Are you concerned that buying a new roof in 2024 might be a costly mistake?
Are you waiting for the cost of roof shingles to go down before having a roof replacement?
Replacing your roof is a big investment. With the cost of new shingle roofs (for a 30 square roof) ranging from $10,050 to $18,000 or more, and the price of everyday items continually rising, it's understandable to feel cautious about making such a significant purchase right now.
So, we decided to look into it.
Will the price of roof shingles go down?
Well, we sifted through price increase notices we’ve received from our shingle manufacturers, dating back to 2019. And unfortunately, as we skim through the trends over the last few years, it seems that shingle prices are on a steady incline. In this article, we’ll go over these increases and why waiting for a roof replacement might cost you more in the long run. We’ll also provide you with options on what you can do about it.
Let’s talk about it!
Why Roof Shingle Prices Continue to Rise in 2024
While it would be great for shingle prices to drop, it doesn’t seem like our dreams will come true anytime soon. Since 2019, the cost of 1 square of GAF roofing shingles has gone from $52.82 to $130.07.
To visually reflect the price increases we’ve seen over the years, we created a graph to show the steady incline in shingle prices. Sadly, at no point did shingle prices drop. In fact, they only significantly increased. It’s likely we can expect to see increases like this an average of 2-3 times a year if the same pattern continues.
Shingle Price Increases
To support our findings, we compiled the notices here to view.
Reasons Shingle Prices Always Increase
Beyond the rising cost of nearly everything, the price of roof shingles have always gone up. Unfortunately, this is nothing new for shingle manufacturers.
But why?
Competition Between Shingle Manufacturers
If you’ve ever had a small roof repair before, it’s possible your roofer told you that you wouldn’t have an exact color match, because shingles are discontinued all the time. The competition between shingle manufacturers is stiff. Meaning companies are consistently rolling out new, more advanced shingles than their predecessors. With the invention of more advanced shingles, older versions become obsolete. Leaving only the current best shingles available for roofing contractors to purchase. But that’s not the only reason shingle costs continue to rise.
Supply and Demand in Heavy Storm Seasons
In any industry, increased demand typically leads to higher prices, and roofing shingles are no exception. The demand for shingles remains consistently high for several reasons. Manufacturers like GAF supply shingles across North America, supporting storm relief efforts year-round. In Myrtle Beach we see the highest demand during hurricane season, but other parts of the country experience extreme conditions like earthquakes, tornadoes, heavy snowfall, and more.
So, what does this mean for you? What should homeowners do if prices are always rising?
What Shingle Roof Price Increases Mean for Homeowners
Right now, shingles are the most expensive they’ve ever been and the cheapest they’ll likely ever be again. Meaning it’s best to have a roof replacement sooner rather than later. The best price is the price you pay today.
If you know you need a new roof and you’re wondering how you can pay for your roof replacement right now there are options for you. Including the option to finance your roof, so you can lock in today’s price.
If you’re curious about roof cost or what’s involved in a roof replacement, check out our roof replacement guide. Here, you’ll find information about every step of the re-roofing process.
And if you have any additional questions about what you can expect from a roof replacement in 2024, we’re glad to be a resource of information for you. Just give us a call, we’re happy to provide you with a personalized estimate and discuss your roofing needs before prices rise further.
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