Mortgage brokers considering a change of venue this year may want to think about setting up shop in a master-planned community (MPC). Despite difficult sales conditions, MPC’s held their own through 2024, and are fairly consistent in terms of annual sales, according to a new report.
Sales in the 50 top-selling master-planned communities in 2024 were just 2% below 2023 levels, RCLCO Real Estate Consulting’s year-end update shows. In terms of numbers, the 50 best-selling properties sold 35,123 new houses during 2024 compared to 35,856 during 2023, a drop of 1.96%.
The Bethesda, Md.-based consulting firm has been tracking master-planned communities for 31 years, conducting national surveys not only to identify the best sellers but also as a tool for monitoring the overall health of the housing sector. RCLCO defines MPCs as properties developed from a comprehensive plan by a single developer and incorporating a variety of housing types, sizes, and prices, all sharing common spaces and amenities.
“Considering the challenges seen throughout the year – from election uncertainty to severe weather events, as well as continued affordability concerns and ‘sticky’ mortgage rates – this relative consistency among top-sellers highlights the resiliency of home buyer demand and the perceived advantage of new homes in general and master-planned communities specifically,” RCLCO said.
To be sure, some places saw sales plummet a lot more than that. They fell 40% at Caldwell Ranch in Rosharon, Texas, 38% at Marvida in Cypress, Texas, and 30% at Great Park Neighborhoods in Irvine, Calif. Together, those three spots alone accounted for 755 fewer sales in 2024.
All totaled, 23 of the best-selling MPC’s saw fewer sales. But, the other 27 recorded more sales, almost enough to cancel out the losses in the other top-50 properties.
MPC’s in the general Houston area accounted for 22% of all the sales notched by the top 50 properties. Sales at Wildcat Ranch in Crandall, Texas, leaped 294%, from 119 to 469.
The Villages in Central Florida was once again the top-selling community in the country with 3,208 sales, an increase of 8%. Known as the largest active adult community in the country, The Villages now includes Middleton, a neighborhood designed for all ages.
Also in Florida, the second-best seller is Sarasota’s Lakewood Ranch, with 2,210 sales, a 1% annual decline. In the third spot, Cadence in Henderson, Nev., notched 1,386 sales, a 44% increase from last year.
The fourth best-seller was Sunterra in Katy, Texas, with 1,323 sales. Fifth place was held by Summerlin, Nev., with 1,055 deals.
Other big gainers include Riverstone in San Antonio, Texas, up 84% from 288 deals in 2023 to 529 deals in 2024; Brambelton in Brambelton, Va., up 78% annually from 288 sales to 495 sales; and, Summers Corner in Charleston, S.C., up 43% from 623 to 889.
