Looking to sell your home but worried you won’t be able to find your next one on today’s market? You’re not alone, but we have some good news that might ease your worries. Construction of new homes is on the rise and is an increasingly important part of the housing stock.
That said, if you’re putting your home up for sale this summer, it’s important to consider a new home to expand your options for your next move.
Near-Record Percentage of New Home Inventory
Newly built homes today make up a near-record percentage of the total number of homes available for sale (see graph below):
In fact, data shows that new homes now account for 31% of total sales inventory. In recent decades, from 1983 to 2019, new homes accounted for only about 13% of the total housing stock on average.
That means the percentage of the total available homes that are newly built is over two times higher than the norm.
Why This Matters to You
Overall, the supply of homes for sale is still low. And when there’s limited supply, it’s crucial to explore all of your available choices. New-home construction has emerged as a game changer with increasing inventory. Not to mention, recent data shows it’s gaining even more momentum as more newly built homes are underway and will be coming to the market in the months ahead.
Robert Dietz, Chief Economist at the National Association of Home Builders (NAHB), highlights the importance of newly built homes for those looking to buy in today’s housing market. Dietz states:
“Given the limited available housing inventory, new construction will continue to be an important part of the search for potential buyers in the coming quarters.”
Don’t miss out on this growing market segment and risk missing out on a golden opportunity to find your ideal home. New home construction accounts for about 31% of the total sales inventory, so if you’re not looking at new homes, you could almost rule out the third option from your search.
If you are planning to move, a local real estate agent can help you sell your current home or explore new building opportunities in your area. They have the expertise to handle both aspects of the process so you can move from your current home to your brand-new dream home.