Top 10 Destinations for Buyers Seeking Newly Built Homes in 2024

Unveiling the Building Boom: Top 10 Destinations for Buyers Seeking Newly Constructed Homes in 2024

As the new year dawns, aspirations of homeownership beckon many, aiming to turn their dreams into reality in 2024. However, with soaring home prices, escalating mortgage rates, and a glaring shortage of available homes, prospective buyers are faced with formidable challenges. In this landscape of housing scarcity, new construction emerges as a beacon of hope.

Traditionally associated with upscale buyers and luxury markets due to their higher price tags, newly built homes are increasingly becoming a lifeline for frustrated home seekers. Builders are responding to the demand by offering smaller, more affordable housing options, slashing prices, and extending enticing incentives like mortgage rate buy-downs to alleviate financial burdens.

Beyond affordability, there are numerous advantages to being the inaugural occupants of a home. New constructions afford buyers the opportunity to personalize their living spaces, accompanied by warranties on major structural components and appliances. Moreover, advancements in building materials translate to enhanced energy efficiency, promising long-term savings for homeowners.

For those ready to explore the realm of new construction, Realtor.com®’s data team has identified the metropolitan areas with the highest volume of new residential construction relative to existing housing stock as of 2024.

In the Southeast, particularly in coastal cities of Florida and South Carolina, builders are actively erecting new homes to cater to growing demand. Southern cities with robust economies are also witnessing a surge in construction activity to accommodate an influx of new residents.

Conversely, the Mountain West region is experiencing a construction boom in response to escalating demand in cities nestled within the Rocky Mountains and the vibrant capital city of Texas.

Notably absent from the list are regions in New England and the Northeast, where limited available land impedes extensive development. The Midwest shows subdued demand, with only one metro making the cut, highlighting softer market conditions in these areas. Similarly, no metros from the Western coastline feature, owing to dense urbanization and exorbitant property prices.

To compile this list, we analyzed U.S. Census Bureau housing permit data from December 2022 to November 2023, calculating new-housing permits per 1,000 existing housing units for the 200 largest metros in the country, selecting one metro per state for geographic diversity.

Discover the Charm of Punta Gorda, FL: A Haven for New Homebuyers

If your ideal vision of homeownership involves a picturesque waterfront setting, then Punta Gorda might just be the paradise you’ve been dreaming of. Nestled along the serene Peace River, just an hour’s drive south of Sarasota and 40 minutes north of Fort Myers, this coastal gem offers an enticing blend of natural beauty and affordability.

Punta Gorda is renowned for its extensive network of canals, offering residents the opportunity to reside directly on the waterfront or within a stone’s throw of it, all at a price that won’t break the bank. With a median sale price of $359,000 for newly constructed homes, Punta Gorda presents an attractive option for those seeking coastal living without the exorbitant price tags typically associated with waterfront properties.

According to local real estate agent Barton, the allure of Punta Gorda lies not only in its affordability but also in the unparalleled quality of life it affords. “Demand is extremely high,” Barton remarks, emphasizing the irresistible appeal of waking up to the sight of sunshine and swaying palm trees—a quintessential feature of life in this coastal haven.

Moreover, the advantages of new construction extend beyond affordability, particularly in a region prone to tropical storms and hurricanes. New homes in Punta Gorda are crafted with durable materials and construction techniques designed to withstand the rigors of Florida’s unpredictable weather, providing homeowners with peace of mind and added resilience against natural disasters.

As Barton aptly puts it, “People are migrating here because the weather is beautiful, but they also want to be prepared.” In Punta Gorda, prospective homebuyers can find the perfect blend of coastal charm, affordability, and resilience—a combination that makes this Florida gem an irresistible destination for those in search of their dream home.

Explore the Top Destinations for Newly Constructed Homes in 2024

As we embark on a new year, the pursuit of homeownership remains a prominent goal for many individuals. Amidst soaring home prices and limited inventory, prospective buyers are increasingly turning their attention to newly constructed homes as a viable solution to their housing needs. Here are some of the top destinations across the United States where new construction is booming:

1. Myrtle Beach, SC

• Median new-construction sale price: $341,000
• New-housing permits: 11,965 (40 per 1,000 existing units)

Nestled along the picturesque Atlantic coastline, Myrtle Beach beckons with its serene beaches, vibrant boardwalk, and array of entertainment options. Home to a thriving resort community, Myrtle Beach offers an abundance of newly built single-family homes, condos, and townhomes, priced around 25% below the national average.

With a plethora of lifestyle amenities and affordable housing options, it’s no wonder that homebuyers are flocking to this coastal paradise.

2. Greeley, CO

• Median new-construction sale price: $551,000
• New-housing permits: 4,555 (38 per 1,000 existing units)

Founded as an agricultural utopia in the mid-19th century, Greeley has evolved into a burgeoning suburban hub in Northeastern Colorado. Despite its historical roots, Greeley has embraced modern development, witnessing a surge in new-home construction amid a rapidly growing population. While prices in Greeley rank among the higher end, they remain more affordable compared to neighboring cities like Fort Collins and Denver, making it an attractive option for homebuyers seeking a balance of urban amenities and suburban charm.

3. Austin, TX

• Median new-construction sale price: $452,000
• New-housing permits: 35,368 (37 per 1,000 existing units)

Renowned for its vibrant culture and booming tech industry, Austin has emerged as a hotbed of housing activity in recent years. Fueled by a wave of population growth and economic prosperity, the city has experienced a surge in new construction, with builders issuing an impressive 35,000 housing permits in the past year alone. Despite its status as a bustling metropolitan area, Austin offers newly constructed homes at prices that are in line with the national average, making it an enticing destination for buyers seeking modern amenities and urban convenience without breaking the bank.

In conclusion, these destinations represent just a glimpse into the diverse landscape of new construction across the country, offering prospective buyers a range of options to fulfill their homeownership aspirations in 2024 and beyond.

4. Boise, ID

• Median new-construction sale price: $481,000
• New-housing permits: 10,150 (34 per 1,000 existing units)

Boise, the capital of Idaho, has emerged as a pandemic-era hot spot, attracting transplants from more expensive regions. With its natural beauty and quality-of-life offerings, including access to rivers, lakes, and mountains, Boise offers a desirable lifestyle for new residents. Despite slightly higher home prices, the city boasts a plethora of new-build options, catering to diverse housing needs.

5. Raleigh, NC

• Median new-construction sale price: $474,000
• New-housing permits: 19,511 (34 per 1,000 existing units)

Situated in the heart of North Carolina’s Research Triangle, Raleigh offers a blend of urban amenities and natural beauty. Boasting a mild climate and a robust economy driven by STEM-related industries, the city has witnessed a surge in new construction to accommodate its growing population. Affordable housing options and a thriving job market make Raleigh an attractive destination for homebuyers seeking a high quality of life.

6. Provo, UT

• Median new-construction sale price: $799,000
• New-housing permits: 6,360 (32 per 1,000 existing units)

Nestled in Utah’s scenic Wasatch Mountain landscape, Provo has become a magnet for homebuyers seeking a balance of outdoor recreation and urban amenities. Despite its higher price point, fueled by exploding demand, Provo offers a range of newly constructed homes catering to various preferences. With sprawling farmland transforming into residential spaces, the city reflects a blend of tradition and modernity.

7. Fayetteville, AR

• Median new-construction sale price: $329,000
• New-housing permits: 7,091 (32 per 1,000 existing units)

Located in the picturesque Ozark Mountains, Fayetteville offers affordability and natural beauty, making it an appealing destination for homebuyers. With prices significantly below the national average, the city boasts a diverse range of newly constructed homes, from cozy three-bedroom dwellings to custom barn-style residences. Access to outdoor attractions and proximity to economic hubs further enhance Fayetteville’s allure.

8. Sioux Falls, SD

• Median new-construction sale price: $243,000
• New-housing permits: 3,653 (31 per 1,000 existing units)

As the only Midwestern metro on the list, Sioux Falls stands out for its affordability and abundance of new construction. Offering homes priced well below the national average, the city appeals to cash-constrained buyers seeking value and quality. With its scenic parks and vibrant downtown, Sioux Falls provides a high quality of life at an affordable cost.

9. Huntsville, AL

• Median new-construction sale price: $370,000
• New-housing permits: 5,753 (27 per 1,000 existing units)

Rounding out the list is Huntsville, a burgeoning tech and aerospace hub in northern Alabama. With a growing economy and influx of new residents, the city has witnessed a surge in new construction to meet housing demand. Despite its affordability, Huntsville offers a diverse array of newly constructed homes, catering to various lifestyles and preferences.

In conclusion, these destinations offer a glimpse into the dynamic landscape of new construction across the country, providing prospective homebuyers with diverse options to fulfill their homeownership dreams in 2024 and beyond.