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New Construction Insights on Consumer Trends
Be seen, drive traffic, grow your business
1Who’s buying new construction?
Millennials (50%) and Generation X (54%) are buying new homes.
The Zillow Group Report on Consumer Housing Trends 2016; Zillow analysis of U.S. Census Bureau, American Community Survey, 2014, made available by the University of Minnesota, IPUMS-USA; US Census, New Residential Construction, August 2016.
2The household has evolved.
New construction homeowners make $90K a year, are married (75%), have at least one child (46%)
and a 25-minute commute.
The Zillow Group Report on Consumer Housing Trends 2016; Zillow analysis of U.S. Census Bureau, American Community Survey, 2014, made available by the University of Minnesota, IPUMS-USA; US Census, New Residential Construction, August 2016.
3They consider all their options.Nearly half (48%) of all buyers consider new homes
in their purchasing decision.
The Zillow Group Report on Consumer Housing Trends 2016; Zillow analysis of U.S. Census Bureau, American Community Survey, 2014, made available by the University of Minnesota, IPUMS-USA; US Census, New Residential Construction, August 2016.
4First-time buyers have specific reasons for
choosing new construction.
Top reasons include affordability (35%), desirable location (31%) and appealing home features (29%).
The Zillow Group Report on Consumer Housing Trends 2016; Zillow analysis of U.S. Census Bureau, American Community Survey, 2014, made available by the University of Minnesota, IPUMS-USA; US Census, New Residential Construction, August 2016.
5The market is healthy, but overall inventory
remains low.
Bottom-tier home values are growing at almost twice the annual pace (7.3%) as top-tier home values (3.8%).
The Zillow Group Report on Consumer Housing Trends 2016; Zillow analysis of U.S. Census Bureau, American Community Survey, 2014, made available by the University of Minnesota, IPUMS-USA; US Census, New Residential Construction, August 2016.
6Buyers are desperate for homes.
As the housing stock ages, many consumers (33%) are willing to pay a premium for new construction.
The Zillow Group Report on Consumer Housing Trends 2016; Zillow analysis of U.S. Census Bureau, American Community Survey, 2014, made available by the University of Minnesota, IPUMS-USA; US Census, New Residential Construction, August 2016.
7The outskirts are “out.”
Urban homes are worth more ($272,075) than suburban ones ($267,295), and urban home values
are growing faster.
The Zillow Group Report on Consumer Housing Trends 2016; Zillow analysis of U.S. Census Bureau, American Community Survey, 2014, made available by the University of Minnesota, IPUMS-USA; US Census, New Residential Construction, August 2016.
8Target millennials with your marketing.
They want to own homes and they make up 26% of new construction buyers.
The Zillow Group Report on Consumer Housing Trends 2016; Zillow analysis of U.S. Census Bureau, American Community Survey, 2014, made available by the University of Minnesota, IPUMS-USA; US Census, New Residential Construction, August 2016.
9Differentiation from resale is key.
85% of buyers see a new construction listing for the first time on Zillow, which gets 171 million
unique monthly visitors.
The Zillow Group Report on Consumer Housing Trends 2016; Zillow analysis of U.S. Census Bureau, American Community Survey, 2014, made available by the University of Minnesota, IPUMS-USA; US Census, New Residential Construction, August 2016.
10Go mobile.
56% of new construction buyers use mobile resources in their search. In October 2016, users viewed more
than 630 million homes on Zillow.
The Zillow Group Report on Consumer Housing Trends 2016; Zillow analysis of U.S. Census Bureau, American Community Survey, 2014, made available by the University of Minnesota, IPUMS-USA; US Census, New Residential Construction, August 2016.
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