Yahoo Finance Top 10 US Cities for New Construction Homes in 2024
In 2023, the United States saw a huge demand for homes but a lack of supply. It’s no wonder that construction has ramped up to try to meet the demand — and hopefully lower real estate prices in return.
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Realtor.com reports that builders have been working to construct smaller and more affordable homes that give hope to those looking to purchase houses in 2024. Where should you be looking to purchase one of these homes?
Here’s a look at where the most new construction is happening. Information is based on Census data for new housing permits granted from December 2022 to November 2023 and total new-housing permits from the past year as a rate per 1,000 housing units. This is pulled from the 200 largest metros in the United States.
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Sioux Falls, South Dakota
Total Permits in 12 Months: 3,653
Median Sale Price: $243,000
The biggest city in South Dakota saw more than 3,000 new housing permits in a year. The median sale price is also the lowest you’ll find on this list, well below the national median list price of $410,000.
Residents of Sioux Falls can enjoy many scenic attractions, including the gorgeous Falls Park with its multiple waterfalls, and the SculptureWalk with many works of art on display.
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Greeley, Colorado
Total Permits in 12 Months: 4,555
Median Sale Price: $551,000
“Greeley, Colorado, is an alternative to those priced out of Denver and Boulder,” said David Wasserman, senior real estate advisor at Solomon Partners. “It’s still a mountain lifestyle, just close enough to be commutable or you’ll find some independent alternative work options there.”
Wasserman is right: For those who love the outdoors, Greeley is an affordable dream. There are tons of hiking trails and nature walks like the Poudre River Trail. There are tons of family-friendly attractions as well, such as the Colorado Model Railroad Museum and the Greeley History Museum.
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Punta Gorda, Florida
Total Permits in 12 Months: 4,794
Median Sale Price: $359,000
“Punta Gorda is an attractive alternative for those priced out of Sarasota, particularly for an older audience lifestyle,” Wasserman said. For reference, Sarasota’s median home price is around $515,194 — making Punta Gorda very affordable in comparison.
Retirees will love the active pickleball communities, along with the sailing and boating available out of Charlotte Harbor.
Huntsville, Alabama
Total Permits in 12 Months: 5,753
Median Sale Price: $370,000
Many are flocking to Huntsville for its abundance of new jobs. In fact, Huntsville was said to have the best job market in the United States in 2023, according to SmartAsset. “Huntsville is an up-and-coming affordable tech hub,” Wasserman said.
Huntsville is a great place to settle down for anyone science-minded. You can check out the U.S. Space & Rocket Center and send your kids to the center’s Space Camp.
Provo, Utah
Total Permits in 12 Months: 6,360
Median Sale Price: $799,000
If the median price seems high, it’s because Provo is a prime example of a place where there is a ton of demand and just not enough supply. After the 2002 Winter Olympics, people started moving to Salt Lake City in droves. Now, buyers are looking south of Salt Lake to Provo for homes. Provo is a great place to move if you love winter sports and a beautiful mountain landscape.
Fayetteville, Arkansas
Total Permits in 12 Months: 7,091
Median Sale Price: $329,000
Fayetteville is a growing place where you can definitely get a home for well below the national median price. Residents will enjoy Beaver Lake and the proximity to the Ozark Mountains. It’s also an up-and-coming town for cyclists: it was named Bike City in 2021 for both the amount of cycling events it has, and the progress it has made toward making the city more bike-friendly.
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Boise, Idaho
Total Permits in 12 Months: 10,150
Median Sale Price: $481,000
Boise has been a growing real estate market for some time now, so it makes sense there is more demand for homes to be built in the area. Though the median sale price is more than the national median, condos in the area go for about $320,000 on average.
Residents love the plethora of art events set against a beautiful mountainous backdrop.
Myrtle Beach, South Carolina
Total Permits in 12 Months: 11,965
Median Sale Price: $341,000
Settling in Myrtle Beach means plenty of fun for the whole family and lower-than-average home prices. Enjoy the boardwalk attractions along the Grand Strand on the beach during the spring and summer and mild winters with an average of 60 degrees.
Raleigh, North Carolina
Total Permits in 12 Months: 19,511
Median Sale Price: $474,000
“Raleigh is a more chill up-and-coming and affordable Charlotte,” Wasserman said. There are tons of parks and gardens for residents of all ages to explore. Hockey fans can also catch a Carolina Hurricanes game at the PNC Arena.
Austin, Texas
Total Permits in 12 Months: 35,368
Median Sale Price: $452,000
“Austin is a city that is NOT stopping,” Wasserman said. “It has many major tech companies. For example, Tesla and every Silicon Valley behemoth occupy millions of square feet there. The state capital offers some of the best music, arts, and culture. It has major events such as South by Southwest (SXSW), NASCAR and Austin City Limits Music Festival.”
All of these jobs and events have caused a huge housing boom in Austin. The population has grown 40% since 2010, so it makes sense that builders are racing to build homes for the influx of new residents. Though homes are still above the national median price, the amount of new homes might bring that price down in the near future.
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This article originally appeared on GOBankingRates.com: Top 10 US Cities for New Construction Homes in 2024
