The latest Local Leaders list from Zonda ranks the top 50 U.S. markets for new-home closings in 2024. The data points to strong regional trends and growing opportunity for buyers.Here’s where builders are especially active and what it means for new homebuyers.
Texas Stays on Top of The Top 50 List
Why it matters: Builders are busy in the Long Star state, and incentives are common. Four of the five busiest new-home markets in the country are in Texas: Dallas, Houston, San Antonio, and Austin. That signals strong inventory and active construction, which can translate to more choices and better pricing for buyers.
Texas accounted for 26.9% of new-home closings among the top 50 markets.
Dallas ranked No. 1 again with 43,830 closings. That’s 9,564 more closings compared with the No. 2 market, Houston.
However, Houston’s growth is fueled by an affordable cost of living, job growth, and steady in-migration. These factors make it attractive to both local buyers and people relocating from more expensive states.
San Antonio surged past Austin to claim the No. 4 spot, with a 1,534% jump in closings year-over-year.
Austin held on to end up in the No. 5 slot; however, the city saw closings drop by 822. After a pandemic-era boom, Austin is seeing a decline in closings and slower growth. Affordability has become a challenge, and the tech-driven migration that once fueled demand is starting to fade. It remains a desirable city but is no longer the automatic choice for new buyers.
Florida Holds Strong
Twelve Florida cities made the list, led by:
• Orlando at No. 7
• Tampa at No. 8
• Jacksonville at No. 12
• Sarasota at No. 15
• Miami at No. 17, with a notable gain of 1,112 closings
Buyers are still drawn to Florida by lower price, lifestyle opportunities, and jobs.
“The hard data in these markets are generally stable or showing slight growth,” said Susan Heffron, vice president, Zonda Advisory. “These include population and household growth, employment growth, and income growth.” Heffron also mentioned that more young families are relocating to Florida’s relatively affordable markets.
The Carolinas Gain Ground on The Local Leaders List
North and South Carolina appeared multiple times on the Top 50 list.
The top markets included:
Charlotte (No. 10)
Raleigh (No. 14)
Myrtle Beach (No. 27)
These areas offer mid-range prices, as well as a mix of city living and quieter communities. In addition, Migration from Florida to the Carolinas is rising. Many homebuyers are looking to stretch their budgets while staying near the coast.
California Rebounds by Using Builder Incentives
After years of limited supply and high prices, California’s new-home markets are showing signs of growth. Tight resale inventory is pushing more buyers toward new construction.
Many homeowners are holding onto low mortgage rates, and state tax policies make selling less attractive.
Sacramento added 1,071 closings year- over-year.
Fresno entered the top 50 for the first time, landing at No. 46.
Riverside rose two spots to No. 11, reflecting a strong year for new-home activity in the region.
Los Angeles jumped five spots from No. 34 to No. 29 with 5,025 closings.
Builders are using incentives to compete in these higher-cost markets, giving new homes a stronger appeal, for both first-time and move-up buyers alike.
“Builder incentives are particularly powerful in higher-cost markets, including California,” says Zonda chief economist Ali Wolf. “The ability for builders to offer incentives has funneled a lot of consumers into the new-home markets versus the resale one.”
Other Fast Risers on the Top 50 List
• Seattle moved up 9 spots to No. 24, with 1,126 more closings.
• Tucson jumped 8 spots to No. 37, with 1,116 additional closings.
• Cincinnati rose 6 spots to No. 44.
• Las Vegas returned to the top 10 at No. 9, gaining 1,375 closings over the previous year.
The Bottom line: New-home activity remains concentrated in Sunbelt states, but markets from coast to coast are shifting. More closings mean a wider variety of choices for homebuyers. Meanwhile, builder incentives, especially in high-cost or low-inventory areas, are giving new construction a strong advantage.
Additional reporting by Vincent Salandro
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