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The 2024 Housing Giants report ranks the biggest home builders in the U.S. by revenue. See which builders made this year's list.
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Illustration: Van Sayian
This article first appeared in the May/June 2024 issue of Pro Builder.

What does it say about the country’s leading home builders when they earn less housing-related revenue in 2023 than during the previous year but report higher profits, spend more to market and sell their homes, only gain a slight measure of market share at the top, and indicate greater interest in diversifying their operations in 2024?

It says “Watch for Trends,” particularly:

  1. Consolidation—Mergers and acquisitions activity is hot in the housing sector.
  2. Build-to-rent—B2R starts in 2023 hit record numbers, and 2024 promises similar momentum.
  3. The Economy—General economic conditions are providing a mix of challenges and opportunities for home builders in 2024.

WANT TO SEE THE RANKINGS? JUMP TO 2024 HOUSING GIANTS LIST


1. Consolidation

It’s no secret that the Housing Giants at the top of the revenue pyramid are gaining market share through mergers and acquisitions. “It’s an extremely active market,” says Chris Jasinski, founder and CEO of JTW Advisors, an investment bank serving home builders and land developers. “And the conditions are there for continued consolidation well into the future.”

Bolstered by the surge in housing activity during the COVID-19 pandemic, the nation’s largest public and private builders amassed a war chest of cash, combined with low debt. That’s now allowing them to gobble up both land and successful, smaller-volume builders to expand their geographical footprint and their product lines—especially in emerging secondary markets such as Huntstville, Ala., and Knoxville, Tenn., which is where the jobs are, Jasinski points out.

2. Build-to-rent

This year’s Giants delivered more than 26,000 build-to-rent (B2R) homes; a solid mix of single-family detached, attached, and apartment units.

Among the 64 Housing Giants reporting B2R completions in 2023, D.R. Horton (No. 1 in our overall rankings) led the way with 7,942 units, while the next five—Harkins Builders (No. 50), NexMetro Communities (No. 56), BBL Building Co. (No. 100), The Challenger Group (No. 39), and Edward Rose Building Enterprise (No. 203)—added 7,682 more; with D.R. Horton, the top six generated $4.2 billion in revenue from that activity.

With a record number of estimated B2R starts in 2023, build-to-rent’s future appears poised for growth ... so long as investment dollars roll in.

3. The Economy

For the second year in a row, general economic conditions are among both the top five challenges and top five opportunities anticipated by Giants in 2024. The former is a primary headwind preventing the industry from getting back to pre-pandemic levels of reliable activity and growth; the latter is driving operational efficiencies and a broadening mix of markets and products that will enable builders to better control their fate during persistent uncertainty and the outcome of the upcoming presidential election.

“The current economic environment feels similar to the long lead up to the 2008 recession, so I advise builders to be cautious,” warns Chuck Shinn, co-founder of home builder consulting firm the Shinn Group. “Scrutinize the national economic headline news coming out of Washington, D.C., and compare it with the trends you’re seeing in your local communities.” 


 

Data from the 2024 Housing Giants showing charts for revenue, closings, and market share

 

2024 Housing Giants data showing what home builders spend their money on as share of building revenue

 

Data for the top challenges and opportunities for the 2024 Housing Giants

 


SCROLL DOWN FOR A PDF OF THE 2024 HOUSING GIANTS LIST


MORE 2024 HOUSING GIANTS ... 

Also in Pro Builder's 2024 Housing Giants Report:


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The Biggest Builders in the U.S. by Revenue
2024 Housing Giants List

2024 Rank Prev. Rank COMPANY (* = NAHB MEMBER) 2023 REVENUE 2023 Closing / Units
1 1 D.R. Horton* $34,681,500,000 92,889
2 2 Lennar* $32,459,129,000 73,087
3 3 PulteGroup* $15,598,706,526 28,603
4 5 Toll Brothers* $9,866,026,000 9,597
5 4 NVR* $9,314,605,000 20,662
6 6 Taylor Morrison* $7,100,000,000 11,495
7 7 KB Home* $6,370,421,000 13,236
8 8 Meritage Homes* $6,056,784,000 13,886
9 9 M.D.C. Holdings $4,520,296,008 8,228
10 10 Clayton Properties Group* $3,995,289,000 9,957
11 13 M/I Homes* $3,939,673,000 8,112
12 15 Dream Finders Homes* $3,738,888,000 7,314
13 12 Tri Pointe Homes* $3,654,035,000 5,274
14 11 Century Communities* $3,604,433,756 9,568
15 14 Ashton Woods* $3,532,532,518 8,752
16 17 David Weekley Homes* $3,092,524,098 5,433
17 16 Hovnanian Enterprises $3,054,792,664 5,473
18 18 Shea Homes* $2,434,700,000 2,721
19 21 Perry Homes* $2,367,100,000 4,071
20 19 LGI Homes* $2,358,580,000 6,729
21 24 Mattamy Homes U.S. Group* $2,270,518,649 4,578
22 20 Beazer Homes* $2,207,000,000 4,246
23 22 Highland Homes* $2,079,000,000 3,555
24 23 Stanley Martin Homes* $1,971,900,000 4,439
25 28 GL Homes* $1,920,281,000 2,062
26 26 Green Brick Partners* $1,767,800,000 3,123
27 25 DRB Enterprises $1,732,844,332 4,140
28 27 Drees Homes* $1,646,500,000 2,128
29 29 Fischer Homes* $1,332,850,374 2,736
30 34 Minto Communities USA* $1,239,378,361 2,350
31 30 Brightland Homes (fka Gehan Homes)* $1,219,801,000 2,972
32 31 Brookfield Residential Properties* $1,129,053,000 1,456
33 32 Bloomfield Homes* $1,028,598,000 2,010
34 49 Neal Communities of Southwest Florida* $859,076,654 1,357
35 36 True Homes* $857,797,391 2,342
36 35 Chesmar Homes* $846,225,739 1,903
37 42 First Texas Homes* $833,146,000 1,229
38 40 Smith Douglas Homes* $763,938,856 2,297
39 38 The Challenger Group $762,800,000 2,319
40 39 Epcon Communities* $755,366,400 1,264
41 50 Homes by WestBay* $700,422,903 1,213
42 48 CBH Homes* $698,042,440 1,773
43 33 Legend Homes* $677,260,030 2,282
44 65 Trumark Companies $661,036,091 766
45 46 Eastwood Homes* $620,300,000 1,245
46 41 Edge Homes* $611,636,203 1,349
47 52 Robson Communities* $607,085,339 850
48 43 American Legend Homes* $607,039,150 755
49 47 ICI Homes* $582,618,555 672
50 73 Harkins Builders* $581,000,000 2,961
51 37 Ivory Homes* $575,450,277 803
52 56 CastleRock Communities* $556,532,000 1,363
53 61 Westin Homes* $550,825,000 882
54 44 Stock Development* $517,598,833 482
55 45 New Home Company $509,000,000 656
55 92 Park Square Homes* $509,000,000 656
57 51 NexMetro Communities* $488,234,754 1,449
58 59 Habitat for Humanity International* $468,372,586 3,428
59 62 Davidson Homes* $462,000,360 1,196
60 NR Betenbough Homes* $454,860,000 1,970
61 58 Schell Brothers* $443,117,881 507
62 54 Lombardo Companies $434,221,614 697
63 57 United Homes Group (fka Great Southern Homes)* $427,420,290 1,383
64 63 Grand Homes* $404,000,000 430
65 60 View Homes* $400,096,211 1,052
66 72 McBride & Son Cos. $386,025,226 920
67 79 Shaddock Homes $380,354,491 402
68 74 Keystone Custom Homes* $375,036,100 473
69 55 HistoryMaker Homes* $354,292,000 927
70 67 Van Metre Companies $344,464,105 400
71 112 Viera Builders* $331,300,087 508
72 107 Tilson Home* $328,960,000 745
73 66 SummerHill Homes* $323,497,778 238
74 88 Allen Edwin Homes* $318,472,169 915
75 76 Landon Homes* $318,000,000 373
76 77 Signature Homes* $316,486,271 409
77 100 Williams Homes* $303,208,167 393
78 87 HHHunt* $300,433,495 796
79 80 Newmark Homes* $298,866,255 423
80 110 Galaxy Builders $291,309,596 827
81 84 Caviness & Cates Communities* $288,125,000 1,668
82 NR Visionary Homes* $281,186,584 628
83 89 William Ryan Homes* $280,000,000 580
84 78 John Mourier Construction $277,000,000 359
85 94 Hakes Brothers* $275,000,000 731
86 86 Riverside Homebuilders* $271,800,400 594
87 83 Elliott Homes* $264,747,732 375
88 69 Stone Martin Builders* $261,453,550 645
89 106 Traditions of America* $259,004,687 393
90 96 Main Street Homes* $248,967,764 453
91 64 Elite Properties of America $248,746,128 326
92 167 Eastbrook Homes* $247,500,000 467
93 95 Impression Homes* $243,151,910 669
94 97 San Joaquin Valley Homes $241,123,487 549
95 93 EYA* $230,964,233 265
96 82 Stylecraft Builders $229,694,077 819
97 68 Fulton Homes $220,000,000 362
98 116 Woodbridge Pacific Group* $219,016,915 279
99 NR Caruso Homes* $217,050,000 308
100 NR BBL Building Co. $216,000,000 1,147
101 105 Sitterle Homes* $213,000,000 270
102 101 Ole South Properties* $202,769,710 515
103 75 Homes By Taber* $199,144,347 465
104 160 Napolitano Homes* $197,574,000 486
105 109 Evermore Homes (fka American Southern Homes)* $195,000,000 365
106 99 Evergreene Homes $194,432,910 185
107 115 Homes By Dickerson* $185,933,339 214
108 121 Legacy Homes* $185,000,000 235
109 91 Blandford Homes* $181,842,919 216
110 90 The Community Builders $172,902,374 448
111 53 Beechwood Homes* $172,689,666 178
112 127 Berks Homes* $171,913,587 414
113 102 Regent Homes* $169,424,000 367
114 142 Landmark Homes* $158,600,000 331
115 135 Home Creations* $158,441,903 550
116 138 Traton Homes* $157,754,429 338
117 158 Landmark 24 Homes* $156,494,278 415
118 NR SK Builders* $147,527,547 416
119 107 LeCesse Development $147,365,673 458
120 164 Esperanza Homes* $144,836,459 505
121 200 SeaGate Homes* $139,136,896 360
122 122 Anglia Homes* $138,969,266 410
123 NR Nilson Homes* $137,572,724 461
124 161 Valor Communities* $136,635,153 370
125 163 Craftmark Homes* $134,372,726 147
126 126 Hanson Builders $132,862,156 115
127 132 Granite Ridge Builders* $131,809,729 320
128 152 Pratt Home Builders* $131,455,954 362
129 123 Capstone Homes* $130,875,000 296
130 139 United Built Homes* $124,141,695 376
131 124 Ideal Homes & Neighborhoods $122,984,106 475
132 174 Grand Oak Builders* $121,115,753 242
133 165 Don Julian Builders and New Mark Homes-KC* $119,393,000 143
134 118 New Tradition Homes* $118,791,763 188
135 143 Charter Homes & Neighborhoods* $118,742,000 254
136 NR Colina Homes* $117,372,328 332
136 133 Southern Homes* $116,997,416 332
138 113 First America Homes, a Signorelli Company* $116,332,000 452
139 111 Boise Hunter Homes* $115,598,453 99
140 151 Windsor Homes* $115,268,153 285
141 163 Tim O’Brien Homes* $114,000,000 188
142 144 McKee Homes* $111,563,913 261
143 146 Regency Homebuilders $111,000,000 229
144 157 Piedmont Residential* $110,092,046 284
145 167 Rodrock Homes* $107,590,670 118
146 153 Tresidio Homes* $106,457,439 161
147 195 Keystone Group dba Keystone Homes* $104,876,494 311
148 189 StyleCraft Homes* $101,684,271 254
149 150 Hunter Quinn Homes* $101,000,000 302
150 216 Classica Homes* $100,864,545 92
151 134 Creative Homes* $100,308,159 156
152 214 JW Collection* $100,117,174 137
153 180 Insight Homes* $99,144,870 197
154 159 Baessler Homes* $98,924,432 264
155 186 Peachtree Building Group (fka Silverstone Communities)* $97,708,605 284
156 224 The Warmington Group $96,724,000 160
157 205 Buffington Homes of Arkansas* $96,722,974 186
158 140 Gemcraft Homes* $96,000,000 192
159 212 Riz Communities and Development* $95,000,000 301
160 213 American Housing Ventures $94,849,710 247
161 177 Woodland Homes of Huntsville $94,502,924 141
162 176 Providence Homes* $93,332,308 125
163 145 Wormald* $90,532,615 75
164 98 Willow Bridge Property Co. (fka Lincoln Property Co.)* $89,400,000 285
165 172 Manuel Builders* $88,520,292 301
166 168 Bill Beazley Homes* $88,108,851 279
167 179 American Classic Homes* $86,868,933 566
168 NR Universal Homes* $84,388,000 340
169 209 McGuinn Hybrid Homes $82,841,567 337
170 131 Baldwin & Sons* $82,799,694 124
171 218 Stepping Stone Homes* $82,531,367 161
172 199 W.B. Homes* $81,544,880 131
173 173 Edwards Homes of El Paso* $80,558,018 281
174 141 Miller & Smith* $79,068,301 112
175 170 Pyatt Builders* $78,790,822 192
176 154 Marrano Homes* $78,230,000 154
177 147 Ence Homes* $78,214,997 146
178 136 Tim Lewis Communities* $74,716,000 109
179 169 Gentry Homes* $72,801,721 70
180 220 Sumeer Homes* $72,000,000 144
181 182 James Engle Custom Homes* $70,514,320 64
182 175 Pacific Communities Builder $70,180,000 87
183 NR Flintrock Builders* $70,091,310 183
184 196 Robertson Homes $68,490,737 116
185 148 The Olson Company $68,479,666 103
186 155 McCaffrey Homes $68,451,265 122
187 206 Hamlet Homes* $68,000,000 77
188 223 Robuck Homes* $67,811,400 84
189 193 Tropicana Homes* $65,000,000 265
190 197 Riverwood Homes* $64,493,513 197
191 204 Magnolia Homes* $61,225,159 47
192 211 Twilight Homes $61,215,613 132
193 185 Ivey Homes $58,405,000 176
194 187 MasterCraft Builder Group* $57,709,352 70
195 203 Newcastle Homes* $57,213,432 140
196 137 Vantage Homes* $56,900,588 57
197 NR Holland Homes* $56,026,837 223
198 201 JP Brooks Builders* $54,922,413 130
199 227 Forino Co.* $54,785,521 131
200 208 Reynolds Companies* $54,500,000 80
201 210 Palo Verde Homes* $54,000,000 180
202 191 Lowder New Homes* $53,549,899 119
203 221 Edward Rose Building Enterprise* $52,750,000 1,055
204 181 Covington Homes* $52,500,000 84
205 NR Silverthorne Homebuilders $51,242,000 106
206 198 Kendall Homes* $50,100,000 121
207 235 AWK (dba Kent Homes & Associates) $47,000,000 75
208 202 French Brothers* $45,700,000 141
209 229 Windsong Properties* $44,870,000 81
209 178 Ward Communities* $44,669,466 81
211 230 INB Homes* $42,714,152 124
212 234 McKinney Builders* $40,670,835 45
213 236 Clearview Homes* $35,000,000 68
214 228 Key Land Homes $34,000,000 57
215 NR Goodwyn Building Co.* $32,817,000 266
216 240 Ventura Homes* $31,421,135 132
217 217 Thrive Home Builders* $31,262,658 49
218 233 McArthur Homes* $28,825,499 69
219 NR Sandcastle Homes* $25,697,355 39
220 238 SunRiver St. George Development $23,914,392 45
221 239 The Builders Group* $21,387,886 65
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