Dominion Homes, central Ohio’s largest homebuilder, has been purchased by the Pulte Homes (Pulte Group), one of the largest home builders in the country.
The deal instantly changes the landscape of central Ohio homebuilding, which for years has been dominated by Dominion and M/I Homes, both home-grown.
The two companies build more than 40% of central Ohio homes and have successfully maintained their dominance despite past efforts by some of the nation’s largest homebuilders to move into the market.
Builders including Centex Corp., Toll Brothers and Beazer Homes all launched operations in central Ohio in the past but exited the market after failing to dislodge Dominion or M/I Homes.
Dominion, which at one time was publicly traded, has been privately owned since 2008. The company was founded by Don Borror in the early 1950s and changed its name to Dominion Homes in the 1997.
In 2013 Dominion overtook M/I as central Ohio’s largest home builder, capping a growth campaign launched by Dominion CEO Keith Tomlinson, who took over the firm in 2011 after stints with larger builders, including Pulte.
Although Dominion also builds in Kentucky and Indiana, the company has concentrated its efforts here in central Ohio. Last year, Dominion Homes sold 857 homes for a total revenue of $168 million.
By contrast, Pulte, which is publicly traded, sold 17,766 homes and posted revenue of $5.7 billion. Pulte’s acquisition of Dominion will elevate Pulte from the nation’s third-largest homebuilder to the second-largest, behind D.R. Horton.
Dominion Homes priority has always been to construct the best homes in the best communities for their customers, to provide great service, to be a leader in innovation, and to be a good neighbor. It is this commitment that contributed to their success in building affordable, high-quality homes. They’ve always kept in mind all the things that are important to homebuyers and I’m certain Pulte Homes will continue in this tradition and that this buyout will result in even more quality homes, floor plans, and communities for buyers to choose from.
If you, or someone you know is considering Buying or Selling a Home in Columbus, Ohio please contact The Opland Group. We offer professional real estate advice and look forward to helping you achieve your real estate goals!
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