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Housing markets

20 large metros where home construction is growing the fastest

By NMN Staff
August 26, 2024 5:00 AM
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High mortgage rates in recent years have created affordability problems for both home buyers and home builders, but with rates largely trending down in recent weeks, some believe market conditions will start improving both for those looking for properties and those looking to build homes for a lower price point. 

Construction Coverage recently ranked the large metros where home construction is increasing the fastest by measuring change in value of new residential housing units authorized by permit-issuing places from the fourth quarter of 2022 to the fourth quarter of 2023.

Read more: Home prices hit new record high, but pace of growth moderates 

The top five metros had an average change in value of new residential housing units of 81.98% between those two periods.

Read more about the metro areas where home construction is increasing the fastest.

Large metros ranked by change in value of new residential housing units

Rank Metro Percentage change in value of new residential housing units Total change in value of new residential housing units Percentage change in new residential housing units Total change in new residential housing units
1 Las Vegas-Henderson-North Las Vegas, NV 106.9 $443,476,263 69.60% 1,417
2 San Diego-Chula Vista Carlsbad, CA 80.90% $303,380,625 115.90% 1,759
3 Indianapolis-Carmel-Greenwood, IN 80.00% $450,008,467 51.10% 1,255
4 Denver-Aurora-Centennial, Co 75.80% $663,535,194 70.10% 2,690
5 Memphis, TN-MS-AR 66.30% $86,637,612 90.70% 450
6 Tucson, AZ 49.50% $136,757,676 25.80% 281
7 Nashville-Davidson-- Murfreesboro--Franklin, TN 44.40% $373,111,832 54.10% 1,595
8 Birmingham, AL 42.50% $78,418,073 51.60% 303
9 Riverside-San Bernardino -Ontario, CA 37.70% $249,354,201 3.60% 124
10 Sacramento-Roseville-Folsom, CA 37.50% $188,362,960 21.80% 417
11 Phoenix-Mesa-Chandler, AZ 36.20% $694,316,357 27.10% 2,559
12 Pittsburgh, PA 34.70% $74,262,685 36.70% 299
13 Richmond, VA 33.60% $118,472,463 27.80% 661
14 Tulsa, OK 33.40% $64,809,937 22.70% 186
15 Milwaukee-Waukesha, WI 31.40% $63,263,976 52.50% 307
16 Virginia Beach-Chesapeake-Norfolk, VA- NC 30.80% $75,475,371 48.40% 484
17 Raleigh-Cary, NC 30.40% $278,735,249 26.50% 1,236
18 Kansas City, MO-KS 28.30% $126,294,473 20.40% 360
19 Tampa-St. Petersburg Clearwater, FL 26.80% $375,625,230 -11.40% -874
20 San Jose-Sunnyvale-Santa Clara, CA 26.20% $59,484,406 83.00% 526
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San Jose-Sunnyvale- Santa Clara, California ranked 20th with a 26.2% change in value of new residential housing units.
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Tampa-St. Petersburg-Clearwater, Florida ranked 19th with a 26.8% change in value of new residential housing units.
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Kansas City, Missouri-Kansas ranked 18th with a 28.3% change in value of new residential housing units.
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Raleigh-Cary, North Carolina ranked 17th with a 30.4% change in value of new residential housing units.
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Virginia Beach-Chesapeake-Norfolk, Virginia-North Carolina ranked 16th with a 30.8% change in value of new residential housing units.
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Milwaukee-Waukesha, Wisconsin ranked 15th with a 31.4% change in value of new residential housing units.
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Tulsa, Oklahoma ranked 14th with a 33.4% change in value of new residential housing units.
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Richmond, Virginia ranked 13th with a 33.6% change in value of new residential housing units.
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Pittsburgh, Pennsylvania ranked 12th with a 34.7% change in value of new residential housing units.
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Phoenix-Mesa-Chandler, Arizona ranked 11th with a 36.2% change in value of new residential housing units.
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Sacramento-Roseville-Folsom, California ranked 10th with a 37.5% change in value of new residential housing units.
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Riverside-San Bernardino-Ontario, California ranked 9th with a 37.7% change in value of new residential housing units.
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Birmingham, Alabama ranked 8th with a 42.5% change in value of new residential housing units.
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Nashville-Davidson–Murfreesboro–Franklin, Tennessee ranked 7th with a 44.4% change in value of new residential housing units.
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Tucson, Arizona ranked 6th with a 49.5% change in value of new residential housing units.
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Memphis, Tennessee-Mississippi-Arkansas ranked 5th with a 66.3% change in value of new residential housing units.
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Denver-Aurora-Centennial, Colorado ranked 4th with a 75.8% change in value of new residential housing units.
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Indianapolis-Carmel-Greenwood, Indiana ranked 3rd with a 80.0% change in value of new residential housing units.
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San Diego-Chula Vista-Carlsbad, California ranked 2nd with a 80.9% change in value of new residential housing units.
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Las Vegas-Henderson-North Las Vegas, Nevada ranked 1st with a 106.9% change in value of new residential housing units.
NMN Staff
Housing markets
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