New Construction in your Market?

[Avery Withers]

Hey guys!

I'm curious as to what everyone sees happening in their prospective markets in regards to new construction. I live in Sussex County, DE. We are considered a beachfront resort area on the east side of the county, with the west side of the county consisting of mostly farm fields. Back in 2005 we had a huge new construction housing boom on the east side of the county. When the Great Recession hit, thousands of homes sat vacant. Since then, the resort area has more than recovered, with prices skyrocketing and new construction continuing at unprecedented rates, despite COVID. Within 1 square mile of my personal residence there are easily over 2,000 homes currently under construction. Is anyone else seeing new construction at such a high rate in their area? Obviously there are some different factors at play this time around, but things are looking eerily similar to what happened in 2005 in terms of new construction in this area.