To put it into numbers, let’s do some back-of-the-napkin math:
For example, let’s say the home you wanted to build in 2024 was $750,000.
Let’s average out the increase, knowing it’s varied.
We will note that drywall is set to increase the most, and the drywall materials for your home are a significant portion of your home’s total cost.
That being said, we’ll estimate your $750,000 home at a 10% material increase (Note: it could be higher!).
A home you could build for $750,000 today will be $825,000 in just a couple of months. For the exact same house.