New Construction Housing Market Trends: Maryland and Virginia
New Construction Housing Market Trends: Maryland and Virginia, January 1-15, 2025
If you’re a professional builder working in the new construction housing market in Maryland and Virginia, staying informed about current trends is critical for strategic planning and decision-making. This report provides valuable insights into active listings, under-contract properties, and time-on-market metrics from January 1-15, 2025. Here, we’ll break down the data from Maryland and Virginia to help you understand market dynamics and identify opportunities for growth.
Maryland’s New Construction Market
Active Listings
Maryland’s new construction market featured the following active listings during the first two weeks of January:
Single-family homes: 817
Townhomes: 470
Condominiums: 62
These numbers highlight strong demand for single-family homes and townhomes, while condominium availability remains limited. Builders can focus on meeting the demand for larger homes, which likely cater to families and buyers seeking more space.
Under Contract Listings
During this period, the market showed robust activity with the following under-contract listings:
Single-family homes: 592
Townhomes: 860
Condominiums: 32
The significant number of townhomes under contract underscores their popularity. Builders should consider investing in townhome developments to capitalize on this trend, as they often offer a balance of affordability and convenience.
Sold Listings
Here are the completed transactions for Maryland’s new construction properties:
Single-family homes: 50
Townhomes: 42
Condominiums: 2
While the sales numbers reflect seasonal trends, townhomes and single-family homes dominate the market’s activity. Builders focusing on these segments may see higher returns on investment compared to condominiums.
Time on Market
How long are homes staying on the market in Maryland?
Single-family homes: 66 days
Townhomes: 40 days
Condominiums: 44 days
Townhomes are selling faster than single-family homes and condominiums, reflecting strong buyer demand. Builders can prioritize efficient construction timelines and marketing strategies for townhomes to optimize turnover.
Key Builders
In Maryland, top builders for the new construction market include:
Ryan Homes
D.R. Horton
Pulte Homes
Virginia’s New Construction Market
Active Listings
Virginia’s new construction listings during the same period included:
Single-family homes: 1,050
Townhomes: 295
Condominiums: 67
With over 1,000 single-family homes on the market, Virginia showcases a higher supply than Maryland. Builders can leverage this by offering diverse options that cater to different buyer needs. Townhomes and condominiums represent smaller but still significant opportunities for targeted development.
Under Contract Listings
Virginia’s under-contract statistics were as follows:
Single-family homes: 599
Townhomes: 267
Condominiums: 48
The steady flow of contracts in all three categories highlights balanced demand across property types. Builders can use this data to diversify their portfolios and strategically allocate resources.
Sold Listings
Virginia saw the following completed transactions:
Single-family homes: 51
Townhomes: 22
Condominiums: 10
While sales activity is comparable to Maryland’s, Virginia’s condominium market demonstrates higher relative performance. Builders focusing on urban or downsizing markets may find success in this niche.
Time on Market
In Virginia, the average time properties spent on the market was:
Single-family homes: 50 days
Townhomes: 37 days
Condominiums: 57 days
Townhomes again emerge as the fastest-moving category, reflecting buyer preference for this versatile property type. Builders can emphasize quality and design in townhome projects to attract buyers quickly. Single-family homes also show faster turnover compared to Maryland, indicating a competitive market.
Key Builders
Virginia’s top-performing builders are:
K. Hovnanian Homes
Ryan Homes
Van Metre Homes
Key Takeaways
Townhomes Are a Hot Commodity
Across both states, townhomes show strong performance in terms of under-contract listings and time on market. Builders should focus on this segment to meet buyer demand for affordable, modern, and low-maintenance properties.
Single-Family Homes Dominate Inventory
While townhomes sell quickly, single-family homes make up the bulk of active listings in both Maryland and Virginia. Builders targeting this segment should highlight spacious designs and family-friendly features to attract buyers.
Condominiums Remain a Niche Market
With lower numbers of active, under-contract, and sold listings, condominiums represent a smaller segment of the new construction market. However, they offer opportunities for builders targeting urban professionals, downsizers, and first-time buyers.
Regional Differences
Virginia’s market offers higher inventory across all categories, suggesting broader opportunities for builders to expand offerings. Maryland’s tighter market, with fewer properties available and longer time-on-market averages, provides a different set of challenges and opportunities for builders to address scarcity.
Tips for Builders
Strategic Insights for Townhomes:
Focus on Affordability and Design: Townhomes are in high demand, so emphasize cost-effective construction and modern amenities to attract buyers.
Quick Turnaround: Ensure efficient project timelines to meet market demand and capitalize on fast-moving inventory.
Single-Family Home Opportunities:
Leverage Virginia’s Supply: Use the abundant inventory to offer diverse styles and features that appeal to different buyer segments.
Address Maryland’s Scarcity: Highlight the uniqueness and exclusivity of single-family homes in Maryland to stand out.
Unlock the Potential of Condominiums:
Target Urban Areas: Focus on locations where condominiums are in higher demand, such as city centers or transit-oriented developments.
Appeal to Specific Buyers: Design condominiums that cater to first-time buyers, downsizers, or professionals seeking low-maintenance living.
Final Thoughts
The new construction markets in Maryland and Virginia present unique opportunities for builders. From the fast-selling townhomes to the expansive inventory of single-family homes and niche condominium markets, there is room for strategic growth in both states. Builders who adapt to regional trends and buyer preferences will be well-positioned for success.
At Guney Real Estate, we work closely with builders to provide insights and guidance for maximizing profitability in the new construction market. Contact us today to learn how we can help you navigate Maryland and Virginia’s dynamic real estate landscape.
