Beyond 2022, the home remodeling market is projected to grow at diminishing rates – getting closer to its historical annual growth. Here is the home remodeling growth rate from 2017: YearĪccording to the Harvard Joint Center for Housing Studies, the market is expected to reach $432 billion this year, a 17% increase over 2021. home remodeling market generated $369 billion in revenue, a 9% increase over the previous year and 2x the market average annual growth of 4.4%. Even project cost quotes in the same city can vary widely (think about when you requested a quote from three contractors and received three different results). High market fragmentation often results in significant price differences for projects in different geographic locations. The home remodeling market is also highly fragmented, with many players operating in different regions. remodeling market holds a market share of 5% (or more) of the market total. The home remodeling market is highly competitive and has a low business share concentration. Thus, the home remodeling market includes wholesalers and retailers of home improvement materials and supplies, contractors, builders, and remodeling design firms. Home remodeling projects fall into one of the three categories:ĭepending on the scope and complexity of the project, it may also involve the services of a designer. Homeowners who've lived in their house longer than six years account for 60% of remodeling activity, yet spend 50% less than recent homeowners (owners who've been in their home less than one year). The top three home improvement projects are interior painting, bathroom remodeling, and installing smart home devices.Home remodeling is expected to reach $432 billion in 2022, a 17% increase over 2021.A home remodeling project's average cost recovery rate (return on investment) is 56%, but some projects generate double-digit returns.Median spending for interior remodeling areas increased 38% from 2002 to 2021.Homebuyers who recently purchased their home spent $30,000 on remodeling in 2021.Median spending on home remodeling was $18K in 2021.Home remodeling generated $369 billion in revenue in 2021, a 9% increase over 2020.Home remodeling's annual average growth rate is 4.4%.Home remodeling is a $400 billion+ industry with no single company holding 5% (or more) of the total market share.Which Home Remodeling Projects Add the Most Value?.Who Spends the Most on Home Remodeling?.How Much Does It Cost to Remodel a Room?.What is the Most Popular Home Improvement?.How Much Do People Spend on Remodeling?.In this post, we focus mostly on home remodeling – bigger projects that add to a home’s value. However, home improvement is a broader term that includes remodeling, renovating, repairing, restoring, modernizing, moving, demolishing, or otherwise improving or modifying the whole or any part of a residential property. What's more, home remodeling and renovating are both referred to as home improvement. For example, installing a new hardwood floor is remodeling, while re-sanding the hardwood floor is renovating. Remodeling entails creating something new, while renovating means restoring something to its previous state. Remodeling and renovating are often used interchangeably, but there’s a difference. Home remodeling is altering a home's structure or remaking one or more of its areas.
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