Zillow Group’s New Construction Consumer Housing Trends Report explores data insights on buyers and how they search for, think about and buy a new construction home in America today.
The story of new construction today is one of gaps — the biggest, for prospective buyers, is the one between supply and demand. There’s a chasm between growing populations in several major metros and an industry struggling to house them, despite a multitude of interested, well-funded buyers clamoring for housing.
What makes home shoppers choose new construction (or not)? How do they search and what do they want most in a new construction home?
Here are 10 key insights from the New Construction Consumer Housing Trends Report:
- Among several home types they consider, 38 percent of total buyers add new construction to their list. Only 11 percent of total buyers purchase a new construction home.
- Two-thirds (65 percent) of new construction buyers are age 39 and older.
- Nearly 3 in 4 (71 percent) new construction buyers are repeat buyers.
- Among new construction buyers who used financing to purchase a home, 45 percent used funds from the sale of a previous home to fund at least a portion of the down payment, compared with 38 percent of existing home buyers.
- More than half (53 percent) of new construction buyers move from a different city, state or country, compared to 47 percent of existing home buyers who move that far.
- Nearly half (46 percent) of new construction buyers view a mobile website using a smartphone or tablet.
- During their search, new construction buyers most want to take a private tour; more than 3 in 4 (77 percent) consider it very or extremely important.
- New construction buyers are more likely to consider air conditioning as very or extremely important (85 percent versus 74 percent of existing home buyers).
- Most (81 percent) new construction buyers say that a floor plan or layout that fits their preferences is very or extremely important in their decision of which home to buy.
- Nearly half of new construction buyers (49 percent) say their top reason for purchasing is because everything in the home is new or never used.
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