Will Roof Prices Decrease in 2023?
It can be devastating when you receive the news that your roof needs repair.
Most homeowners don’t have upwards of $10,000 to spend on a roof at the drop of a dime. There are bills to pay, mouths to feed, and paying for a new roof is another financial worry on your plate.
Unfortunately, another worry has been added to the pile: rising prices in the roofing industry. Now shopping for a roof has become more stressful than ever.
You deserve to be confident you have a roof that will keep your family safe and secure for a lifetime. To do that, you need a high-quality roof that you can depend on. But fixing your roof can be a burden.
Rescue My Roof has provided ten years of quality workmanship to thousands of homeowners in Southeastern Wisconsin. We’ve seen firsthand how the price increases have impacted the industry, and we’ve taken the time to help educate homeowners on what they can do to save their wallets.
In this article, we’ll give a breakdown of rising prices, what they mean for you, and whether they will decrease in 2023. In the end, you’ll know what to do to get the best roofing price today.
How Much Does A Roof Cost in 2023?
The national average asphalt roof replacement in 2023 is approximately $15,000. However, it can range anywhere from $8,500 to $20,000.
These prices are not a guarantee. The price of a roof varies depending on the size of your roof, the materials, and the contractor you choose.
With a traditional asphalt roof, the average price in Wisconsin is $12,000. Larger roofs can range from $15 – 20,000 (for example, a 3-bed, 2-bath home).
Factors Impacting Roof Replacement Costs
Prices can differ based on the materials you choose and the size of your home. Here’s what you need to remember: the bigger your home, the more you will pay.
Additionally, time, labor, installation methods, and the potential use of specialty contractors can cause prices to fluctuate. If your roof will take multiple days, uses complex materials like slate or clay, and requires a contractor specializing in your materials, you will be at the higher end of the cost spectrum (upwards of $20,000).
Why Have Roofing Prices Increased?
Prices are going up everywhere; from gas stations to grocery stores to roofing companies, you may have noticed the prices are getting higher and higher each day.
Why are the prices increasing? Here are three things you need to know:
1. Rising Manufacturer Prices
Prices for new roofs have increased drastically. The reason? Manufacturer prices are continuously rising.
Raw materials like oil and plastic have increased in cost. Because the materials now cost more to create, manufacturer prices have risen, and that cost is pushed onto the customer.
The result can be devastating for the roofing industry, where so many materials are going into a roofing system. Even building materials like wood, metal, and others are getting more expensive.
When manufacturers raise the prices of materials, that is a cost that is ultimately passed down to the homeowner as roofing contractors try to maintain their profit margins.
2. Production Slow Downs
Manufacturers typically get their raw materials to produce shingles from other suppliers. But during the Covid-19 pandemic, the shingle manufacturers weren’t the only companies facing setbacks.
The companies manufacturing the raw materials had to shut down production at the beginning of the pandemic, even when demand increased due to DIY home projects.
And when the companies could start production again, they could not manufacture at the same speeds due to a worker shortage, fuel prices, and transportation issues.
When the raw materials are unavailable, other products necessary for a roof replacement cannot be made or go up in price.
Though the pandemic has ended, manufacturers are still trying to catch up amidst never-ending price increases. This could be why you’ve noticed price increases and long material wait times.
3. The Covid-19 Pandemic
Many manufacturing companies shut down at the beginning of the pandemic in 2020.
Typically, companies have a busy season and then downtime. During the slower season, they will build up a surplus of materials and use them during the busy season.
However, during the pandemic, when everyone was stuck at home, the demand for home improvement materials increased despite traditionally being a slow season for the manufacturers.
Additionally, manufacturing shut down during this time. So once the manufacturers used their surplus stock, they could not meet consumer demands.
Now that companies can manufacture materials again, that doesn’t mean the coast is clear. Many companies are still unable to manufacture at the same speeds as before the pandemic, and they are in a constant state of catch-up.
If you’ve wondered why products haven’t been hitting the shelves as often or their prices have increased drastically, companies are still trying to meet the public’s demands.
What Do Rising Roof Prices Mean For You?
You know the impact of rising prices on the roofing industry, but what does that mean for you?
Unfortunately, roofing companies’ rising prices are inevitably passed down to you. Companies still have employees and bills to pay and must maintain their profit margins.
The bottom line: your roof replacement will be more expensive. We have seen an average 15 percent price increase for roofing companies nationwide.
This price may continue to go up. Manufacturers continue to announce price increases as the year goes on, which makes buying a new roof more challenging.
If you want to learn more about financing your roof replacement, you can download our Financing Guide.
But our number one tip for financing is to lock in a price now. Once you sign a contract, that price is guaranteed, and your roofing contractor can order materials at their current price. Waiting to sign a contract puts you at risk of price increases.
Lock In Your Roof Replacement Price Now
Manufacturer and material prices will continue to rise. While those prices will be translated to the overall price of a new roof, you don’t have to pay (higher) future prices.
You can lock in today’s prices by getting an estimate for a future project.
Learn more about roof estimates with “3 Things to Compare When Looking at Multiple Roof Estimates” and “The Top 8 Risks of Working with a Cheap Contractor.”Are you ready to start a roof replacement while the price is right? Contact Rescue My Roof to get a free roof estimate.