Over half of latest single-family properties in-built 2024 have been two or extra tales, in accordance the latest launch of the Census Bureau’s Survey of Development (SOC). After declining in 2023, the share of properties began with two or extra tales elevated once more in 2024, persevering with the upward pattern in place since 2020.
Nationwide, the share of latest properties with two or extra tales rose from 51.3% in 2023 to 52.5% in 2024, whereas the share of latest properties with one story fell from 48.7% to 47.5%. Nationally, there have been extra multi-story properties in-built 2024, nevertheless, this share assorted considerably throughout the nation.
New properties began within the Midwest and South typically confirmed a stronger choice for single-story properties. Within the Midwest (West North Central and East North Central), 58.8% and 50.7% of latest properties began have been one story, whereas within the South (East South Central and West South Central), the shares have been 59.5% and 58.1%. Nevertheless, the South Atlantic division was an exception, with one story properties falling to 44.4%, the bottom since 2019.
Though single story properties are extra frequent within the Midwest and South, their shares declined in 2024 throughout the East North Central (Midwest), South Atlantic (South) and East South Central (South). This implies a sluggish upward pattern in two or extra story properties throughout the South after COVID.
Following the nationwide pattern, 5 of the 9 divisions noticed a higher share of newly-built two or extra story properties. The best two or extra story shares of latest properties have been concentrated within the Northeast and West, with Center Atlantic and New England at 75.9% and 69.7%, whereas the Pacific and Mountain reached 57.9% and 56.8%, respectively. Nevertheless, each Northeast divisions declined from 2023 ranges, with New England dropping to its lowest two or extra story share since NAHB began monitoring in 2017. In the meantime, new properties began with two or extra tales within the Mountain and Pacific divisions each skilled will increase of their two or extra tales shares.
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