The market for green homes is expected to see a huge increase in the coming years, and may become nearly 40 percent of the market by 2016, according to a recent report from McGraw-Hill Construction.
McGraw-Hill Construction reports that eco-friendly homes are expected to grow by as much as 40% by 2016.
Green homes currently represent about 17 percent of the general housing construction market, at a valuation of $17 billion. But thanks to increasing consumer awareness and interest in green construction, analysts expect the greening phenomenon to encompass anywhere from 29 to 38 percent of the market just four years from now, pulling in somewhere around $100 billion annually.
The McGraw-Hill study—entitled Green Home Builders and Remodelers Study—points to the popularity of green homes and green remodeling techniques among consumers, and the ability of builders to use green features and practices as a competitive sales edge, even in a down market. Homebuyers point to lower energy costs and higher building quality as drivers of their interest in green homes; meanwhile, builders say that the costs to “green” a project have dropped to 7 percent from 11 percent in 2006. With customers willing to pay more for green homes and sustainable construction, builders are now able to leverage higher profits while still serving the needs of the environment.
The study also noted the regional popularity of the green movement, with the traditional stronghold of environmental concern still housed in the nation’s Western states. However, parts of the Midwest and the area of New England are also seeing strong interest in green projects and homes. In response, the study says, more than a third of the nation’s builder will be heavily focused on green building in 2016—up from 17 percent in 2011.
See also:
Compare Green home builders
Green Home Appraisals
Green home and energy efficient floorplans
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Going green truly is a movement that is influencing buyers in all aspects including when they purchase their homes. Having “green” aspects to a homewill be a sure advantage for those trying to sell.
All the best,
Eren
“Green homes currently represent about 17 percent of the general housing construction market”
I wasn’t aware that green homes already take up such a market share. Doubling that in about 4 years shouldn’t be a problem considering all the “green” principles that people have started caring about.