Townhouses gain appeal
Published 12:00 am Sunday, February 24, 2019
- Townhouses are becoming more popular. (123RF)
Rising construction prices and higher land costs have more builders and buyers turning to townhouses.
“If you look at the last four quarters of data of production of townhomes, the single-family attached market is up 24 percent,” said Robert Dietz, chief economist of the National Association of Home Builders. “It’s growing eight times as fast as the overall single-family market.”
With new home prices soaring, builders are hunting ways to produce more affordable houses. Finding land priced right for traditional homes — particularly in urban markets — is a challenge.
“Townhouse construction tends to be a little smaller and more entry-level-market and more dense,” he said. “We see this as a great growth potential for the home building market.”
Townhouse starts totaled 14 percent of the total building market in 2018 — tied for the highest rate of construction ever, according to the NAHB.