New Manufactured Home Demand Remains High through 2024

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New Manufactured Home Demand Remains High through 2024

Posted by Home Quest on June 12, 2024
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As one of the leading manufactured home retailers in the Western U.S., HomeQuest has seen a significant increase in sales in the first two quarters of 2024. This comes on the heels of sales doubling in 2023 over the prior year, a trajectory that Shane Joffe of HomeQuest expects to continue through the year.

According to MHI (the Manufactured Housing Institute), production of new manufactured homes across the country was up 34.37% in April 2024 compared to April of last year. At a time when housing affordability has reached an all-time low, according to reports, the production of inherently more affordable manufactured homes is a strong option for many homebuyers.

Modern manufactured homes are sustainably built, and on average, cost less than 25% of the price of an average site-built home. Utilities and maintenance are also typically less than a tract-built home.

“Manufactured home sales – particularly in California – have steadily increased over the past two years,” said Joffe, sales and marketing manager and partner at HomeQuest. “Inventory of traditional site-built homes has remained low while prices continue to rise, and mortgage rates remain high. This has kept the traditional housing market out of reach for many home buyers, and makes manufactured housing an attractive housing option.”

In California, where real estate prices are notoriously high, the median home price is forecast to rise 6.2% this year to $860,300, while the median cost of a manufactured home ranges from $120,000 to $160,000.

“Our home sales in California have continued to be very strong,” adds Joffe. “When we place a new home for sale on a lot, it’s only on the market for six to eight weeks.”

In addition to its dozens of homes for sale throughout the western region, HomeQuest currently has several park enhancement projects where multiple new homes are being delivered to replace aging homes or to expand and elevate a community.

At Rancho Robles in beautiful Visalia in Central California, the community is undergoing a significant update as HomeQuest fills 40 vacant spaces with new manufactured homes. One, two and three-bedroom homes are available with prices starting at $149,900.

Another current HomeQuest project is Roadrunner Golf & Country Club in Borrego Springs, which is undergoing a significant expansion. HomeQuest is filling 50 spaces with new manufactured homes with two, three and four-bedroom floor plans. These homes all come with a two-car garage, and some lots will boast golf course and mountain views. These homes start at $324,900.

For information on how HomeQuest can help you find your first home or your forever home, contact us at (866) 720-2207.

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