Townhouse Construction Outpacing Single-Family Homes in the US
A Growing Trend in Housing Market
According to a recent study by the National Association of Home Builders, townhouse construction expanded 10% in 2024, outpacing the rest of the single-family home building market across the country. This trend is expected to continue, driven by growing demand for medium-density residential neighborhoods and the increasing unaffordability of single-family homes.
Reasons for the Shift
Experts point to several reasons for the shift towards townhouse construction. One major factor is the growing demand for walkable environments and amenities, such as urban villages, which are more feasible with townhouse development. Additionally, townhouses offer a more affordable option for homebuyers, with prices comparable to 40-year-old resales that may require costly renovations.
Broward County’s Experience
In Broward County, 46% of all single-family homes added for 2024 as new construction were townhomes, according to Abbey Roberson, spokesperson for the Broward County Property Appraiser. This trend is expected to continue, as land becomes more scarce and costs rise. Brent Baker, southeast Florida division president for PulteGroup, notes that townhouses are often preferred by buyers due to lower maintenance costs and comparable prices to older single-family homes.
Rise of Townhouse Development
Several townhouse developments are currently underway in Broward County, including the 410-home community Oak Tree in Oakland Park, the 40-townhome development Casia Commons in Lauderdale Lakes, and the 86-unit Emory in Plantation. PulteGroup is also planning to redevelop the Inverrary Golf Course in Lauderhill, which will feature 650 townhomes.
Expert Insights
Realtor Richard Khemraj notes that townhomes are often preferred by first-time homebuyers due to affordability, with prices ranging from the high $400,000s to low $500,000s. Jonathan Lickstein, president of Broward, Palm Beaches & St. Lucie Realtors, agrees, stating that townhomes are more cost-effective for both buyers and builders.
Conclusion
As the housing market continues to evolve, townhouse construction is poised to remain a growing trend. With land becoming scarcer and costs rising, developers are turning to townhouse development as a more affordable and feasible option. As experts predict, this trend is likely to continue, driven by demand for walkable environments and amenities, as well as the need for more affordable housing options.
FAQs
* Why is townhouse construction outpacing single-family home construction?
+ According to the National Association of Home Builders, townhouse construction expanded 10% in 2024, outpacing the rest of the single-family home building market.
* What are the reasons behind the shift towards townhouse development?
+ Growing demand for walkable environments and amenities, increased unaffordability of single-family homes, and the need for more affordable housing options.
* What is the trend in Broward County?
+ 46% of all single-family homes added for 2024 as new construction were townhomes, according to the Broward County Property Appraiser.
* What are some examples of townhouse developments in Broward County?
+ PulteGroup’s Emory, Oak Tree, Casia Commons, and Everton in Lake Worth Beach, among others.
