The Impact of Rising Lumber Costs on New Builds

The Impact of Rising Lumber Costs on New Builds

If you are planning a renovation or building a new home in Lexington, you've likely noticed a spike in prices. In May 2021, lumber costs have reached record highs.

The Numbers

Lumber prices have increased by over 200% in the last year. For a standard single-family home, this adds roughly $35,000 to the construction cost.

What This Means for Buyers

• Resale Homes Are More Attractive: Because new builds are getting more expensive, well-maintained existing homes are seeing even higher demand.
• Delayed Timelines: Expect longer waits for custom builds as contractors navigate supply chain issues.