Do you want to sell your home but hesitate because you’re worried you won’t be able to find your next home in today’s market? You’re not alone, but some good news may ease your worries. New home construction is up and is becoming an increasingly significant part of the housing inventory.
That means when you put your house on the market this summer, considering newly built homes is crucial for expanding your options for your next move.
Near-Record Percentage of New Home Inventory
Newly built homes today make up a near-record percentage of the total number of homes available for sale (see graph below):
In fact, as the data shows, newly built homes now make up 31% of the total for-sale inventory. Over the past couple of decades, newly built homes made up an average of only around 13% of the total housing inventory from 1983 to 2019.
That means the percentage of the total available homes that are newly built is over two times higher than the norm.
Why This Matters to You
Overall, the supply of homes for sale is still low. And when there’s a limited supply, it’s crucial to explore all of your available choices. New-home construction has emerged as a game changer with an increasing inventory. Recent data shows it’s gaining even more momentum as more new construction are underway and will be coming to the market in the months ahead.
Robert Dietz, Chief Economist at the National Association of Home Builders (NAHB), highlights the importance of newly built homes for those looking to buy in today’s housing market. Dietz states:
“With limited available housing inventory, new construction will continue to be a significant part of prospective buyers’ search in the quarters ahead.”
Don’t overlook this growing market segment and risk missing out on great opportunities to find your ideal home. Since new home construction accounts for roughly 31% of the total for sale inventory, you could be cutting nearly one in three options from your search if you don’t consider newly built homes.
If you want to move, a local real estate agent can help you sell your current house and explore newly built options in your area. They have the expertise to handle both sides of the process so you can move out of your current house and into your brand-new dream home.
Key Takeaway
Now’s the time to sell your house and capitalize on the momentum building in new home construction. Let’s connect so you have a guide throughout the selling and buying process. Together, we can make your transition to a newly built home a reality.
Other educational articles about the market and your home search are under Karen’s Blog. Additionally, explore the search bar for other topics of interest.
