Now that the dust has finally begun to settle from the last decade’s real estate market crash, it’s becoming clearer where residential development is headed in the future. Despite this flourishing age of technology, it’s likely that housing changes will be impacted more by economic and demographic factors than cutting-edge innovations. According to the civil engineering experts at Abercrombie & Associates in Cincinnati, OH, the continued recovery of the market and aging population will significantly affect new construction projects in the residential sector.

Below, they go over some of the key trends that can be expected in residential development:

• Single-Family Construction Will Outpace Multifamily Housing: For the first time in a long time, there is an influx of buyers looking to trade in their rent money for a mortgage. This means there will be a continued upsurge in single-family construction, while the creation of multifamily housing starts to slow down and level off.
• More Emphasis Will Be Placed on Outdoor Living Spaces: As homebuyers reevaluate what’s really important to them in a home, there’s a good chance the demand for outdoor living spaces will escalate. These days, more people value the freedom to be outside and desire a space where they can take advantage of that as much as possible.
• Consumers Will Increase Focus on Sustainability: Living a sustainable lifestyle is becoming increasingly important to millennials, who will have the most influence over residential development in the coming years. They seek to decrease their carbon footprint with efficient use of space and nearby commutes.
• Tight Housing Supply Will Remain a Concern: Although single-family construction is on the rise, in the meantime, the biggest problem the market potentially faces is a shortage of housing inventory. This is largely due to a lack of lot availability and labor. In turn, this signifies higher prices for new homebuyers.

Overall, the future of residential development looks bright, and a healthy housing market seems to be on the horizon. Contact Abercrombie & Associates at (513) 385-5757, or visit them online to learn more about the land development services they provide.