What to Know About Luxury Manufactured Home Trends in 2024
Buyers struggling to purchase traditional homes may be considering luxury manufactured homes as an affordable entry point into homeownership. What are some key aspects to be aware of in the 2024 outlook for manufactured housing? Let’s explore.
Licensed Realtor Joy Aumann told GOBankingRates she works closely with luxury manufactured home clients in Southern California. Based on data from the U.S. Census Bureau and industry reports, Aumann said she predicts prices for luxury manufactured homes will continue increasing throughout the next year.
“Last year, average sales prices nationwide rose to over $128,000 for new models.In SoCal, prices were even higher at around $129,000,” said Aumann. “With inflation still impacting building materials and strong ongoing demand for smaller, resort-style properties, i’d estimate prices growing another 5% to 10% minimum.”
Manufactured Homes Will Emphasize Quality and Rich Amenities
One of the upsides of manufactured homes may be quick construction, but the modern luxury manufactured home is not built on cutting corners.
High-quality materials will continue to be used when building and designing these homes, Michael Nissley, vice chairman and national director of Colliers Manufactured Housing & RV Group, told Multifamily Housing News that aligning with evolving consumer needs means adding modern amenities and innovative designs to communities.
Aumann sees this as well in working alongside buyers who favor smaller, more amenity-rich manufactured homes. She said modem interior styles with varied materials, textures and colors influence appraisals positively and drive up values across the board.
All Ages Are Interested in Manufactured Home Communities
In 2023, Multifamily Housing News published an article about the emerging trend of owners of existing manufactured home communities continuing to develop and infill their parks instead of closing new deals. One manufactured home community, Havenpark Communities, was cited as an example of a park that added 8 affordable homes to its portfolio of 2022 and installed 800 more in 2023.
When considering 2024 and beyond, Multifamily Housing News predicted even more manufactured home communities (MHC) will be built throughout the year.
The manufactured home trend is also appealing to all ages, particularly those in younger households. The stigma of “mobile homes” being a housing option reserved for boomers or retirees only is becoming increasingly antiquated, as all age groups are now interested in this resilient affordable housing option.
