The newly released 2024 Cost vs. Value (CVV) report from Zonda Media highlights manufactured stone veneer (MSV) as a standout performer, underscoring its relevance and value in the masonry and hardscaping industry. Comparing this year’s findings with those from 2023 provides insights into how MSV continues to offer strong returns amid changing economic conditions.
2023 vs. 2024
In the 2023 CVV report, MSV delivered a solid 102.3% return on investment (ROI), a remarkable feat given the economic challenges such as rising mortgage rates, inflation, declining real estate sales, and supply chain disruptions. Despite these obstacles, MSV emerged as a leading investment, ranking third among 23 remodeling projects and leading all cladding projects.
Fast forward to 2024, and MSV has surpassed its previous performance with an impressive ROI of 153%. This significant increase highlights the growing recognition of MSV’s value among homeowners and real estate professionals. While other projects also performed well, MSV’s ability to consistently offer high returns underscores its enduring appeal in the masonry and hardscaping sector.
The Appeal of Manufactured Stone Veneer
Manufactured stone veneer is highly regarded in the industry for its ability to enhance a home’s exterior without the high costs associated with natural stone. Its versatility allows for various applications, from full facades to accent walls and fireplaces, making it a preferred choice among masons and hardscaping professionals. The realistic stone look of MSV significantly boosts curb appeal, making homes more attractive to potential buyers and increasing project value.
“Since 2015, manufactured stone veneer has continued to be one of the best investments a homeowner can make in their house,” said Garen Graves, Program Director at Amerimix and chair of CMHA’s MSV Marketing Subcommittee. “Remodeling’s 2024 Cost vs. Value Report expands on that trend and reminds us that not only does MSV bring durability and style to a home, but significant return for home renovations where every dollar counts. This is a testament to great products and great installations that will be beautiful for decades,” he added.
According to this year’s CVV report, MSV’s average project cost is $11,287 with a resale value of $17,291, resulting in a 153% return. This represents a significant increase of 50.7 percentage points compared to last year’s ROI of 102.3%, highlighting the growing value for homeowners investing in MSV, as well as the growing demand for professionals in the masonry and hardscaping industry.
Economic Considerations
The economic landscape has shifted from 2023 to 2024, but challenges such as rising costs and uncertainties remain. Despite these factors, the consistent high ROI of MSV projects suggests that exterior improvements are a priority for homeowners looking to maximize their investments. For professionals in the masonry and hardscaping industry, this trend highlights the importance of offering high-ROI solutions like MSV to clients.
The 2024 report reflects a market that values first impressions and curb appeal, with exterior projects like MSV leading the way. Real estate professionals surveyed for the CVV report emphasize that potential buyers are significantly influenced by a home’s exterior, making MSV a wise investment.
Conclusion
The 2024 Cost vs. Value report underscores manufactured stone veneer as a reliable investment for enhancing both the beauty and value of properties. Comparing the data from 2023 to 2024, it is clear that MSV continues to deliver maximum returns. With a 153% ROI this year, MSV stands out as a smart choice for those in the masonry and hardscaping industry looking to provide impactful solutions to their clients.
For professionals considering the best projects to recommend and undertake in 2024, the CVV report highlights the benefits of investing in manufactured stone veneer. To explore more details and see how other projects compare, read the full Cost vs. Value report from Zonda Media.