To the delight of buyers and real estate investors, new-home construction is starting to pick up in large cities throughout the United States.
As more new homes enter the market, home buyers could see expanded inventories and less competition in certain in big metros across the nation, according to data from Realtor Magazine.
“Adding new homes is key to a city’s economic health,” Robert Dietz, chief economist of the National Association of Home Builders, told the magazine. “Markets that add inventory keep housing affordable and in turn attract more businesses and startups in those areas.”
In general, the biggest uptick in new home construction is in the South and Southwest U.S. — where land and labor is less expensive, according to the report. While on average new homes tend to be about 26 percent more expensive than existing homes, new homes provide buyers more options which helps to slow price increases.
Here are the top seven markets where new-home construction is growing, according to Realtor:
- Dallas, Texas — 63,421 permits issued with a median list price of $335,700
- Houston, Texas — 57,021 permits issued with a median list price of $310,100
- New York City — 48,384 permits issued with a median list price of $525,100
- Atlanta, Georgia — 39,132 permits issued with a median list price of $313,300
- Phoenix, Arizona — 31,343 permits issued with a median list price of $337,500
- Los Angeles — 29,621 permits issued with a median list price of $714,500
- Austin, Texas — 29,716 permits issued with a median list price of $349,800
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