As the inventory of existing homes for sale dries in markets across the U.S., many homebuyers are looking to newly built homes as a better bet.
Newly built homes made up 31.4% of all homes on the market during the second quarter of 2023, according to a new analysis by real estate brokerage firm Redfin.
In a summary of Redfin’s findings, Shauna Pendleton, a Redfin Premier agent in Boise, Idaho, says:
“Builders are still building but homeowners aren’t selling, so new construction is the only option for many buyers. A lot of buyers want to secure a home now because they’re worried prices are going to go back up, and new construction is more plentiful with perks that are hard to pass up.”
In the following markets, the percentage of new homes for sale is especially high.
1. El Paso, Texas
Single-family homes for sale in this metro area that were new construction in the second quarter of:
- 2023: 52.1%
- 2022: 47.7%
El Paso is located in the westernmost county in all of Texas, El Paso County. It ranks sixth among all Texas cities for population and is home to some of the world’s best rock climbing.
2. Omaha, Nebraska
Single-family homes for sale in this metro area that were new construction in the second quarter of:
- 2023: 45.5%
- 2022: 36%
There’s a lot to explore in Omaha, from the world-renowned Henry Doorly Zoo and Aquarium to the Bob Kerrey Pedestrian Bridge, on which you can stand in both Nebraska and Iowa at the same time.
3. Raleigh, North Carolina
Single-family homes for sale in this metro area that were new construction in the second quarter of:
- 2023: 42.1%
- 2022: 37.4%
Raleigh is known as the “City of Oaks,” a nod to the city’s founders and their determination to keep the area’s wood tracts and parks intact. You will find more than 9,000 acres of parkland here.
Other markets with a lot of new-construction homes
These markets also had a high percentage of new homes for sale in the second quarter:
- Oklahoma City: 39.3%
- Boise, Idaho: 38.3%
- Houston: 35.3%
- Richmond, Virginia: 34.8%
- Nashville: 33.8%
- Greenville, South Carolina: 33.8%
- Charleston, South Carolina: 33.8%
- Tulsa, Oklahoma: 33.1%
- San Antonio: 32.2%
- Fort Worth, Texas: 31.8%
Markets with the fewest new-construction homes
These markets had the lowest percentage of newly built homes for sale in the second quarter:
- Honolulu: 2.8%
- San Diego: 3.3%
- Pittsburgh: 3.3%
- Oxnard, California: 3.7%
- Detroit: 3.8%
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