Pro Builder Unveils the Leading Home Builders in the U.S.
Originally Published by: Pro Builder — June 26, 2024
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What does it say about the country’s leading home builders when they earn less housing-related revenue in 2023 than during the previous year but report higher profits, spend more to market and sell their homes, only gain a slight measure of market share at the top, and indicate greater interest in diversifying their operations in 2024?
It says “Watch for Trends,” particularly:
- Consolidation—Mergers and acquisitions activity is hot in the housing sector.
- Build-to-rent—B2R starts in 2023 hit record numbers, and 2024 promises similar momentum.
- The Economy—General economic conditions are providing a mix of challenges and opportunities for home builders in 2024.
1. Consolidation
It’s no secret that the Housing Giants at the top of the revenue pyramid are gaining market share through mergers and acquisitions. “It’s an extremely active market,” says Chris Jasinski, founder and CEO of JTW Advisors, an investment bank serving home builders and land developers. “And the conditions are there for continued consolidation well into the future.”
Bolstered by the surge in housing activity during the COVID-19 pandemic, the nation’s largest public and private builders amassed a war chest of cash, combined with low debt. That’s now allowing them to gobble up both land and successful, smaller-volume builders to expand their geographical footprint and their product lines—especially in emerging secondary markets such as Huntstville, Ala., and Knoxville, Tenn., which is where the jobs are, Jasinski points out.
2. Build-to-rent
This year’s Giants delivered more than 26,000 build-to-rent (B2R) homes; a solid mix of single-family detached, attached, and apartment units.
Among the 64 Housing Giants reporting B2R completions in 2023, D.R. Horton (No. 1 in our overall rankings) led the way with 7,942 units, while the next five—Harkins Builders (No. 50), NexMetro Communities (No. 56), BBL Building Co. (No. 100), The Challenger Group (No. 39), and Edward Rose Building Enterprise (No. 203)—added 7,682 more; with D.R. Horton, the top six generated $4.2 billion in revenue from that activity.
With a record number of estimated B2R starts in 2023, build-to-rent’s future appears poised for growth ... so long as investment dollars roll in.
3. The Economy
For the second year in a row, general economic conditions are among both the top five challenges and top five opportunities anticipated by Giants in 2024. The former is a primary headwind preventing the industry from getting back to pre-pandemic levels of reliable activity and growth; the latter is driving operational efficiencies and a broadening mix of markets and products that will enable builders to better control their fate during persistent uncertainty and the outcome of the upcoming presidential election.
“The current economic environment feels similar to the long lead up to the 2008 recession, so I advise builders to be cautious,” warns Chuck Shinn, co-founder of home builder consulting firm the Shinn Group. “Scrutinize the national economic headline news coming out of Washington, D.C., and compare it with the trends you’re seeing in your local communities.”
View List on ProBuilder with a Search Filter | Download List PDF
| 2024 Rank | Prev. Rank | COMPANY (* = NAHB MEMBER) | 2023 REVENUE | 2023 Closing / Units |
|---|---|---|---|---|
| 1 | 1 | D.R. Horton* | $34,681,500,000 | 92,889 |
| 2 | 2 | Lennar* | $32,459,129,000 | 73,087 |
| 3 | 3 | PulteGroup* | $15,598,706,526 | 28,603 |
| 4 | 5 | Toll Brothers* | $9,866,026,000 | 9,597 |
| 5 | 4 | NVR* | $9,314,605,000 | 20,662 |
| 6 | 6 | Taylor Morrison* | $7,100,000,000 | 11,495 |
| 7 | 7 | KB Home* | $6,370,421,000 | 13,236 |
| 8 | 8 | Meritage Homes* | $6,056,784,000 | 13,886 |
| 9 | 9 | M.D.C. Holdings | $4,520,296,008 | 8,228 |
| 10 | 10 | Clayton Properties Group* | $3,995,289,000 | 9,957 |
| 11 | 13 | M/I Homes* | $3,939,673,000 | 8,112 |
| 12 | 15 | Dream Finders Homes* | $3,738,888,000 | 7,314 |
| 13 | 12 | Tri Pointe Homes* | $3,654,035,000 | 5,274 |
| 14 | 11 | Century Communities* | $3,604,433,756 | 9,568 |
| 15 | 14 | Ashton Woods* | $3,532,532,518 | 8,752 |
| 16 | 17 | David Weekley Homes* | $3,092,524,098 | 5,433 |
| 17 | 16 | Hovnanian Enterprises | $3,054,792,664 | 5,473 |
| 18 | 18 | Shea Homes* | $2,434,700,000 | 2,721 |
| 19 | 21 | Perry Homes* | $2,367,100,000 | 4,071 |
| 20 | 19 | LGI Homes* | $2,358,580,000 | 6,729 |
| 21 | 24 | Mattamy Homes U.S. Group* | $2,270,518,649 | 4,578 |
| 22 | 20 | Beazer Homes* | $2,207,000,000 | 4,246 |
| 23 | 22 | Highland Homes* | $2,079,000,000 | 3,555 |
| 24 | 23 | Stanley Martin Homes* | $1,971,900,000 | 4,439 |
| 25 | 28 | GL Homes* | $1,920,281,000 | 2,062 |
| 26 | 26 | Green Brick Partners* | $1,767,800,000 | 3,123 |
| 27 | 25 | DRB Enterprises | $1,732,844,332 | 4,140 |
| 28 | 27 | Drees Homes* | $1,646,500,000 | 2,128 |
| 29 | 29 | Fischer Homes* | $1,332,850,374 | 2,736 |
| 30 | 34 | Minto Communities USA* | $1,239,378,361 | 2,350 |
| 31 | 30 | Brightland Homes (fka Gehan Homes)* | $1,219,801,000 | 2,972 |
| 32 | 31 | Brookfield Residential Properties* | $1,129,053,000 | 1,456 |
| 33 | 32 | Bloomfield Homes* | $1,028,598,000 | 2,010 |
| 34 | 49 | Neal Communities of Southwest Florida* | $859,076,654 | 1,357 |
| 35 | 36 | True Homes* | $857,797,391 | 2,342 |
| 36 | 35 | Chesmar Homes* | $846,225,739 | 1,903 |
| 37 | 42 | First Texas Homes* | $833,146,000 | 1,229 |
| 38 | 40 | Smith Douglas Homes* | $763,938,856 | 2,297 |
| 39 | 38 | The Challenger Group | $762,800,000 | 2,319 |
| 40 | 39 | Epcon Communities* | $755,366,400 | 1,264 |
| 41 | 50 | Homes by WestBay* | $700,422,903 | 1,213 |
| 42 | 48 | CBH Homes* | $698,042,440 | 1,773 |
| 43 | 33 | Legend Homes* | $677,260,030 | 2,282 |
| 44 | 65 | Trumark Companies | $661,036,091 | 766 |
| 45 | 46 | Eastwood Homes* | $620,300,000 | 1,245 |
| 46 | 41 | Edge Homes* | $611,636,203 | 1,349 |
| 47 | 52 | Robson Communities* | $607,085,339 | 850 |
| 48 | 43 | American Legend Homes* | $607,039,150 | 755 |
| 49 | 47 | ICI Homes* | $582,618,555 | 672 |
| 50 | 73 | Harkins Builders* | $581,000,000 | 2,961 |
| 51 | 37 | Ivory Homes* | $575,450,277 | 803 |
| 52 | 56 | CastleRock Communities* | $556,532,000 | 1,363 |
| 53 | 61 | Westin Homes* | $550,825,000 | 882 |
| 54 | 44 | Stock Development* | $517,598,833 | 482 |
| 55 | 45 | New Home Company | $509,000,000 | 656 |
| 55 | 92 | Park Square Homes* | $509,000,000 | 656 |
| 57 | 51 | NexMetro Communities* | $488,234,754 | 1,449 |
| 58 | 59 | Habitat for Humanity International* | $468,372,586 | 3,428 |
| 59 | 62 | Davidson Homes* | $462,000,360 | 1,196 |
| 60 | NR | Betenbough Homes* | $454,860,000 | 1,970 |
| 61 | 58 | Schell Brothers* | $443,117,881 | 507 |
| 62 | 54 | Lombardo Companies | $434,221,614 | 697 |
| 63 | 57 | United Homes Group (fka Great Southern Homes)* | $427,420,290 | 1,383 |
| 64 | 63 | Grand Homes* | $404,000,000 | 430 |
| 65 | 60 | View Homes* | $400,096,211 | 1,052 |
| 66 | 72 | McBride & Son Cos. | $386,025,226 | 920 |
| 67 | 79 | Shaddock Homes | $380,354,491 | 402 |
| 68 | 74 | Keystone Custom Homes* | $375,036,100 | 473 |
| 69 | 55 | HistoryMaker Homes* | $354,292,000 | 927 |
| 70 | 67 | Van Metre Companies | $344,464,105 | 400 |
| 71 | 112 | Viera Builders* | $331,300,087 | 508 |
| 72 | 107 | Tilson Home* | $328,960,000 | 745 |
| 73 | 66 | SummerHill Homes* | $323,497,778 | 238 |
| 74 | 88 | Allen Edwin Homes* | $318,472,169 | 915 |
| 75 | 76 | Landon Homes* | $318,000,000 | 373 |
| 76 | 77 | Signature Homes* | $316,486,271 | 409 |
| 77 | 100 | Williams Homes* | $303,208,167 | 393 |
| 78 | 87 | HHHunt* | $300,433,495 | 796 |
| 79 | 80 | Newmark Homes* | $298,866,255 | 423 |
| 80 | 110 | Galaxy Homes | $290,868,118 | 890 |
| 81 | 84 | Caviness & Cates Communities* | $288,125,000 | 1,668 |
| 82 | NR | Visionary Homes* | $281,186,584 | 628 |
| 83 | 89 | William Ryan Homes* | $280,000,000 | 580 |
| 84 | 78 | John Mourier Construction | $277,000,000 | 359 |
| 85 | 94 | Hakes Brothers* | $275,000,000 | 731 |
| 86 | 86 | Riverside Homebuilders* | $271,800,400 | 594 |
| 87 | 83 | Elliott Homes* | $264,747,732 | 375 |
| 88 | 69 | Stone Martin Builders* | $261,453,550 | 645 |
| 89 | 106 | Traditions of America* | $259,004,687 | 393 |
| 90 | 96 | Main Street Homes* | $248,967,764 | 453 |
| 91 | 64 | Elite Properties of America | $248,746,128 | 326 |
| 92 | 167 | Eastbrook Homes* | $247,500,000 | 467 |
| 93 | 95 | Impression Homes* | $243,151,910 | 669 |
| 94 | 97 | San Joaquin Valley Homes | $241,123,487 | 549 |
| 95 | 93 | EYA* | $230,964,233 | 265 |
| 96 | 82 | Stylecraft Builders | $229,694,077 | 819 |
| 97 | 68 | Fulton Homes | $220,000,000 | 362 |
| 98 | 116 | Woodbridge Pacific Group* | $219,016,915 | 279 |
| 99 | NR | Caruso Homes* | $217,050,000 | 308 |
| 100 | NR | BBL Building Co. | $216,000,000 | 1,147 |
| 101 | 105 | Sitterle Homes* | $213,000,000 | 270 |
| 102 | 101 | Ole South Properties* | $202,769,710 | 515 |
| 103 | 75 | Homes By Taber* | $199,144,347 | 465 |
| 104 | 160 | Napolitano Homes* | $197,574,000 | 486 |
| 105 | 109 | Evermore Homes (fka American Southern Homes)* | $195,000,000 | 365 |
| 106 | 99 | Evergreene Homes | $194,432,910 | 185 |
| 107 | 115 | Homes By Dickerson* | $185,933,339 | 214 |
| 108 | 121 | Legacy Homes* | $185,000,000 | 235 |
| 109 | 91 | Blandford Homes* | $181,842,919 | 216 |
| 110 | 90 | The Community Builders | $172,902,374 | 448 |
| 111 | 53 | Beechwood Homes* | $172,689,666 | 178 |
| 112 | 127 | Berks Homes* | $171,913,587 | 414 |
| 113 | 102 | Regent Homes* | $169,424,000 | 367 |
| 114 | 142 | Landmark Homes* | $158,600,000 | 331 |
| 115 | 135 | Home Creations* | $158,441,903 | 550 |
| 116 | 138 | Traton Homes* | $157,754,429 | 338 |
| 117 | 158 | Landmark 24 Homes* | $156,494,278 | 415 |
| 118 | NR | SK Builders* | $147,527,547 | 416 |
| 119 | 107 | LeCesse Development | $147,365,673 | 458 |
| 120 | 164 | Esperanza Homes* | $144,836,459 | 505 |
| 121 | 200 | SeaGate Homes* | $139,136,896 | 360 |
| 122 | 122 | Anglia Homes* | $138,969,266 | 410 |
| 123 | NR | Nilson Homes* | $137,572,724 | 461 |
| 124 | 161 | Valor Communities* | $136,635,153 | 370 |
| 125 | 163 | Craftmark Homes* | $134,372,726 | 147 |
| 126 | 126 | Hanson Builders | $132,862,156 | 115 |
| 127 | 132 | Granite Ridge Builders* | $131,809,729 | 320 |
| 128 | 152 | Pratt Home Builders* | $131,455,954 | 362 |
| 129 | 123 | Capstone Homes* | $130,875,000 | 296 |
| 130 | 139 | United Built Homes* | $124,141,695 | 376 |
| 131 | 124 | Ideal Homes & Neighborhoods | $122,984,106 | 475 |
| 132 | 174 | Grand Oak Builders* | $121,115,753 | 242 |
| 133 | 165 | Don Julian Builders and New Mark Homes-KC* | $119,393,000 | 143 |
| 134 | 118 | New Tradition Homes* | $118,791,763 | 188 |
| 135 | 143 | Charter Homes & Neighborhoods* | $118,742,000 | 254 |
| 136 | NR | Colina Homes* | $117,372,328 | 332 |
| 136 | 133 | Southern Homes* | $116,997,416 | 332 |
| 138 | 113 | First America Homes, a Signorelli Company* | $116,332,000 | 452 |
| 139 | 111 | Boise Hunter Homes* | $115,598,453 | 99 |
| 140 | 151 | Windsor Homes* | $115,268,153 | 285 |
| 141 | 163 | Tim O’Brien Homes* | $114,000,000 | 188 |
| 142 | 144 | McKee Homes* | $111,563,913 | 261 |
| 143 | 146 | Regency Homebuilders | $111,000,000 | 229 |
| 144 | 157 | Piedmont Residential* | $110,092,046 | 284 |
| 145 | 167 | Rodrock Homes* | $107,590,670 | 118 |
| 146 | 153 | Tresidio Homes* | $106,457,439 | 161 |
| 147 | 195 | Keystone Group dba Keystone Homes* | $104,876,494 | 311 |
| 148 | 189 | StyleCraft Homes* | $101,684,271 | 254 |
| 149 | 150 | Hunter Quinn Homes* | $101,000,000 | 302 |
| 150 | 216 | Classica Homes* | $100,864,545 | 92 |
| 151 | 134 | Creative Homes* | $100,308,159 | 156 |
| 152 | 214 | JW Collection* | $100,117,174 | 137 |
| 153 | 180 | Insight Homes* | $99,144,870 | 197 |
| 154 | 159 | Baessler Homes* | $98,924,432 | 264 |
| 155 | 186 | Peachtree Building Group (fka Silverstone Communities)* | $97,708,605 | 284 |
| 156 | 224 | The Warmington Group | $96,724,000 | 160 |
| 157 | 205 | Buffington Homes of Arkansas* | $96,722,974 | 186 |
| 158 | 140 | Gemcraft Homes* | $96,000,000 | 192 |
| 159 | 212 | Riz Communities and Development* | $95,000,000 | 301 |
| 160 | 213 | American Housing Ventures | $94,849,710 | 247 |
| 161 | 177 | Woodland Homes of Huntsville | $94,502,924 | 141 |
| 162 | 176 | Providence Homes* | $93,332,308 | 125 |
| 163 | 145 | Wormald* | $90,532,615 | 75 |
| 164 | 98 | Willow Bridge Property Co. (fka Lincoln Property Co.)* | $89,400,000 | 285 |
| 165 | 172 | Manuel Builders* | $88,520,292 | 301 |
| 166 | 168 | Bill Beazley Homes* | $88,108,851 | 279 |
| 167 | 179 | American Classic Homes* | $86,868,933 | 566 |
| 168 | NR | Universal Homes* | $84,388,000 | 340 |
| 169 | 209 | McGuinn Hybrid Homes | $82,841,567 | 337 |
| 170 | 131 | Baldwin & Sons* | $82,799,694 | 124 |
| 171 | 218 | Stepping Stone Homes* | $82,531,367 | 161 |
| 172 | 199 | W.B. Homes* | $81,544,880 | 131 |
| 173 | 173 | Edwards Homes of El Paso* | $80,558,018 | 281 |
| 174 | 141 | Miller & Smith* | $79,068,301 | 112 |
| 175 | 170 | Pyatt Builders* | $78,790,822 | 192 |
| 176 | 154 | Marrano Homes* | $78,230,000 | 154 |
| 177 | 147 | Ence Homes* | $78,214,997 | 146 |
| 178 | 136 | Tim Lewis Communities* | $74,716,000 | 109 |
| 179 | 169 | Gentry Homes* | $72,801,721 | 70 |
| 180 | 220 | Sumeer Homes* | $72,000,000 | 144 |
| 181 | 182 | James Engle Custom Homes* | $70,514,320 | 64 |
| 182 | 175 | Pacific Communities Builder | $70,180,000 | 87 |
| 183 | NR | Flintrock Builders* | $70,091,310 | 183 |
| 184 | 196 | Robertson Homes | $68,490,737 | 116 |
| 185 | 148 | The Olson Company | $68,479,666 | 103 |
| 186 | 155 | McCaffrey Homes | $68,451,265 | 122 |
| 187 | 206 | Hamlet Homes* | $68,000,000 | 77 |
| 188 | 223 | Robuck Homes* | $67,811,400 | 84 |
| 189 | 193 | Tropicana Homes* | $65,000,000 | 265 |
| 190 | 197 | Riverwood Homes* | $64,493,513 | 197 |
| 191 | 204 | Magnolia Homes* | $61,225,159 | 47 |
| 192 | 211 | Twilight Homes | $61,215,613 | 132 |
| 193 | 185 | Ivey Homes | $58,405,000 | 176 |
| 194 | 187 | MasterCraft Builder Group* | $57,709,352 | 70 |
| 195 | 203 | Newcastle Homes* | $57,213,432 | 140 |
| 196 | 137 | Vantage Homes* | $56,900,588 | 57 |
| 197 | NR | Holland Homes* | $56,026,837 | 223 |
| 198 | 201 | JP Brooks Builders* | $54,922,413 | 130 |
| 199 | 227 | Forino Co.* | $54,785,521 | 131 |
| 200 | 208 | Reynolds Companies* | $54,500,000 | 80 |
| 201 | 210 | Palo Verde Homes* | $54,000,000 | 180 |
| 202 | 191 | Lowder New Homes* | $53,549,899 | 119 |
| 203 | 221 | Edward Rose Building Enterprise* | $52,750,000 | 1,055 |
| 204 | 181 | Covington Homes* | $52,500,000 | 84 |
| 205 | NR | Silverthorne Homebuilders | $51,242,000 | 106 |
| 206 | 198 | Kendall Homes* | $50,100,000 | 121 |
| 207 | 235 | AWK (dba Kent Homes & Associates) | $47,000,000 | 75 |
| 208 | 202 | French Brothers* | $45,700,000 | 141 |
| 209 | 229 | Windsong Properties* | $44,870,000 | 81 |
| 209 | 178 | Ward Communities* | $44,669,466 | 81 |
| 211 | 230 | INB Homes* | $42,714,152 | 124 |
| 212 | 234 | McKinney Builders* | $40,670,835 | 45 |
| 213 | 236 | Clearview Homes* | $35,000,000 | 68 |
| 214 | 228 | Key Land Homes | $34,000,000 | 57 |
| 215 | NR | Goodwyn Building Co.* | $32,817,000 | 266 |
| 216 | 240 | Ventura Homes* | $31,421,135 | 132 |
| 217 | 217 | Thrive Home Builders* | $31,262,658 | 49 |
| 218 | 233 | McArthur Homes* | $28,825,499 | 69 |
| 219 | NR | Sandcastle Homes* | $25,697,355 | 39 |
| 220 | 238 | SunRiver St. George Development | $23,914,392 | 45 |
| 221 | 239 | The Builders Group* | $21,387,886 | 65 |