BY BRAD BECKETT ON MARCH 30, 2023
The National Association of Home Builders says single-family market share continues to shift away from large metro areas. Click here to read more.
Citing data from their recent Q4 Home Building Geography Index (HBGI), they say the largest growth in single-family market share came in rural markets (micro counties and non-metro micro counties), rising from 9.4% in Q4 2019 to a share of 11.8% in Q4 2022. In addition, they report that multifamily construction market remains elevated above historical levels, with six of the seven submarkets experiencing growth rates above 15% during the final quarter of 2022.
“While the largest single-family market continues to be core counties of large and small metropolitan areas, the urban core market share has fallen compared to pre-Covid levels…representing a persistent shift in buyer preferences to live outside of densely populated areas.” Said NAHB Chairman Alicia Huey, a custom home builder and developer from Birmingham, Ala.