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Many homebuyers frustrated by the confluence of high home prices, elevated mortgage rates, and a shortage of existing homes for sale have been turning to new construction to meet their homebuying needs. And new-home builders have provided a lifeline by offering smaller, more affordable homes, cutting their prices, and offering mortgage rate buydowns to lower homebuyers' monthly payments.
Realtor.com looked at the metropolitan areas with the most new residential construction in the pipeline heading into 2024 and found plenty of action in affordable coastal cities in Florida and South Carolina and in Southern cities with strong economies.
The pricier Mountain West is another region where developers are doing what they can to ride the wave of demand that surged in the bigger cities of the rugged Rocky Mountains, along with the sunny capital city of Texas.
Absent from the list are any areas in New England or the Northeast, where older cities have less open space to build on. Only one Midwestern metro made the list, pointing to the softer demand in some of those areas. And there isn’t a single metro from the nation’s Western coastline. Generally, these areas are already densely built up, and prices can be extraordinarily high.
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