Report Price: $1995
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The latest 2024 Kitchen & Bath Market Outlook report from the National Kitchen & Bath Association is now available. This comprehensive document presents an evaluation of the present scale of the kitchen and bath market in US dollars, along with forecasts for 2024. The report also conducts a thorough analysis of the influence of diverse economic and housing market trends on the kitchen and bath industry. To compile this research report, NKBA collaborated with John Burns Research and Consulting (JBREC). The analysis relies on data from government and industry sources, as well as JBREC’s internal forecasting models.
2024 kitchen and bath revenues are projected to total $173 billion in 2024, a decrease of 3 percent compared to last year at this time.
Key Takeaways
- 2024 kitchen and bath revenues are projected to total $173 billion in 2024, a decrease of 3 percent compared to last year at this time.
- New construction K&B spend is expected to decline 4% and remodeling spending is forecast to decline 2% in 2024.
- The supply of existing homes for sale has increased in recent months, but is still below what is considered a “balanced” market. This undersupply is expected to continue until mortgage rates reach ~5%.
- Given the robust demand for new homes, new home prices are forecast to rise 1% in 2024 and 3% in 2025.
- Large homebuilders continue to gain share as smaller builders struggle with 11-15% interest rates on land and construction financing.
- To combat affordability issues, homebuilders are providing more quick-move-in (QMI) homes that offer limited customization options. This trend is expected to prompt homeowners wishing to replace standard finishes with personalized upgrades to remodel sooner.
Additional Topics Covered
- 2024 forecast for K&B spending by low, medium and high price points
- Comparison of DIY vs PRO kitchen and bath spending
- Annual average 30-year fixed mortgage rate forecast
- Full-year price changes by product category
- Recession indicators and housing metrics forecast through 2024