There have been a considerable number of new homes built throughout the United States. Some areas, however, may be experiencing more new home construction than others. As of February 2018, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported that approximately 1,319,000 new homes were constructed. This likely includes a large number of luxury design custom homes.
Luxury Design Home Sales Figures
The selling price of luxury homes will of course vary. This may often depend on the area in which these homes are located. Recent figures, however, revealed that the average sales price is $975,000.00. The median sales price for a luxury home is $1,436,594.00.
Some luxury homes aren’t on the market for very long. Christie’s International Real Estate report indicated that they will usually be sold within 220 days after being listed. When home buyers are interested in having a luxury home, some will choose to have it custom-designed and built.
First-Time Home Buyers
The National Association of Realtors reported that 34% of recent home buyers bought their very first house. It’s important to note that many first-time buyers want to move into new home constructions with modern features. In addition to not wanting to renovate an older home, new home buyers are often concerned that they would need to update the electrical and plumbing systems.
Household incomes vary for first and subsequent home buyers. It’s been estimated that eight percent of home buyers have a minimum annual income of $200,000.00. Even though some home buyers may make a substantial downpayment, others may have the financial means to pay the entire selling price.
Learn More About Building Your Dream Home
Since you want to have a custom-designed luxury home that reflects your personality, tastes, and lifestyle, it’s important to work closely with an experienced, high-end builder. During your initial consultation, you will be able to discuss what you envision for your dream home. This will usually include the overall floor plan as well as the list of modern features that you would like to have.
If you’re planning to have your home built in Florida, for example, you’ll be interested to know that there are more interior design firms located there than in any other state. There’s an excellent chance that you already have quite a few ideas for your home’s interior design.