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WASHINGTON – The Consumer Price Index clocks inflation between spring 2019 and spring 2024 at 22.9%. But Zillow home sale data demonstrates a particularly swift hike in home prices during this time, with the average home sale increasing by 49.4% in the same window. Housing costs are often the largest budget item for Americans, and this could make home ownership feel out of reach for many. But adding new housing can help relieve price pressures in undersupplied metro areas.
With this in mind, SmartAsset ranked metro areas according to the most recent number of new construction sales and median sales prices.
Key findings
Texas metros dominate the top 10 places with the most new construction. Houston and Dallas top the list in first and second position with 1,751 and 1,574 new construction sales respectively for March 2024. San Antonio also ranked fifth with 777 new construction sales, and Austin in seventh with 750.
New construction homes sold at an average of $1.74 million in San Jose, CA. Across the 41 new homes that sold, the price per square foot averaged $970.27. Heber, UT had the second-highest new construction sales prices at $1.38 million, and a price per square foot of $725.36. San Francisco ($1.34 million) and Los Angeles ($1.19 million) were the only other two metros where new construction sales averaged over one million dollars.
In 11 metro areas, new construction homes sell for less than the average home value. This includes Crestview, FL (-$70,267 for new construction sales); Bend, OR (-$24,433); Lake Havasu City, AZ (-$21,255); Hilton Head Island, SC (-$19,210); Daphne, AL (-$16,108); Provo, UT (-$12,010); Austin, TX (-$9,879); Reno, NV (-$8,303); Homosassa Springs, FL (-$8,000); Panama City, FL (-$5,200); and Fort Collins, CO (-$1,715).
In New York City, new construction homes sold for an average of $929,500. The price per square foot for new construction homes is the eighth-highest studywide at $452.91. For non-new construction homes, the average sale price was $564,167. Despite New York City’s population size and high home prices, the metro ranks 29th overall for the amount of new construction, with 283 new homes sold in March 2024.
Top 10 places with the most new construction home sales
Metro areas are ranked based on the number of new construction home sales in March 2024.
1. Houston
Number of new construction sales: 1751
New construction median sale price: $347,990
New construction median sale price per square foot: $173.82
Median sale price for all homes: $318,104
Difference between new construction and all home sale prices: $29,886
2. Dallas
Number of new construction sales: 1574
New construction median sale price: $414,950
New construction median sale price per square foot: $195.03
Median sale price for all homes: $379,117
Difference between new construction and all home sale prices: $35,833
3. Atlanta
Number of new construction sales: 1123
New construction median sale price: $439,900
New construction median sale price per square foot: $191.33
Median sale price for all homes: $350,000
Difference between new construction and all home sale prices: $89,900
4. Phoenix
Number of new construction sales: 844
New construction median sale price: $447,097
New construction median sale price per square foot: $228.98
Median sale price for all homes: $441,667
Difference between new construction and all home sale prices: $5,430
5. San Antonio
Number of new construction sales: 777
New construction median sale price: $310,446
New construction median sale price per square foot: $169.40
Median sale price for all homes: $297,833
Difference between new construction and all home sale prices: $12,613
6. Charlotte, N.C.
Number of new construction sales: 771
New construction median sale price: $406,500
New construction median sale price per square foot: $211.57
Median sale price for all homes: $361,333
Difference between new construction and all home sale prices: $45,167
7. Austin, Texas
Number of new construction sales: 750
New construction median sale price: $434,900
New construction median sale price per square foot: $209.10
Median sale price for all homes: $444,779
Difference between new construction and all home sale prices: -$9,879
8. Nashville, Tenn.
Number of new construction sales: 705
New construction median sale price: $485,000
New construction median sale price per square foot: $231.46
Median sale price for all homes: $418,500
Difference between new construction and all home sale prices: $66,500
9. Tampa
Number of new construction sales: 689
New construction median sale price: $398,985
New construction median sale price per square foot: $191.17
Median sale price for all homes: $360,000
Difference between new construction and all home sale prices: $38,985
10. Raleigh, N.C.
Number of new construction sales: 652
New construction median sale price: $429,950
New construction median sale price per square foot: $202.50
Median sale price for all homes: $408,667
Difference between new construction and all home sale prices: $21,283
Top 10 places with the highest sales prices for new construction homes
Metro areas are ranked based on the highest median sale price for new construction homes in March 2024.
1. San Jose, Calif.
Number of new construction sales: 41
New construction median sale price: $1,735,000
New construction median sale price per square foot: $970.27
Median sale price for all homes: $1,435,500
Difference between new construction and all home sale prices: $299,500
2. Heber, Utah
Number of new construction sales: 51
New construction median sale price: $1,375,000
New construction median sale price per square foot: $725.36
Median sale price for all homes: $1,052,500
Difference between new construction and all home sale prices: $322,500
3. San Francisco
Number of new construction sales: 103
New construction median sale price: $1,335,000
New construction median sale price per square foot: $766.97
Median sale price for all homes: $1,051,667
Difference between new construction and all home sale prices: $283,333
4. Los Angeles
Number of new construction sales: 231
New construction median sale price: $1,185,000
New construction median sale price per square foot: $644.37
Median sale price for all homes: $900,167
Difference between new construction and all home sale prices: $284,833
5. Miami
Number of new construction sales: 184
New construction median sale price: $950,000
New construction median sale price per square foot: $430.00
Median sale price for all homes: $460,833
Difference between new construction and all home sale prices: $489,167
6. New York
Number of new construction sales: 283
New construction median sale price: $929,500
New construction median sale price per square foot: $452.91
Median sale price for all homes: $564,167
Difference between new construction and all home sale prices: $365,333
7. Boston
Number of new construction sales: 290
New construction median sale price: $926,997.50
New construction median sale price per square foot: $495.07
Median sale price for all homes: $624,167
Difference between new construction and all home sale prices: $302,830.50
8. San Diego
Number of new construction sales: 40
New construction median sale price: $904,005
New construction median sale price per square foot: $478.71
Median sale price for all homes: $855,000
Difference between new construction and all home sale prices: $49,005
9. Seattle
Number of new construction sales: 380
New construction median sale price: $874,250
New construction median sale price per square foot: $490.24
Median sale price for all homes: $658,767
Difference between new construction and all home sale prices: $215,483
10. Sacramento, Calif.
Number of new construction sales: 134
New construction median sale price: $675,750
New construction median sale price per square foot: $315.22
Median sale price for all homes: $538,917
Difference between new construction and all home sale prices: $136,833
Data and methodology
A total of 153 metro areas were ranked based on the number of new construction sales in March 2024 according to Zillow data. Data in this study includes the following for all homes (single family homes and condos):
New construction sales count
New construction median sales price
Median sale price per square foot
Median sale price for all homes (April 2024)
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