Today’s housing consumers are demanding new homes driving the construction industry south of Boston in Eastern Massachusetts and Rhode Island. Housing Starts in April increased nearly 13% in Southern New England, which includes single-family homes and condo’s, it is the largest rise in years in the industry in our region. What’s driving this boom is a growing need for homes that are more energy efficient and new designs that optimize space and living.
While there are still plenty of homes on the market in the region, there are far less buyers willing to buy homes that require updating and major renovations. With the demands of life and time homebuyers today are opting for properties that are well maintained or new. Homes that are well maintained and priced correctly are currently bringing full priced offers and have far less time on the market than properties that require major updates. Builders for new homes are finding a better educated consumer looking for smaller homes with more features.[wooslider slide_page=”june-2014-builders-feature” slider_type=”slides” limit=”20″]
A look at The Numbers
By 2020 planners are predicting that 170,000 new homes will be built statewide in Massachusetts with over 47% of them in rural Southeast Massachusetts cities and towns. With better tax incentives and development deals many companies have relocated from greater Boston south and from out of state. The newest and most telling trend is the increase in north to south commuter traffic both on highways and public transportation. Southcoast rail will finally work economically as a two way street, driven by steady growth in both population and industry in the Southern New England region.
Density is a very important statistic when it come to small towns, it represent the number of residents per square mile and often is the main indicator of the economic health on any community. Southern New England has a great rural feel, good schools, affordable taxes and plenty of open space. Quite simply in today’s real estate market this adds up to value for residents. The States 20/20 Initiative gives us a real indication of the potential growth of this region. It is a clear plan that will change the region in many ways. Development and growth will bring with it mandates in infrastructure improvements to support the increased population. As population grows so too will increase state funds and tax revenues for cities and towns. Job growth will also go along for the ride and most importantly a real estate boom that is well.