Currently Reading

Increasing Number of Buyers Desire Newly Built Homes

Advertisement
Market Data + Trends

Increasing Number of Buyers Desire Newly Built Homes


April 29, 2021
Newly built home
Photo: Ursula Page | stock.adobe.com

More homebuyers are specifically seeking new homes on their buying journey compared to 2020. A recent survey from the National Association of Home Builders found that 16% of adults are planning to purchase a home within the next 12 months. Of that share, 42% want a newly built home while 30% desire an existing home. The remaining 28% had no preference, but this marks an 18% increase in new homes in just one year. During quarter one of 2020, 24% of buyers were searching for new homes while 40% desired an existing home.

When broken down by generation, a majority of Millennial buyers (56%) would prefer a new home, the most of any generation. In contrast, 44% of Boomers and 41% of Gen Z buyers are looking for an existing home. Regionally, in the Northeast and West, a majority of buyers would prefer a new home. In the Midwest, on the other hand, 41% are looking for an existing home.

Read More
 

Related Stories

Housing Markets

Metros With the Highest Home Value Growth

Homeownership provides buyers with equity and a long-term investment that could have a great payoff when it comes time to sell, as long as they’re…

Market Data + Trends

Here’s Where Vacation Home Sales Boomed the Most

Sales for vacation homes increased 16.4% in 2020 as many Americans worked remotely and fled high-density areas for more scenic lower-density areas…

Built for Rent

Single-Family Rents Experience Highest Increases in 15 Years

With home prices reaching new heights, demand for single-family rentals is booming, pushing rental prices up with it. Rent for single-family homes…

Advertisement
Advertisement

More in Category




Advertisement
Advertisement

Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.


Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Subscribe
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.