NVR, Inc. is a company engaged in

home construction Home construction or residential construction is the process of constructing a house, apartment building, or similar residential building generally referred to as a 'home' when giving consideration to the people who might now or someday reside th ...

headquartered in Reston, Virginia. It also operates a mortgage banking and

title A title is one or more words used before or after a person's name, in certain contexts. It may signify either generation, an official position, or a professional or academic qualification. In some languages, titles may be inserted between the f ...

services business. The company primarily operates on the East Coast of the United States, but its operations encompass 14 states as well as Washington, D.C. In 2021, 22% of the company's revenue was from the

Washington metropolitan area The Washington metropolitan area, also commonly referred to as the National Capital Region, is the metropolitan area centered on Washington, D.C. The metropolitan area includes all of Washington, D.C. and parts of the states of Maryland, Virgi ...

. NVR operates under the Ryan Homes, NVHomes and Heartland Homes brands. The company typically does not engage in land development; it acquires finished land lots that are ready for building, which the company believes mitigates risk. As of 2022, the company is the 4th largest home construction company in the United States based on the number of homes closed. It is ranked 389th on the 2022 Fortune 500. The company's stock price is the second most expensive on U.S. exchanges, behind only

Berkshire Hathaway Berkshire Hathaway Inc. () is an American multinational conglomerate holding company headquartered in Omaha, Nebraska, United States. Its main business and source of capital is insurance, from which it invests the float (the retained premiu ...

's Class A shares.

History

The company was formed in 1980 as NVHomes, Inc. (formerly North Virginia Homes Inc.) by Dwight Schar. In 1986, the company acquired Ryan Homes, which was founded in 1948 in

Pittsburgh, Pennsylvania Pittsburgh ( ) is a city in the Commonwealth of Pennsylvania, United States, and the county seat of Allegheny County. It is the most populous city in both Allegheny County and Western Pennsylvania, the second-most populous city in Pennsylva ...

to provide housing in the expanding post-war economy. In April 1992, as a result of the early 1990s recession, the company filed bankruptcy. In September 1993, the company emerged from bankruptcy protection and once again became a

public company A public company is a company whose ownership is organized via shares of stock which are intended to be freely traded on a stock exchange or in over-the-counter markets. A public (publicly traded) company can be listed on a stock exchange ( ...

. In December 2012, the company acquired

Heartland Homes NVR, Inc. is a company engaged in home construction headquartered in Reston, Virginia. It also operates a mortgage banking and title services business. The company primarily operates on the East Coast of the United States, but its operations en ...

. In September 2019, the company was added to the

S&P 500 The Standard and Poor's 500, or simply the S&P 500, is a stock market index tracking the stock performance of 500 large companies listed on stock exchanges in the United States. It is one of the most commonly followed equity indices. As of ...

stock market index.

Controversies

In February 2010, then Attorney General of Delaware,

Beau Biden Joseph Robinette "Beau" Biden III (February 3, 1969 – May 30, 2015) was an American politician, lawyer, and officer in the Army Judge Advocate General's Corps from Wilmington, Delaware. The oldest child of current U.S. president Joe Bi ...

, sued the company for fraud, seeking damages of $10,000 for each of 39 homeowners alleging that the company did not provide promised amenities, primarily a clubhouse with restaurant and fitness center, for homeowners of a development built by the company in

Townsend, Delaware Townsend is a town in New Castle County, Delaware, United States. The population was 2,049 at the 2010 census, an increase of 492.2% from 2000. The center of population of Delaware is located in Townsend. Geography Townsend is located at (39.39 ...

. The lawsuit was settled in April 2010, with the company agreeing to complete development of the promised amenities and reimburse homeowners for the period of time when they have been paying for promised amenities that they did not receive.

References

External links

* {{DEFAULTSORT:Nvr, Inc. American companies established in 1980 Construction and civil engineering companies of the United States Companies listed on the New York Stock Exchange Companies based in Reston, Virginia