It takes a lot of guts to start a home building company. Doing so during the Great Recession? That takes grit. But when others trembled at the thought of diving into a new business, Patrick Zalupski saw an opportunity.
“I had a condo project going, and obviously it struggled like nearly every real estate deal in that period,” says Zalupski, Dream Finders Homes founder and CEO. “I thought there was an opportunity to acquire land at attractive prices and build homes for entry-level buyers that had been passed up by the rapid increase in prices leading up to it. My initial goal was to just sell homes and try to turn a modest profit.”
With prices at $119,990, Dream Finders built and sold 27 homes in 2009, its founding year.
“My main goal was to build the business up to 1,000 homes closed per year, and we were able to surpass that goal for the first time in 2018, nine years after starting,” Zalupski says.
Fast-forward to 2025 when DFH expects to close approximately 9,250 homes; the average sales price of homes closed for the fourth quarter of 2024 was $507,477.
As No. 14 on the 2025 Builder 100 list and this year's Builder of the Year, the company had a busy 2024 reaching company records of 8,583 closings, a pre-tax profit of $438 million, and home building revenue of $4.4 billion, which is an increase of 18% compared with 2023. At the end of 2024, Dream Finders had a backlog of 2,599 homes, valued at $1.3 billion; a land pipeline of nearly 55,000 lots controlled; and a 17% increase in net new orders to 6,727 from 5,744 in 2023.
"Dream Finders Homes has been a terrific example of a home builder that is dedicated to growth," says Tim Sullivan, Zonda chief advisory officer. "They continually gravitate to opportune new markets and have attracted a great set of local and regional leaders to help drive their expansion. I think we will continue to see them thrive going forward."
Slated for Growth
Based in Jacksonville, Florida, Dream Finders sells single-family homes across 10 states in more than 220 active communities. It acquired Crescent Homes in 2024 expanding into the Charleston and Greenville, South Carolina, and Nashville, Tennessee, markets.
“I think we are the most geographically diversified 100% asset-light home builder. We are determined to grow our business and will continue to do so via organic growth or acquisition, and we will always be 100% asset light no matter what happens in the industry or the broader economy,” Zalupski says.
With a healthy presence in the Southeast, Dream Finders expanded along Florida’s southeast coast and in the southwest part of the state last year. In the West, the builder entered the Phoenix market last year and recently opened its first 123-home community at Rancho Mirage in Maricopa.
In January, Dream Finders bought privately held home builder, Liberty Communities, which builds in the Atlanta and Greenville markets. “Liberty is an exciting expansion into one of the largest housing metros in the country. It was by far the largest city, in our existing footprint, where we had no presence,” Zalupski says. “We have big growth plans for Atlanta and are already seeing positive results.”
Leading up to the recent growth and expansion, Dream Finders went public in 2021. Zalupski says, “It was a milestone and accomplishment that I always thought was the likely path forward for DFH. We really want to grow, and we feel this helped put us on the best footing possible for long-term sustainable growth.”
Going public during the pandemic and looking back now at the five-year mark, Zalupski believes that in business and in life you must be prepared for the unexpected.
“If you build a great business, you can weather anything the economy throws at you,” he says.
From Bonus Room to Corporate Headquarters
In yet another challenge, Zalupski was faced with buying out his partner unexpectedly in 2013.
“It was not easy to raise the capital, but my partner really wanted to step back from the business, so I had to find a way to borrow the funds to complete the acquisition,” he says. “We were able to get it done, and, to this day, I’m still very close friends with the lender who was able to help me get the deal completed.”
After all, Zalupski singlehandedly interviewed and hired nearly every employee in the first 10 years. What started in a 400-square-foot upstairs “bonus room” in a home office has now outgrown four different corporate headquarters with a fifth in evaluation. The likely headquarters will span over 120,000 square feet, Zalupski says, but it’s not about the shiny new facilities. It’s about the people.
“The most exciting part has been watching our talented employees grow and expand their responsibilities and really help take control of where DFH is heading. We could not be accomplishing our growth plans if it were not for the great and talented folks we have that take pride in their work every day."
When asked the top three things he’s most proud of, the people at Dream Finders are at the top.
“The people we have hired, developed, and watched build very successful careers and families here,” he says. “I’m always amazed and appreciative at how some people are so passionate and motivated to help us continue to be great, and that means a lot to me personally and to our shareholders.”
Expanding Homeownership
In addition to its acquisitions, the company has aimed to offer better financing options to home buyers. In July 2024, it acquired the remaining 40% equity interest in its mortgage joint-venture Jet HomeLoans.
Now fully consolidated into DFH’s financial statements, the expanded financial services segment contributed $16 million in revenue during the third quarter of 2024.
Most recently on DFH’s roster of acquisitions is Cherry Creek Mortgage, which closed in March. Cherry Creek specializes in the origination of mortgage loans to support new-build construction lending, marking a significant expansion in Jet HomeLoan’s servicing capabilities.
DFH also offers special incentives like $2,500 to all active-duty military, retirees, veterans, teachers, and first responders to use toward the purchase of a new home. This can be applied toward designer upgrades, lot premiums, closing costs, or rate buydowns.
Deepening Roots
Its transformative growth allows the company to benefit charities and communities across the country. From 2023 to 2024, charitable contributions increased by nearly 4% for the builder, and it was recognized as a top corporate philanthropist in Jacksonville. Part of that giving includes its educational commitments to the University of Florida and Stetson University.
At the University of Florida, DFH has committed $2.5 million to support public education and development of a new downtown Jacksonville campus, which will include programs for engineering, architecture, fintech, and medtech. The project will revitalize downtown Jacksonville and drive long-term growth for the region.
“UF’s new graduate campus and Florida Semiconductor Institute will be a game-changer for Jacksonville’s economy. These institutions will accelerate our efforts to create good-paying, cutting-edge jobs and develop a workforce that is prepared for industries of the future. We are extremely grateful for the support of Dream Finders Homes and the role they played to make the campus a reality,” says Jacksonville mayor Donna Deegan.
As part of the board of trustees, Zalupski says, “We raised $150 million in private and public donations within Jacksonville, along with $150 million matched by the state of Florida. This will be in excess of a billion-dollar campus that we believe will exceed 10,000 students and faculty.”
The home builder also has partnerships with the PGA Tour, Jacksonville Jaguars, and Florida Gators, and supports community initiatives across the United States like the Tom Coughlin Jay Fund; JWB Cares partnership; youth development programs through the Jacksonville Jaguars Foundation and First Tee; the Monique Burr Foundation’s Champions for Child Safety; and B Strong Ride.
“It’s not easy to deliver growth year after year, and we have grown our business consistently for 16 years in a row and are on track for growing a 17th year in 2025,” he says.
“Without success you cannot do as much as you would like. Fortunately, our growth has given us the ability to donate millions of dollars to dozens of charities throughout the country. With continued success, this will grow well beyond tens of millions of dollars to charities, and we believe this really makes a difference in the communities that we call home.”
