Zillow’s New Construction Consumer Housing Trends Report 2024

Learn more about who is buying new construction, what they want, how they find their homes, and the obstacles along the way in Zillow’s 2024 New Construction Consumer Housing Trends Report. The report, based on a 2023 survey of 6,500 buyers who purchased a home in the past two years, is a data-driven look at important buyer preferences and major new construction market trends.

A few key takeaways from this year’s report:

Staying within budget continues to be a major focus.

• 89% of new construction buyers say that staying within their initial budget is highly important.  

Buyers are increasingly drawn to new construction.

• 42% of new construction buyers say they are only interested in exploring new construction homes when they start their search – a trend that has increased three straight years.

The importance buyers place on rental income more than doubled since 2019.  

• About half of buyers want the opportunity to rent out their homes, now and in the future.

A growing share of new construction home buyers want turn-key homes.

• The share of buyers who want a completed home rose 4 percentage points from last year.

Mortgage rate buydowns have become crucial to closing the deal.

• 49% of new construction buyers say their final offer was contingent on a mortgage rate buydown.