dass South Carolina, North Carolina und Idaho führend im Neubau von Wohnhäusern sind, wenn man Volumen, Erschwinglichkeit und zukünftiges Wachstum betrachtet. Die zehn besten Bundesstaaten für den Neubau befinden sich hauptsächlich in den Regionen Süden und Westen. Auf nationaler Ebene sind die Preise für neue Häuser niedriger als die für bestehende Häuser und haben seit Juli 2022 erheblich abgenommen. Die Bauherren reagieren auf die Erschwinglichkeitsbedenken, indem sie kleinere, erschwinglichere Häuser bauen. Die im Jahr 2024 errichteten Häuser sind 8 % kleiner (163 Quadratfuß) als die im Jahr 2022 erbauten. Der Bericht hebt einen Lieferengpass von über 7 Millionen Einfamilienhäusern Ende 2023 hervor und betont die Notwendigkeit neuer Bauprojekte zur Deckung der Wohnraumnachfrage und zur Förderung der wirtschaftlichen Aktivität.
- South Carolina, North Carolina, and Idaho lead in new home construction activity and affordability
- New home prices are lower than existing homes and have decreased since July 2022
- Builders are constructing smaller, more affordable homes to meet demand
- New construction is helping to address the supply shortage of over 7 million single-family homes
- Supply shortage of over 7 million single-family homes at the end of 2023
- Homes built in 2024 are 8% smaller than those built in 2022, potentially affecting buyer preferences
- A New Report from Realtor.com found
South Carolina ,North Carolina andIdaho are the top three states leading the new construction activity and affordability rankings - New Construction Nationally is Helping Add Needed Inventory and Affordable Options
"This will come as no surprise as the South and West have the fastest growing overall levels of inventory," said Joel Berner, senior Economist, Realtor.com® "For prospective buyers interested in purchasing a newly built home, these ten states have more newly built options that are more affordable, and fastest-growing. In other parts of the country, purchasing a newly built home may be more challenging until new construction activity picks up."
Top Ten States for New Construction Activity and Affordability
New Construction | New Construction | Permits per Capita | Average Rank | |
4 | 2 | 2 | 2.67 | |
1 | 6 | 3 | 3.33 | |
3 | 9 | 1 | 4.33 | |
10 | 5 | 5 | 6.67 | |
5 | 13 | 7 | 8.33 | |
20 | 3 | 4 | 9.00 | |
2 | 18 | 8 | 9.33 | |
6 | 15 | 9 | 10.00 | |
8 | 16 | 10 | 11.33 | |
9 | 14 | 12 | 11.67 |
*Each state is ranked according to three criteria: the share of listings in each state that are new builds, the price per square foot premium on those new builds versus existing home listings (ranked lowest to highest), and the number of permits for new single-family homes per capita issued in each state. Rankings are then averaged to get a sense of the volume, affordability, and future growth of the new construction inventory.
Across
"Nationwide, builders have responded to the gap in existing home affordability by building smaller, lower-priced homes and are a major driver of this year's leveling-off of listing prices," said Joel Berner, senior Economist, Realtor.com®. "In the years since the Great Recession, the pace of household formation in
This report was launched as a part of the Realtor.com's New Construction Days of Deals event, to learn more visit: https://www.realtor.com/new-construction-days-of-deals and to learn more from our economics team, visit our site https://www.realtor.com/research/
Methodology
Realtor.com housing data as of August 2024. Listings include the active inventory of newly built single-family homes and condos/townhomes/row homes/co-ops for the given level of geography on Realtor.com. Realtor.com data history goes back to July 2016. For the permits per capita criterion of the state rankings, permitting and population data come from the most recent releases by the US Census Bureau.
About Realtor.com®
Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®.
Media Contact: Mallory Micetich, press@realtor.com
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SOURCE Realtor.com
FAQ
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