Most Montgomery County residents have seen a Toll Brothers sign on a construction site.

Fewer know that the company directing those projects across 24 states operates out of a Fort Washington headquarters, or what the business actually looks like heading into the second half of 2026.

A Montco Company With a National Footprint

Founded in 1967 by brothers Robert and Bruce Toll, Toll Brothers has grown into the nation’s leading luxury homebuilder. It operates in more than 60 markets across 24 states and Washington, D.C.

The company builds detached houses, townhomes, condominiums and active-adult communities aimed at buyers ranging from affluent first-timers to empty nesters and second-home purchasers.

It is also a Fortune 500 business and has been named the No. 1 Most Admired Home Builder in Fortune magazine’s 2026 list of the World’s Most Admired Companies for the ninth consecutive year.

Why the Luxury Market Has Held Up

The housing market has been difficult for most builders, but Toll Brothers’ customer base has provided some insulation.

Its buyers tend to have substantial savings, home equity, or investment gains that make them less sensitive to elevated mortgage rates than typical homebuyers.

That dynamic showed up in the most recent quarterly results. The number of homes delivered fell to 2,491 from 2,899 a year earlier. But newly signed contracts rose to 2,834 homes valued at $2.81 billion.

This is compared to 2,650 homes and $2.60 billion in the same period of fiscal 2025. Demand is pointing in the right direction even as near-term delivery volume has pulled back.

The luxury segment Toll Brothers serves has grown in part because rising prices and mortgage rates have pushed the middle of the housing market out of reach for many buyers. It concentrates activity at the higher end, where affordability pressure is less acute.

Two Strategic Shifts Reshaping the Business

Two changes are redefining how Toll Brothers operates. The first is a move toward homes started before a buyer is secured, known in the industry as spec construction.

Buyers drawn to these properties can move in faster than they could with a traditional built-to-order home. This helps Toll Brothers compete against existing homes already on the market.

The tradeoff is added risk if demand softens and the completed inventory accumulates.

The second shift is an exit from apartment development. The company has been selling off its Apartment Living portfolio to concentrate entirely on for-sale housing. It’s a return to its roots that also frees up capital to deploy in its core business.

Growing the Community Count

Community count remains a central growth metric for the company. Toll Brothers ended fiscal 2025 with 446 communities open for sale and had reached 459 by late April 2026.

It expects to close the current fiscal year with between 480 and 490, meaning more locations generating sales even when individual markets perform unevenly.

More of its future home sites are also being controlled through options rather than purchased outright, allowing the company to secure land while committing less capital upfront.

What It Means for Montgomery County

One of the area’s largest corporate employers is also one of the most active homebuilders in the country’s highest-priced markets. Its strategy increasingly reflects broader trends in American housing.

For local residents, the Toll Brothers signs visible across the region are a small window into a much larger national operation being run from right here in Montco.