U.S. New Home Prices Show Modest Changes in 2024
New home prices in the U.S. showed modest changes in 2024, a shift from the rapid increases seen post-pandemic. The median price per square foot varied across divisions, with New England leading at $190 for custom single-family detached (SFD) homes.
In the New England division, the median price for for-sale SFD homes was $282 per square foot. For custom homes, the price was $166 per square foot, a slight increase from $162 in 2023. Across the U.S., median square-foot prices for new SFD homes grew modestly in 2024.
In the East South Central division, the median price for custom SFD homes was $129 per square foot or lower. The median price for for-sale SFD homes in this division was $140 or lower per square foot. These figures represent a decline from the double-digit price hikes seen in the post-pandemic era.
In the Mountain division, the median price for custom SFD homes started in 2024 was $169 per square foot. For spec starts, the median price was $153 per square foot, up from $150 in 2023. The Pacific division saw the median price for for-sale SFD homes at $223 per square foot.
While the U.S. saw modest increases in new home prices in 2024, the East South Central division experienced a decline from previous years. The Pacific division maintained the highest median price per square foot for for-sale SFD homes. The search results did not specify regions with the highest median prices for new SFD homes in 2024, but historically, California, particularly the Bay Area, tends to have some of the highest housing costs in the U.S.
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