Are townhomes popular with homebuyers? Well, an NAHB analysis of the most recent Census data of Starts and Completions by Purpose and Design shows that townhouse construction jumped more than 28% in 2021. As housing demand shifted to more suburban and exurban areas and housing affordability headwinds persist, medium-density construction lagged for much of 2020. However, demand for medium density neighborhoods returned as the economy more fully reopened last year. With pressures from rising costs (land, labor, lumber and other building materials), townhomes are the way home builders and developers are meeting rampant demand.
During the fourth quarter of 2021, single-family attached starts totaled 39,000, which is 11.4% higher than the final quarter of 2020. Over the last four quarters, townhouse construction starts totaled 146,000 units, 28% higher than the prior four quarter total (114,000).
Using a one-year moving average, the market share of new townhouses increased to 13% of all single-family starts. This represents a rebound after recent declines.
The peak market share of the last two decades for townhouse construction was set during the first quarter of 2008, when the percentage reached 14.6%, on a one-year moving average basis, of total single-family construction. This high point was set after a fairly consistent increase in the share beginning in the early 1990s. The fourth quarter 2021 quarterly market share of 14.7% was the highest since the start of 2008.
Despite relative weakness in 2020, the long-run prospects for townhouse construction remain positive given growing numbers of homebuyers looking for medium-density residential neighborhoods, such as urban villages that offer walkable environments and other amenities. This ise particularly true for prospective first-time buyers in high cost metro areas. In other words as events in housing continue to transpire, townhomes are a solution to meet these changing conditions.
Here is a round-up of townhomes popular in the metro area now:
Cartersville, Georgia Townhomes
Felton Walk – This Smith Douglas community is coming soon to Cartersville, Georgia. Affordably priced from the low $200,000s, Felton Walk features 45 charming new townhomes just off N. Tennessee Street and W. Felton Road. Located just over two miles from downtown Cartersville, residents will enjoy bountiful options of shopping and dining, as well festivals, parks and much more. Homes feature open-concept floorplans. Sidewalk-lined streets offer opportunities to explore the neighborhood.
Woodstock, Georgia Townhomes
East of Main – Located in Woodstock, Georgia, this McKinley Homes community is priced from the high $200,000s. Five unique townhome plans include 3-bedroom, 2.5-bath house plans ranging from 1,759 – 1,979 square feet. These townhomes offer prominent owner suites that compose nearly half of their second-floor across the bedroom, double-vanity bath, and walk-in closet. East of Main is surrounded by plenty of shopping, dining, and entertainment such as the Outlet Shoppes at Atlanta and several golf clubs. This community provides easy access to dog parks and Dupree Park, an area featuring basketball and tennis courts, fitness stations, and nature trails: a place perfect for hiking and biking. Plus, construction for a new 100-acre park is underway!
Cobb County Townhomes – Marietta, Smyrna and Kennesaw
Townes at Marietta – This Marietta, Georgia community by McKinley Homes is selling now in the mid $300,000s. Offering seven different home plans, this new construction community of 147 townhomes offers something for everyone. Neighboring Kennesaw State University’s Marietta Campus, The Townes at Marietta is a short drive to Marietta’s historic downtown area.
High Parc at Smyrna – This community by Traton Homes is located near The Battery, Truist Park and Smyrna Market Village. Priced from the mid $400,000s, two and three-story townhomes feature open concept floorplans and stand-out included features such as gourmet island kitchens, spacious bedrooms and lofts (per plan). In addition to the great location and surroundings, homeowners love the community amenities including a pool, cabana and sidewalks.
Haven at Stanley – Priced from the mid $400,000s, this Traton Homes community is located in Kennesaw, Georgia near extensive shopping and dining establishments, Kennesaw Mountain Park and the Wellstar Kennestone Hospital District. The community features spacious two-story townhomes with both owner’s suite on the main level and owner’s suite on the second level floorplans. Exciting amenities will include a pool, clubhouse, dog park, firepit gathering area, greenspace and community sidewalks.
As costs continue to escalate, we predict that townhome popularity will continue to increase! Are townhomes popular today? Oh yes!