It may be hard to believe that Ohio is far behind the rest of the country in new home construction. You’ve probably seen cranes and bulldozers everywhere you go, but according to data by the National Association of Home Builders, Ohio is number 45 when it comes to new building permits issued per 1,000 people. This is directly affecting the inventory crisis, as there are plenty of motivated buyers, but the amount of homes for sale are not maintaining enough.
Not surprisingly, Texas, California, and Florida are leading new construction. Each of these states issued more than 100,000 building permits in 2017. Ohio’s number is 22,584.
Here are the Details …
In Central Ohio permits were issued for 8,759 units in 2017, about the same as the previous year. Half of these units were apartments, only 4,166 were single family homes.
By comparison, Nashville permitted 19,292 units and Austin, TX, a total of 25,803 units. Both of these metro areas have similar size populations like Columbus (data provided by Census Bureau).
What to Expect this Year
I believe that residential construction will continue to grow in 2018. As the apartment boom is slowing down, more construction workers and resources will be available to focus on single family developments.
The inventory of existing homes hit rock bottom at the end of 2017 with less than 4,000 homes listed for sale. There’s a strong demand for new homes, fueled by millennials switching from being tenants to becoming homeowners.
How to Find New Construction Homes?
New construction homes are hard to find. Most of them are not listed on the MLS, so you have to search for builders’ websites or visit model homes in new subdivisions.
Here’s a better way …
I have compiled a comprehensive list of new developments in northwest Columbus – Dublin, Hilliard and Powell. If you are interested in building a home, let’s sit down, discuss your needs and wants, and find a suitable subdivision with my exclusive New Construction Homes Guide.
When you build, you need someone you can trust to represent you. As an experienced real estate agent, I can give you valuable advice when it comes to selecting features and upgrades for your new home and negotiating discounts. Best of all – the builder will gladly pay my commission.
So, call or text me at (614) 975-9650 before you contact a builder!