It’s no surprise to anyone the rollercoaster that is today’s housing market. Interest rates are up (then down), supply costs are escalating, inventory is low… no one knows what to do when considering a new home.
But how do modular homes come into play during this chaotic market? Let’s break it down for you.
For a quick market review in February 2024, home prices in South-Carolina were up 6.7% compared to last year, selling for a median price of $361,900. The median price of a home in the United States is currently $361,900. And with the inventory so low 13% of homes sold above the list price! *Per RedFin
The median price of a modular home is $280,000 in 2024. Custom built modular homes cost up to 15% less than stick-built houses. In 2021, it was determined that on a per-square-foot basis, the average site-built home cost is roughly double that of the average manufactured home with no difference in the holding value between modular and site-built homes.
Regarding market statistics:
- In 2023, the global modular home market was estimated at $45,260 million. This figure reflects the growing popularity of modular construction due to its efficiency and cost-effectiveness.
- Projections suggest that the modular home market is expected to continue growing, reaching an estimated value of $54,050 million by the end of 2029. This anticipated growth indicates increasing adoption and acceptance of modular homes worldwide.
Regarding modular homes:
- Modular homes, not the same as mobile homes, offer a different housing option. They are built entirely in a factory and transported to the site, where they are permanently constructed.
- Madular homes are built 40% quicker than a site-built home.
Just like with stick built homes customization of your modular build adjusts the price, however it is clear that modular homes still come in under the cost of new building or buying a home in today’s market. When you choose Gen V Homes you get a home new, custom to your wants and at a lower price tag. Let’s talk about your modular home today!