Processing Your Payment

Please do not leave this page until complete. This can take a few moments.

January 13, 2023

CT among states with fewest new home builds

Jacqueline Rabe Thomas | CT Mirror Construction of a multimillion-dollar beach-front property in Westport.
By Hanna Snyder Gambini

Connecticut is ranked among the states in which the lowest number of new homes are being built, with Rhode Island and New York also in the bottom five, according to new data by portlandrealestate.com.

The analysis used U.S. Census data and Statista to determine which states had the most and least newly constructed homes developed per 1,000 residents.

Connecticut ranked second-to-last with 1.29 new builds per 1,000 people.

Rhode Island topped the list of the lowest, with only 1.27 new builds per 1,000. The average cost of a house in Rhode Island is $437,672.

New York has 2.02 new builds per 1,000, making it the third lowest rate of development of new builds. 

Illinois has 1.55 new builds, and West Virginia 2.07 new builds per 1,000 residents.

Utah had the most new construction of homes, with 11.7 new builds per 1,000 residents, which is more than double the national average of 5.23 new builds per 1,000, according to portlandrealstate.com. The average value of a house in Utah is $554,955.
 
Idaho was second highest, with 11.43 new homes, and Florida was third highest, with 9.8 new construction homes.

In 2021, there were 6.9 million houses sold across the U.S. with that number projected to rise to over 7 million in 2023, according to portlandrealestate.com. 

“This study offers a revealing insight into the states where the supply of new housing is increasing the fastest to meet the ever-increasing demand and for any potential buyers,” and where the greatest supply of new homes will be in the coming years, portlandrealestate.com said.
 
 

Sign up for Enews

Most Recent

Most Recent

0 Comments

Order a PDF