Both homeowners and homebuyers appreciate the look and feel of hardwood flooring. Shifts in housing trends affect that level of appreciation and increase the popularity of certain wood flooring. Look inside the hardwood flooring market by considering current housing trends.
When the Housing Market Declines
In a declining housing market, selling a home becomes more challenging, leading many homeowners to invest in home improvements. One popular project is upgrading from carpet to hardwood flooring, which not only boosts property value but also enhances the overall appearance of a room.
To stand out in a saturated market, homeowners also make exterior and interior upgrades. This drives growth in the hardwood flooring market, although the increase may be more pronounced in specific product lines.
Laminate and engineered hardwood flooring, which are more affordable than solid hardwood, offer a similar upscale look. Homeowners looking to sell in a sluggish market may prefer these options to maximize their return on investment. Additionally, sustainable choices like bamboo and cork flooring are becoming more popular, as environmentally conscious homeowners seek improvements that benefit both their homes and the planet.
When the Housing Market is on the Rise
Improvements in the housing market may also trigger an increase in hardwood flooring sales, as more homeowners demand the strength, durability, and warmth of wood floors in their new homes. A rise in new home construction tends to be echoed by an increase in the overall hardwood flooring market. Mid to high-end new builds often call for hardwood flooring, and many homeowners offer it as a reasonably priced upgrade. Upward trends in the housing market may also trigger a spike in hardwood flooring sales as homeowners invest money into their property through home improvements. Common upgrades include replacing vinyl and carpet with high-end exotic hardwood flooring like Brazilian Black Tiger or Asian Walnut Acacia. These products create a fresh feeling for buyers moving into older homes and attract browsers in new builds.
Redecorating and DIY Trends
Redecorating is another trend impacting the hardwood flooring market, with popular television shows and websites shaping consumer preferences. These influences have recently driven interest in pre-finished hardwood flooring, a product known for its exceptional appearance and durability. High-quality pre-finished hardwood comes in a variety of finishes and can last the lifetime of a home without needing replacement. This makes it a popular choice among interior designers and homeowners looking for both unique aesthetics and reliable, long-lasting flooring options.
The DIY trend continues to rise, and hardwood flooring manufacturers and retailers are responding with easy-to-install products. Click lock-engineered hardwood can be installed anywhere in the home with standard tools and limited skills. This housing trend has influenced packaging and manufacturing within the hardwood flooring market, allowing for greater selection for both DIY enthusiasts and hardwood flooring installers. The hardwood flooring market remains closely aligned with housing trends. As housing markets move up and down, the demand for hardwood flooring shifts as well. Through it all, discerning homeowners recognize the value of this quality product and continue to opt for warm, attractive flooring.