Special Report: Insights from the Top 200 Home Builders

This year's list of leading home builders by 2024 revenue outdid themselves in terms of earnings and completions, but continuing headwinds keep them grounded
June 17, 2025
3 min read
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Pro Builder’s annual Top 200 (formerly Housing Giants) survey, the basis of our rankings of the leading U.S. home builders by revenue, also garners a wealth of data about their business results, operations, concerns, and plans to weather the myriad forces that threaten production, sales, and profitability. 

If anything, their insights reveal an impressive level of resilience amid almost chronic general and industry-specific economic uncertainty and upheaval since the pandemic.  

Not only did the 212 builders ranked this year earn 7.2% more revenue in 2024 than the previous year, they collectively closed or completed 7.4% more homes, accounting for nearly 32% of the overall housing market (see "Top 200 Market Share," below). 

 

The collective market share of closings and completions among the top-grossing home builders rose to 31.6% of the overall market of 1.63 million completions in 2024*. These 212 builders closed or completed 514,681 housing units last year, an annual uptick of 7.4%. *U.S. Census data
The collective market share of closings and completions among the top-grossing home builders rose to 31.6% of the overall market of 1.63 million completions in 2024*. These 212 builders closed or completed 514,681 housing units last year, an annual uptick of 7.4%. *U.S. Census data
Alone, Texas produced 22% of all homes closed or completed by the Top 200 and 7% of all home completions nationwide in 2024. The top 5 states accounted for 18% of all U.S. closings and completions last year.
Alone, Texas produced 22% of all homes closed or completed by the Top 200 and 7% of all home completions nationwide in 2024. The top 5 states accounted for 18% of all U.S. closings and completions last year.

No doubt, that resilience will be tested in 2025, albeit bolstered by a healthy realism. “With tariff talks, immigration uncertainty, geopolitical tensions, persistent inflation, and mid-6% mortgage rates, the motivation to buy a home will remain lacking,” says Cynthia Keller, Senior VP of Brand | Sales & Marketing for Homes Built for America, ranked #171. “On the positive side, investment in the US will be strong, the unemployment rate remains low, and the economy overall is still doing very well.” 

 

Concerns about government regulations, access to AD&C financing, and finding skilled labor fell by the wayside against heavier headwinds led by the state of the U.S. economy, which also helps account for rising anxiety about finding qualified buyers.
Concerns about government regulations, access to AD&C financing, and finding skilled labor fell by the wayside against heavier headwinds led by the state of the U.S. economy, which also helps account for rising anxiety about finding qualified buyers.
Given the challenges (see above), it makes sense that getting leaner operationally and looking to expand and invest geographically and in product and service offerings rose to the top of this list. Also notable: the share of Top 200 builders that consider off-site construction as an opportunity in 2025 more than doubled to 7.5% from last year. And keep an eye on more merger & acquisition (M&A) activity this year, as 16% of our survey respondents indicated interest in that arena, as either buyers or sellers, up from about 7% a year earlier.
Given the challenges (see above), it makes sense that getting leaner operationally and looking to expand and invest geographically and in product and service offerings rose to the top of this list. Also notable: the share of Top 200 builders that consider off-site construction as an opportunity in 2025 more than doubled to 7.5% from last year. And keep an eye on more merger & acquisition (M&A) activity this year, as 16% of our survey respondents indicated interest in that arena, as either buyers or sellers, up from about 7% a year earlier.

If their activity last year is any indication, Top 200 builders will continue to explore opportunities to grow, specifically in the build-to-rent (B2R) sector, while honing operational efficiencies with the help of technologies such as artificial intelligence and virtual reality tools and pursuing land and lots in suburban and urban planned developments. 

B2R is especially intriguing. All told, 59 Top 200 builders completed 29,525 rental units in 2024, from detached homes to high rise apartments, an annual increase of 11.8%. 

That level of production collectively earned $8.4 billion from the sale or market value of those assets, a 20% boost from 2023. And nearly one-fifth of the builders responding to our survey this year say that B2R is a business opportunity they’ll pursue this year. 

"While interest rates and construction costs remain a challenge, demand for B2R housing continues due to homeownership barriers and shifting demographics,” says Jacque Petroulakis, Chief Communications Officer at NexMetro Communities, which booked all of its $1 billion-plus housing revenue in the single-family built-to-rent (SFB2R) sector in 2024, earning it a #34 ranking in the Top 200. 

The Phoenix-based company is one of a growing number of new-home builders shifting at least some focus to B2R. Among the Top 200, 20 builders were new to the sector last year and another 20 increased their activity from 2023. (Of note, 13 builders also pulled out of the B2R market in 2024 after reporting activity in 2023, in part because of that sector’s vastly different revenue model.) 

More charts derived from the 2025 Top 200 survey

At a collective 48.6% (including permits and fees) of the average price of a new home sold by the Top 200*, the cost to build remains by far the biggest expense, followed by land and improvement costs at 22.1%. After taking an average gross profit of 13.7%, only 15.6% of each sale remains to fund the rest of the operation. *180 builders reporting
At a collective 48.6% (including permits and fees) of the average price of a new home sold by the Top 200*, the cost to build remains by far the biggest expense, followed by land and improvement costs at 22.1%. After taking an average gross profit of 13.7%, only 15.6% of each sale remains to fund the rest of the operation. *180 builders reporting
Unsurprisingly, the largest production builders overwhelmingly operate in the suburbs, specifically planned-unit developments. But new communities in smaller yet still volume-driven urban infill sites are becoming more popular, especially for higher-density projects.
Unsurprisingly, the largest production builders overwhelmingly operate in the suburbs, specifically planned-unit developments. But new communities in smaller yet still volume-driven urban infill sites are becoming more popular, especially for higher-density projects.

Survey Methodology: The 2025 Top 200 Survey was distributed to Pro Builder’s print and digital subscribers between January and April 2025, resulting in a verified list of 212 companies ranked by their combined 2024 for-sale and for-rent revenue. All chart data is derived from Pro Builder’s 2025 Top 200 survey except where noted. 

About the Author

Rich Binsacca

Rich Binsacca is editorial director of Pro Builder Media and Custom Builder Online. He has reported and written about all aspects of the housing industry since 1987 and most recently was editor-in-chief of Pro Builder Media. [email protected]

 

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