New Construction Maintains Popularity as Competition Holds Steady
Learn how many new homes are up for sale in Charlotte and Raleigh
In cities like Raleigh and Charlotte, newly built homes are the only option for many buyers. With employer headquarters popping up constantly and a relatively low cost of living, these cities see extreme growth each month. As hopeful home buyers continue to enter these competitive markets, how many new construction homes are being built?
National Trends
At the end of January, Redfin reported that over a third of homes for sale were new construction, marking an all-time high. After demand saw drastic increases in 2020, the number of existing homes is severely lacking.
Even as builders have worked to increase inventory, obstacles like supply chain issues and lumber shortages have stood in the way of closing the gap between available homes and demand. In booming metros like Charlotte and Raleigh, that gap is quite large.
Charlotte
With over 500 new construction homes currently listed in Charlotte — many of them move-in ready — it’s clear that a steady stream of new builds are being added to the Queen City’s inventory each week.
Raleigh
New construction listing numbers in Raleigh aren’t quite as high, with only 211 currently available. However, taking into account the whole of the Research Triangle, new homes abound. With 183 in Durham and another 28 in Chapel Hill, there are over 400 new construction homes listed in the Triangle area.
The Draw for New Builds
Aside from the fact that necessity often dictates building or purchasing new construction due to the lack of existing home inventory, many buyers also find they prefer this route. The real estate market isn’t the only thing that has seen drastic change in the last few years: our lifestyles have too, and dated floor plans don’t often meet the needs of our current needs. From home offices to outdoor entertaining space, new builds more often include the features buyers desire in their new homes.
Plus, after taking outrageous bidding wars and common home maintenance costs for existing homes into account, budgets for existing vs. new construction homes often come out looking quite similar.
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