Utah has the most new homes being built per 1,000 residents at 11.7, according to a new report from portlandrealestate.com.
Portlandrealestate.com’s new report analyzed what states have the most new houses being built. The report found that Utah’s numbers are double the U.S. average of 5.23 new builds per 1,000 residents, and the average value of a house in Utah is $554,955.
In addition, the report found that when it comes to the states with the fewest new houses being built, most of the states that rank the lowest are based in the east, with the exception of Hawaii and Alaska.
Key highlights:
- The state with the second highest number of new builds being built is Idaho, where there are 11.43 new homes being built per 1,000 residents. The average value of a typical family home in Idaho currently sits at $427,410.
- Florida ranks third with 9.80 new construction homes being built per 1,000 residents. The average value of a house in Florida is $406, 426 – up 22.4% from last year.
- South Carolina and Colorado rank fourth and fifth respectively. South Carolina has 9.76 new builds being built per 1,000 residents in the state whilst Colorado has a slightly lower rate of 9.73 new construction homes being built per 1,000 residents.
- The state of Oregon ranks 18th out of all 50 states and ranks just below the national average of 5.23 with 5.16 new builds being built per 1,000 Oregon residents.
- At the other end of the scale, Rhode Island has the fewest new builds being built per 1,000 residents at only 1.27 new builds.
- Connecticut has the second lowest rate of new homes being built with 1.29 new builds per 1,000 people whilst Illinois ranks third lowest with 1.55 new builds per 1,000.
- The state of New York has 2.02 new builds per 1,000, making it the state with the third lowest rate of development of new builds. West Virginia rounds out the bottom five with 2.07 new builds per 1,000 residents.
Major takeaway:
“In 2021, there were 6.9 million houses sold across the US with this number projected to rise to over seven million in 2023,” said a spokesperson from portlandrealestate.com. “With this in mind, this study offers a revealing insight into the states where the supply of new housing is increasing the fastest to meet the ever increasing demand and for any potential buyers, this research can serve as a useful guide as to where more property will be available in the coming years.”
For more information, visit www.portlandrealestate.com.
