Search
Username
Pin It
Favorite

Home Improvements Outpacing New Home Construction 

SUBMITTED
  • Submitted

Being very concerned about the lack of affordable housing in our area, I'm constantly researching possible solutions and current and future housing trends. This past month, several media articles have stated that home improvement and remodeling projects are outpacing new home construction. Another hot topic: the increase in the median age of owner-occupied homes. These trends indicate more people are choosing to stay in their homes instead of moving, which naturally has an influence on housing supply.   

According to BuildFax, remodeling has increased by about 30 percent over the last five years. Home Depot reported sales increases of 8.4 percent from the second quarter of 2017 to the second quarter of 2018. Additionally, American Association of Retired Persons surveys report about 90 percent of homeowners approaching retirement wish to age in place in their current homes.

With the median age of owner-occupied currently at 37 years—up from 31 years in 2005—along with the increase in home improvement and maintenance projects, this is an indicator that people are improving their current residences as an alternative to moving. High prices and low inventories make it more desirable to stay put and help keep housing inventories down, along with too few new construction units to meet consumer demand.

<<LOW MID>> <<HIGH

2786 N.E. Rainier Dr., Bend, OR 97701

3 beds, 2 baths, 1,144 square feet, .14 acres lot

Built in 1998

$295,000

Listed by Rogue Real Estate Sales & Property Management

20583 N.E. Sierra Dr., Bend, OR 97701

3 beds, 2.5 baths, 1,941 square feet, .15 acres lot

Built in 2001

$425,000

Listed by Keller Williams Realty Central Oregon

126 N.W. Vicksburg Ave., Bend, OR 97703

3 beds, 2.5 baths, 2,692 square feet, .14 acres lot

Built in 1996

$1,075,000

Listed by Berkshire Hathaway HomeService

Pin It
Favorite

Comments

Showing 1-1 of 1

Add a comment

 
Subscribe to this thread:
Showing 1-1 of 1

Add a comment

Source Weekly Newsletter

Latest in Take Me Home

More by Nick Nayne, Principal Broker

Readers also liked…

© 2018 LAY IT OUT INC | 704 NW GEORGIA, BEND, OREGON 97703  |   Privacy Policy

Website powered by Foundation