Site Built v. Modular v. Manufactured Stats!

[Aaron Anderson]

Overview

I was doing some simple research in the Nashville market and wanted to share it with my friends on BP.  It is normally easy to find comps for a 3/2 on less than 1 Acre, but if the home is Modular or Manufactured, the comps become a little less reliable.  I've compile some stats to look at if you are analyzing a deal with a Modular or Mobile-Manufactured Home.

For this post, I'm referring to Modular as a home that is constructed in pieces built on a permanent foundation.  Manufactured homes (in TN) abide by different regulations and don't require a permanent foundation, also known as mobile homes even if they're set on cinder blocks.

Search Criteria:

30mi Radius from Nashville

3 beds, 2 baths

Max 1 Acre

$100,000-$300,000 sales price (outside of this range really skewed the data)

Sold in the last 12 months

Findings:

Site built homes averaged $211,000 and $124/sf. We will use this as our reference point of 100%.

Modular homes averaged $157,000 and $$101/sf which is 81.5% of Site built homes.

Manufactured homes averaged $$133,000 and $88/sf which is 71.5% of Site built homes.

Bonus:

Split Level homes sell at 82% compared to 1-Story homes.