Local Market Forecast - New Homes Are Having a Moment

Interest rates approaching 8% and record-low resale housing inventory created an opening for new construction to fill some of the massive inventory gap in 2023. Now, with interest rates falling, what will happen to resale inventory and new construction market share? We will discuss these questions and reveal our forecast for the Richmond housing market in 2024.

HBAR will also announce the highly anticipated Top 10 Builder Members for 2023.

John Hunt, Founder and Chief Analyst of MarketNSight, will present the most accurate and up-to-date housing data and trends in the Richmond region for land development and residential construction at the Local Market Forecast, hosted by the Home Building Association of Richmond. John’s insights on “Narrow Lots and Micro Product”, "Small & Mid-Sized Builders Capitalizing on Built-for-Rent”, and “Housing’s 80/20 Rule” will be featured at IBS this year. He was the first in the nation to announce the beginning of the pandemic housing boom on April 21, 2020, and in the spring of 2021, John was first in the nation once again – this time identifying the bottom in supply amid the continuing sales boom. Get more from his perspective at HBAR, along with valuable local data and inventory forecasting.

Local Market Forecast - New Homes Are...