The 2025 edition of Builder magazine’s annual Builder 100 list reveals a largely stable hierarchy among the top-performing single-family home builders in the U.S., but one name made a notable leap: SH Residential Holdings, the American arm of Japan’s Sekisui House, surged from No. 20 in 2024 to No. 6 in 2025. This dramatic rise followed the company’s $4.9 billion acquisition of M.D.C. Holdings in April 2024, displacing Clayton Properties Group from the top 10 for the first time in years.

Published each May, the Builder 100 ranking evaluates home builders based on total closings — both for-sale and build-to-rent — over the previous year. While the list’s upper tier remained mostly consistent, SH Residential's aggressive expansion strategy was the year’s biggest shake-up.

Here’s how the top 10 builders of 2025 performed:

1. D.R. Horton
2024 Revenue: $33.8B
Closings: 93,311 (includes 3,902 build-to-rent)
Regions: Northeast, Midwest, South, West

For the 23rd consecutive year, D.R. Horton continues its reign atop the Builder 100. The firm also climbed to No. 5 on the National Multifamily Housing Council’s (NMHC) Top 25 Developers list, with 4,590 units started in 2024. However, its single-family build-to-rent completions saw a notable drop — down by nearly 2,000 homes year-over-year.

2. Lennar Corp.
2024 Revenue: $33.8B
Closings: 80,210 (includes 1,005 condos)
Regions: Northeast, Midwest, South, West

Lennar remains neck-and-neck with D.R. Horton in revenue terms. Its multifamily arm, Quarterra (formerly Lennar Multifamily), ranked No. 22 on the NMHC developer list, launching 1,628 units last year. Lennar also made headlines with two major portfolio sales — one to KKR for $2.1 billion in June and another to QuadReal Property Group in September for an undisclosed sum.

3. PulteGroup
2024 Revenue: $17.3B
Closings: 31,219
Regions: Northeast, Midwest, South, West

PulteGroup maintained its third-place position, with deep roots in the housing industry. A noteworthy footnote: Bill Pulte, the current Federal Housing Finance Agency director, is the grandson of the company’s founder and previously served on PulteGroup’s board from 2016 to 2020.

4. NVR
2024 Revenue: $10.3B
Closings: 22,836
Regions: Northeast, Midwest, South

NVR continues to deliver solid performance, bolstered by its vertical integration strategy. Through NVR Mortgage and NVR Settlement, the company controls a significant portion of the homebuying process, offering in-house mortgage and title services.

5. Meritage Homes
2024 Revenue: $6.3B
Closings: 15,611
Regions: South, West

Meritage retained its No. 5 spot thanks to steady demand and a strong Southern market presence. It also continues its 12-year partnership with Operation Homefront, donating mortgage-free homes to military veterans as part of its social impact efforts.

6. SH Residential Holdings
2024 Revenue: $8.1B
Closings: 14,860
Regions: Northeast, Midwest, South, West

The standout of the year, SH Residential Holdings, vaulted into the top 10 following its acquisition of M.D.C. Holdings. Now ranked sixth, the builder also manages Woodside Homes, Holt Homes, Chesmar Homes, and Hubble Homes, giving it a broader U.S. footprint than ever before.

7. KB Home
2024 Revenue: $6.9B
Closings: 14,169
Regions: South, West

KB Home made a sustainability milestone in 2024, completing Dixon Trail in Escondido, California — the first new home development built to the Insurance Institute for Business & Home Safety’s wildfire resilience standards at both home and neighborhood levels.

8. Taylor Morrison
2024 Revenue: $7.8B
Closings: 12,896
Regions: Midwest, South, West

Taylor Morrison continues to scale its Yardly build-to-rent platform. In just three years, Yardly has grown to 35 communities across nine markets, with 15 active leasing locations and 20 more under development.

9. Century Communities
2024 Revenue: $4.4B
Closings: 11,007
Regions: Midwest, South, West

Century Communities maintained its place in the top 10 by doubling down on digital. Homes under its Century Complete brand are sold entirely online — a strategy tailored to budget-conscious buyers seeking convenience and affordability.

10. Toll Brothers
2024 Revenue: $10.6B
Closings: 10,813
Regions: Northeast, Midwest, South, West

Luxury builder Toll Brothers rounds out the top 10. Its multifamily division, Toll Brothers Apartment Living, closed a major deal with the sale of The Kendrick in Newton, Massachusetts, to Harbor Group International for $182 million.

Looking Ahead

While many top builders held steady, 2025’s list underscores the impact of M&A activity and multifamily growth on rankings. The sharp rise of SH Residential highlights how strategic acquisitions can reshape the industry landscape overnight. Meanwhile, top players like D.R. Horton and Lennar continue to lead through volume, geographic diversity, and diversified product offerings, including build-to-rent and multifamily developments.

For a full look at last year’s performance, visit Builder magazine’s 2024 Builder 100 coverage.

Originally reported by Mary Salmonson in Construction Dive.