According to a new study from www.portlandrealestate.com, which analyzed data from Statista, the U.S. Census Bureau, and Zillow, certain states are definitely experiencing a higher number of new builds per capita than others in the residential construction arena.
“In 2021, there were 6.9 million houses sold across the U.S. with this number projected to rise to over seven million in 2023,” said a spokesperson for portlandrealestate.com. "With this in mind, this study offers a revealing insight into the states where the supply of new housing is increasing the fastest to meet the ever-increasing demand and for any potential buyers, this research can serve as a useful guide as to where more property will be available in the coming years.”
Coming in at the top of the list, Utah has the most new construction homes being developed with 11.7 new builds per 1,000 residents (which is more than double the U.S. average of 5.23 new builds per 1,000 residents) followed closely by Idaho with 11.43. On the other end of the spectrum, Rhode Island has the fewest number of new builds per 1,000 residents at only 1.27 followed closely by Connecticut with 1.29.
To put these numbers into a little more perspective, the average value of a home in Utah is $554,955 while the average price tag of a typical single-family home in Idaho is $427,410. In Florida, where average home prices have risen 22.4% in the last year, the average value or a residence is $406, 426. Scroll through the slides to find out if your state made the top 10.
