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What’s Next for the Remodeling Sector in 2023?

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Remodeling

What’s Next for the Remodeling Sector in 2023?

Remodeling demand is waning, but as fewer homeowners can afford to relocate, remodelers are still filling backlogs with a steady stream of new projects


December 15, 2022
Paint swatches, building materials, and a floor plan for renovation
Image: Stock.adobe.com

For every home sold in the U.S., there are 10 to 12 remodeling projects, totaling around 65 to 70 million each year, but as the pandemic housing boom softens, so too are renovation projects, John Burns Real Estate Consulting reports. Homeowners who couldn’t afford fast-rising for-sale prices throughout the pandemic opted to stay put and update their existing homes, a trend which led to lengthy backlogs for remodelers, most of whom are still booked out for months in advance.

Despite a small drop in remodeling demand, new projects are expected to pick up in the year ahead, though homeowners may opt for smaller jobs requiring less money.

  • A JBREC / Qualified Remodeler remodeling index that he manages and has helped design allows him to keep a finger on the remodeling pulse. What do remodelers expect over the next year in terms of deal flow and demand?
  • Eric [Finnigan] expects the luxury sector to hold up. DIY jobs, conversely, were pulled forward so will ease over the coming year. Overall, Eric expects the sector to slow.
  • One of the ways homeowners more generally are handling the new normal in housing is to scale back their next remodeling job. What might have been a $100K check becomes a $20K outlay, but they still get to feel good about the new “statement” cabinetry in their kitchen.

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