SOC Archives - Hillwood Loves Realtor

Characteristics of Homes Built in Age-Restricted Communities

Onnah Dereski2025-09-29T09:19:49-05:00

In 2024, approximately 43,000 homes were built in age-restricted communities, representing just over 3% of all housing starts. According to the Census Bureau’s Survey of Construction, roughly three-quarters of these homes (32,000) were single-family units. The remaining 11,000 were multifamily units, which marked the lowest number of age-restricted multifamily starts since 2009. In 2009, during the depths of the housing downturn, builders started only 17,000 homes in age-restricted communities (9,000 single-family and 8,000 multifamily). The numbers then increased steadily until reaching 60,000 age-restricted starts (roughly evenly split between single-family and multifamily) in 2018. These numbers decreased during the pandemic but rebounded in 2021-2022, almost reaching the peak from 2018. In 2024, the total number of age-restricted home starts decreased by approximately 12% from 2023. This drop came amid a broader slowdown in overall housing starts. While total single-family starts increased by about 7% year-over-year, multifamily starts fell sharply by 25%. A similar trend played out in the age-restricted segment: single-family starts increased, while multifamily starts declined. In terms of market share, age-restricted single-family homes maintained their 3.16% share of all single-family starts, but the share of age-restricted multifamily units fell to 3.11%. Age-restricted single-family homes carried a noticeable price premium in 2024. The median sales price reached $525,000—about 25% higher than the $421,000 median for non-age-restricted homes. While new non-age-restricted home prices held steady compared to the previous year, prices for age-restricted homes rose by 5%. Age-restricted homes tended to be larger, averaging 2,200 square feet versus 2,100 square feet. However, the price per square foot remained elevated at $155.90, compared to $154.30 for non-age-restricted homes. Lot values may help explain part of the price difference. Age-restricted homes were typically built on more expensive lots, with a median value of $62,000 compared to $60,000 for non-age-restricted homes. Despite the higher price, these lots were smaller, averaging 0.16 acres versus 0.20 acres. Additional data from the 2024 SOC reveal that age-restricted homes have distinct characteristics compared to non-age-restricted homes. A higher percentage of age-restricted homes are attached, single-story, and lack a basement. These homes are also more likely to come with patios and porches, but less likely to have decks. Finally, age-restricted homes are less likely to require a loan and more likely to be purchased for cash, as older home buyers have had longer to accumulate savings and assets (often equity in a previous home) that can be converted into cash. Discover more from Eye On Housing Subscribe to get the latest posts sent to your email.

Characteristics of Homes Built in Age-Restricted CommunitiesOnnah Dereski2025-09-29T09:19:49-05:00

Single-Family Homes Are Built Faster in 2024

Na Zhao2025-09-22T09:15:57-05:00

Building a new single-family home took less time in 2024 compared to the previous two years. On average, it now takes 9.1 months from start to finish. That includes 1.4 months for authorization to start construction and another 7.6 months to finish construction. Data from the Census Bureau’s Survey of Construction shows that single-family construction timelines have shortened as supply chain challenges have eased after the pandemic. However, it is still almost two months longer than the average completion time in 2015. The extra time is largely attributable to a more stringent regulatory environment, elevated mortgage rates, and a shortage of skilled labor. Among all single-family houses completed in 2024, homes built for sale required the shortest amount of time, 7.6 months from obtaining building permits to completion. Meanwhile, homes built by owners required the longest time, 15.1 months. Homes built by hired contractors took about 12 months, and homes built-for-rent took about 12.5 months from authorization to completion. The chart below illustrates that permit-to-completion time differs across home sizes. The smallest single-family homes, under 1,200 sq. ft., required 14.2 months to finish, relatively longer than every other size homes except those over 5,999 sq. ft. This prolonged period is primarily because half of these smaller homes are constructed specifically for rental purposes, which typically takes longer building time from authorization. In contrast, homes ranging from 1,200 to 3,999 sq. ft. are built at the average building time, typically around 9 months. As the size increases beyond 4,000 sq. ft., there is a noticeable upward trend in completion times. Homes with 4,000-4,999 sq. ft. take about 10.7 months, while those between 5,000- 5,999 sq. ft. extend to around 14 months. Homes over 6,000 sq. ft. take the longest to build, requiring almost 16 months from permit to finish. The average time from authorization to completion also varies across divisions. The division with the longest duration was the Middle Atlantic (13.7 months), followed by New England (13.1 months), the Pacific division (10.8 months), the Mountain division (10 months), and the East North Central division (9.4 months) in 2024. These five divisions exceeded the nation’s average of 9.1 months. The shortest period, 7.8 months, is registered in the South Atlantic division. The average waiting period from permit to construction start varies from the shortest time of 0.9 months in the East North Central to the longest of 2.1 months in the Pacific division. The SOC also collects additional information for houses built for sale, including a sale date when buyers sign sale contracts or make a deposit. Looking at single-family homes built for sale and completed in 2024, 15.2% were sold before construction started, 33% sold while under construction, 17% sold during the month of completion, and 27% sold after completion. The share of completed houses remaining unsold was 7.8% at point of survey. Discover more from Eye On Housing Subscribe to get the latest posts sent to your email.

Single-Family Homes Are Built Faster in 2024Na Zhao2025-09-22T09:15:57-05:00

HVAC in New Construction in 2024

Fan-Yu Kuo2025-09-04T08:16:00-05:00

Almost all of new single-family homes started in 2024 used either an air/ground source heat pump or a forced air system for the primary heating equipment (97%), according to the Census’s Survey of Construction. Additionally, 20% percent of homes also used a secondary type of heating equipment. Heating Systems The type of heating system installed varies significantly by Census Division. Figure 3 displays the share of new homes with an air or ground heat pump in 2024. In warmer regions of the country, these systems are more common with 82% in the South Atlantic and 77% in the East South Central. In colder regions, very few homes have air or ground heat pumps: only 7% of new homes started in both East North Central and West North Central. Forced air systems without heat pumps burn fuel to produce heat, while heat pumps transfer heat by moving air. In colder climates, heat pumps can become less efficient due to limited ambient heat available and rely more heavily on backup heating during winter. In general, the share of new homes using an air or ground source heat pump as the primary means of providing heat has increased, going from 23% in 2000 to 47% in 2024. Meanwhile, the share relying on a forced air system has slipped, going from 71% to 50% in the same time frame. Primary Fuel for Heating The SOC also provides data on the primary fuel used to heat new single-family homes. Approximately 54% of new homes started in 2024 use electricity as the primary heating fuel, compared to 41% powered by natural gas, 3% using bottle or liquified petroleum gas (propane), and 0.1% using oil. Heating fuel sources closely align with the types of heating systems used, with air and ground-source heat pumps running on electricity and most forced air systems without heat pumps using natural gas or propane. Similar to the type of heating system, the primary heating fuel source varies significantly by region of the country. For example, in the Middle Atlantic only 13% of new homes use electricity as the primary heating source. In contrast, 83 percent and 74 percent of new homes started in the South Atlantic and the East South Central used it. Additionally, while most regions fall under 10% in their usage of propane, New England had a 33% share and East North Central had 15%. Air Conditioning In 2024, 98% of new single-family homes started had a central AC system, virtually unchanged from 2023. This percentage has risen steadily since 2000 when only 85.5% of homes had central AC. Though the share of new single-family homes started with central AC differs across the country’s nine Census divisions, the highest share is concentrated in the South region: 100% of homes started in the South Atlantic, East South Central, and West South Central divisions had central AC installed. Other regions also have shares close to 100%, ranging from 93% in East North Central to 99% in West North Central. New England has the lowest share at 85%. Discover more from Eye On Housing Subscribe to get the latest posts sent to your email.

HVAC in New Construction in 2024Fan-Yu Kuo2025-09-04T08:16:00-05:00

Foundation Types in 2024: Slabs Continue to Rise, Crawl Spaces Decline

Catherine Koh2025-08-08T14:16:32-05:00

In 2024, 73% of new single-family homes started were built on slab foundations, according to NAHB analysis of the U.S. Census Bureau’s Survey of Construction (SOC). Although this was a modest year-over-year increase of 0.6 percentage points, it continues the upward trend in slab adoption, widening the gap between slabs and other foundation types. In comparison, basements (full or partial) accounted for 17% of new homes, while crawl spaces made up just 9.2%. Foundation type continues to follow regional climate patterns. In colder northern divisions, where foundations to extend below the frost line, basements are more common. In 2024, the majority of homes in New England (67.2%), West North Central (62.3%), East North Central (50.3%), and the Middle Atlantic (48.8%) were built with full or partial basements. Among these, East North Central (1,119 sq. ft.) and the Middle Atlantic (1,113 sq. ft.) had the largest average finished basement areas, both exceeding the national average of 1,112 sq. ft. West North Central followed with 940 sq. ft., and New England averaged 810 sq. ft. In contrast, warmer regions favor slab foundations for their affordability and efficiency. Nearly all new single-family homes in West South Central (97.9%), Pacific (89.9%), and South Atlantic (85.7%) divisions were built on slabs in 2024. The cost advantages of slabs have also led to increased adoption in some northern divisions – especially post-pandemic, as rising material costs and supply chain disruptions pushed builders to prioritize cost-effective construction methods. Crawl space foundations have seen a long-term decline. While East South Central and Pacific divisions have historically led in crawl space usage, both have experienced noticeable decreases, particularly the Pacific, which saw a sharp drop in the past decade. Interestingly, the Mountain division has seen a gradual rebound in crawl space use, now ranking second in crawl space share. Meanwhile, divisions such as East North Central, New England, and West South Central have consistently maintained shares of new homes started below 10%, reflecting persistent regional preferences. Notably, the West North Central division surpassed the 10% threshold in 2024 after several years of incremental growth, although it remains unclear whether this marks a lasting shift or a one-time fluctuation. Discover more from Eye On Housing Subscribe to get the latest posts sent to your email.

Foundation Types in 2024: Slabs Continue to Rise, Crawl Spaces DeclineCatherine Koh2025-08-08T14:16:32-05:00

Market Share of 5,000+ Square Foot New Homes Started Declines in 2024

Ashok Chaluvadi2025-07-25T08:16:37-05:00

In 2024, there were 24,000 homes that exceeded 5,000 square feet, equating to a 2.3% market share of all new homes started. Both the number and market share for 5,000+ square foot homes experienced declines from 2023, according to the annual data from the Census Bureau’s Survey of Construction (SOC). The number of homes started in 2024 exceeding 5,000 square feet dropped to 24,000, a decrease from 26,000 in 2023. In 2006, the number of new 5,000+ square foot homes reached a peak of 45,000. This number proceeded to drop during the Great Recession and hit a low of 11,000 in 2009. Since 2013, the number has remained consistently above 20,000, with a recent peak of 33,000 in 2021. Of the total number of new homes started in 2024, 2.3% had 5,000+ square feet or more of finished space, down from 2.8% in 2023. The decline marks the third consecutive drop in the share of homes this size, down from a recent peak of 2.9% in 2021. In 2015, the 5,000+ square foot share reached a record high of 3.9%. Since then, it has fluctuated between 2.3% and 3.1%. Tabulating the major characteristics of 5,000+ square foot homes started in 2024, the data show 83% have a porch, 79% have a finished basement, 71% have a patio, 69% have four or more bathrooms, 66% have a 3-or-more car garage, 54% have five bedrooms or more, and 50% belong to a community association. Discover more from Eye On Housing Subscribe to get the latest posts sent to your email.

Market Share of 5,000+ Square Foot New Homes Started Declines in 2024Ashok Chaluvadi2025-07-25T08:16:37-05:00

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