Before the housing crash a decade ago, Ole South Properties built a lot of townhouses in Tennessee. Then, the bottom dropped out of the market.
“The foreclosure crisis made single-family homes less expensive than a new town home, so that kind of killed the category,” said vice president Trey Lewis.
Today, as more buyers are priced out of detached single-family homes, demand is back. Nationally, townhouse construction grew 15% last year. Analysts expect the market to keep growing.
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