There are four overarching themes that made 2020 a record year for master planned communities, each of which are a direct result of the pandemic. John Burns Real Estate Consulting’s 50 top-selling master planned communities each sold a minimum of 437 new-homes last year. The growth can be attributed to the large number of buyers working from home, the suburban shift, a demand for outdoor space, and the desire for both human connection and safety. John Burns also points out a sense of urgency from buyers, most likely from the low mortgage rates.
Buyer urgency drives a new top 50 sales record. No doubt the low mortgage rates helped, but home buyers’ urgency to improve their living spaces contributed significantly to the burst in sales. Together, the top 50 master plans sold 37,305 new homes in 2020, setting a new record in our ranking history. Our updated ranking includes a few adjustments to sales numbers and developer names from those quickly shared with us in the first 2–3 days of the new year.
Work-from-Home Propels a Home Buying Boom
Work-from-home has proven to be a sweet freedom amid a year of COVID-19 restrictions. For many, work-from-home flexibility eliminated the need for proximity to an office. The usual trade-off between a dream home and a dream job evaporated, as quickly as a ready supply of toilet paper. Master plans’ new home sales boomed across the country as work-from-home opportunities became permanent for many, and commute times became a drudgery of the past. Our consulting associates connect this newfound flexibility to skyrocketing sales in 2020.