About 34% of homes on the market nationally are new construction. In Metro Atlanta, it’s even higher! This doesn’t surprise me, because demand is showing no signs of slowing down, and inventory is only getting slimmer. People are refinancing their homes and renovating them to suite their needs, causing less homes to come to market.
Permits have opened up since the pandemic and building costs are coming down, so we should continue to see more new construction hit the market this year. Even though the number of new homes is rising, it seems like a lot because there are just no homes for sale – so, there is a higher percentage of new listings taking the market because they take longer to sell (they are often times listed before being completed, or even began).
