While Residential Real Estate dominates the market with 35% share since 2021
There is a shortage of home inventory in the D.C. Metro area that meets the needs of the multigenerational households.
There is a shortage of home inventory in the D.C. Metro area that meets the needs of the multigenerational households.
2 Major Problems
HOME INVENTORY CRISIS
America’s inventory crisis is exacerbated by the overarching failure to keep up with housing needs over the past decade. By one estimate, the US is more than 3 million homes short of the demand from would-be homebuyers.
OUTDATED PROPERTIES
Properties in developing neighborhoods in the DC metropolitan area lack the space needed for multi-family living and the modern designs and amenities, hindering their appeal and potential value appreciation. The absence of streamlined processes and expertise in identifying, acquiring, and transforming these properties poses a significant challenge.
DID YOU KNOW?
Multigenerational families are actively combining households nationwide helping strengthen cultural values and build tighter family and community bonds - Maryland ranks #1 in this trend with 48.3% of multigenerational family households, and Virginia comes at #14 with 35.9%
According to Pew Research Center,
a majority of young adults in the U.S. live with their parents for the first time since the Great Depression.
In July 2020, 52% of young adults resided with one or both of their parents, up from 47% in February 2020, according to a new Pew Research Center analysis of monthly Census Bureau data. The number living with parents grew to 26.6 million, an increase of 2.6 million from February...Before 2020, the highest measured value was in the 1940 census at the end of the Great Depression, when 48% of young adults lived with their parents.
Source: Pew Research
Source: Pew Research
Inside the Rise of
Multigenerational Households
Multigenerational Households
Nearly 60 Million American adults — about 1 in 5 — live in multigenerational households. That number has been growing in recent years due in part to financial challenges and caregiving duties, as well as changing demographics.
Source: Desert News
Source: Desert News
25% of Home Sales in DC in 2023
Have Been All Cash
2,142 homes sold in the city through the first four months of 2023 — and 24% of those listings went to buyers paying all cash. In recent years, approximately 17-20% of homes sold in all-cash transactions, so this year's numbers are a bit higher, perhaps because higher interest rates are moving buyers toward cash. It should also be noted that sales are down 32% in 2023, compared with the same period last year.
The all-cash neighborhoods in DC are largely the priciest with three of the top five coming in neighborhoods where the median home price exceeds $1 million.
Source: Urban Turf
The all-cash neighborhoods in DC are largely the priciest with three of the top five coming in neighborhoods where the median home price exceeds $1 million.
Source: Urban Turf
Pop Top, Modular, and Spec home building serves as a
crucial solution to the inventory crisis
crucial solution to the inventory crisis
BENEFITS OF POP TOP, MODULAR & SPEC BUILDING
✦ This innovative approach allows for a swift completion of Pop Top projects within 2-4 months and completion of teardown properties in 6-8 months.
✦ It's a more cost effective way to build homes at scale, while still meeting the needs of the homebuyers by incorporating key features and amenities into the Modular and Spec models.
✦ Houses incorporate modern styles for interior selections of cabinetry, tile and granite while still allowing homebuyers to customize the final design within a select choice of options.
✦ Most models include builders warranty.
✦ Homes can be presold, locking in buyers early in the build process and to giving them the greatest opportunity to make selections that would make the final home an ideal place for their multigenerational family to live in.
✦ Homes are more affordable priced for the buyers and require less decision-making in terms of design choices.
✦ It's a more cost effective way to build homes at scale, while still meeting the needs of the homebuyers by incorporating key features and amenities into the Modular and Spec models.
✦ Houses incorporate modern styles for interior selections of cabinetry, tile and granite while still allowing homebuyers to customize the final design within a select choice of options.
✦ Most models include builders warranty.
✦ Homes can be presold, locking in buyers early in the build process and to giving them the greatest opportunity to make selections that would make the final home an ideal place for their multigenerational family to live in.
✦ Homes are more affordable priced for the buyers and require less decision-making in terms of design choices.
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