The National Association of Home Builders says single-family market share continues to shift away from large metro areas. 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.
Click here to read the full report at the NAHB.