Fort Washington-based Toll Brothers capped off its 2024 fiscal year with $10.6 billion in home sales revenue, marking the best year in its history, writes Paul Schwedelson for the Philadelphia Business Journal.

The luxury homebuilder ended the year with a robust fourth quarter, seeing gains across nearly all key metrics compared to 2023.

CEO Douglas Yearley Jr. expressed confidence in the company’s resilience. “We don’t need lower rates to have success at this company,” he said. “But we are optimistic that 2025 will be a year where rates will either stay where they are or come down somewhat.”

Toll Brothers now sells an even mix of build-to-order and spec homes, appealing to buyers seeking quicker move-ins and affordability. Approximately 28% of sales come from affluent first-time buyers less affected by mortgage rates. The remainder are move-up or move-down buyers leveraging equity. The average home price in 2024 was $977,000.

The company has been active locally, acquiring land in Montgomery and Bucks counties for new developments. Looking ahead, Yearley projects $1 billion in cash flow for 2025 and anticipates price increases and reduced incentives as the spring season approaches. “We have optimism for next year,” he said.

Read more about Toll Brothers’ record year and strategy for the future in the Philadelphia Business Journal.