Built, a software-as-a-service platform that connects lenders, owners, developers, and contractors to power smarter and faster money movement for the entire construction and real estate ecosystem while reducing risks, looked into the company’s November 2023 new single-family and multifamily housing data in order “to uncover which areas of the country had the most construction activity.”
While professionals in the construction and real estate industry typically have to wait until the third week of every month for the U.S. Census Bureau “to issue its new residential construction report for the previous month, Built is leveraging the company’s proprietary platform data to provide an early snapshot of the numbers and trends.”
The reason why Built is in a position “to offer this preview of the housing market landscape is that it touches approximately 10–15% of U.S. construction spend through the company’s comprehensive construction loan administration platform.”
In its report, the company looked “at the top 20 zip codes that had the most activity and found Miami’s South Beach neighborhood (33139) had the most new single-family or multifamily construction activity in November. Seattle’s Woodland Park/Green Lake neighborhood and three thriving zip codes in the Nashville area rounded out the top five. Together, the top 20 zip codes accounted for more than $108 million in construction activity.”
Closer look at the top zip codes for new housing starts
South Beach is a vibrant and exciting neighborhood “in Miami, Florida. It is known for its beautiful beaches, Art Deco architecture, and lively nightlife.”
The Woodland Park/Green Lake area of Seattle has “become increasingly popular among residents due to its unique blend of urban amenities, natural beauty, and proximity to the city center.”
Antioch, Tennessee has become a popular choice “for homebuyers seeking affordability and a quick commute to Nashville.”
Nashville’s Green Hills and East Nashville neighborhoods, “which have seen strong development in recent years, rounded out the top 5.”
These ZIP codes represent “a diverse mix of housing markets, ranging from bustling metropolises like Miami and Seattle to thriving suburban communities like Nashville and Dallas. While the overall market has slowed, these areas continue to exhibit robust demand for new housing, indicating that certain factors are driving demand in these specific locations.”
As covered, Built is a provider of construction and real estate finance technology.
The company empowers construction and real estate stakeholders “to streamline processes, enhance collaboration, and achieve greater transparency through its centralized platform. Built serves hundreds of leading North American lenders and asset managers, along with thousands of developers, home builders, and contractors.”