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 Reston is a census-designated place in Fairfax County, Virginia and a principal city of the Washington metropolitan area. As of the 2020 U.S. Census, Reston's population was 63,226. Founded in 1964, Reston was influenced by the Garden City movem ...

. 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 The East Coast of the United States, also known as the Eastern Seaboard, the Atlantic Coast, and the Atlantic Seaboard, is the coastline along which the Eastern United States meets the North Atlantic Ocean. The eastern seaboard contains the coa ...

, 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, Virgin ...

. NVR operates under the Ryan Homes, NVHomes and Heartland Homes brands. The company typically does not engage in

land development Land development is the alteration of landscape in any number of ways such as: * Changing landforms from a natural or semi-natural state for a purpose such as agriculture or housing * Subdividing real estate into lots, typically for the purpose ...

; it acquires finished

land lot In real estate, a lot or plot is a tract or parcel of land owned or meant to be owned by some owner(s). A plot is essentially considered a parcel of real property in some countries or immovable property (meaning practically the same thing) in ...

s 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 ''Fortune'' 500 is an annual list compiled and published by ''Fortune'' magazine that ranks 500 of the largest United States corporations by total revenue for their respective fiscal years. The list includes publicly held companies, along ...

. 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 corporation, multinational conglomerate (company), conglomerate holding company headquartered in Omaha, Nebraska, United States. Its main business and source of capital is insurance, from ...

's Class A shares.

History

The company was formed in 1980 as NVHomes, Inc. (formerly North Virginia Homes Inc.) by

Dwight Schar Dwight Schar is an American businessman. He is the founder of NVR, Inc., a Fortune 500 company that is the third-largest home builder (by revenue) in the United States. He currently serves as the company's Executive chairman and Chairman of E ...

. In 1986, the company acquired Ryan Homes, which was founded in 1948 in

Pittsburgh, Pennsylvania Pittsburgh ( ) is a city in the Commonwealth (U.S. state), Commonwealth of Pennsylvania, United States, and the county seat of Allegheny County, Pennsylvania, Allegheny County. It is the most populous city in both Allegheny County and Wester ...

to provide housing in the expanding post-war economy. In April 1992, as a result of the

early 1990s recession The early 1990s recession describes the period of economic downturn affecting much of the Western world in the early 1990s. The impacts of the recession contributed in part to the 1992 U.S. presidential election victory of Bill Clinton over incu ...

, the company filed

bankruptcy Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor ...

. 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 (l ...

. 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 D ...

stock market index In finance, a stock index, or stock market index, is an index that measures a stock market, or a subset of the stock market, that helps investors compare current stock price levels with past prices to calculate market performance. Two of the ...

Controversies

In February 2010, then

Attorney General of Delaware The attorney general of Delaware is a constitutional officer of the U.S. state of Delaware, and is the chief law officer and the head of the State Department of Justice. On January 1, 2019, Kathy Jennings was sworn in as the 46th attorney general o ...

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 Bid ...

, 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