FAQ

What is the median square foot price for new single-family detached homes in 2023?

In 2023, the median square foot price for custom homes was $162 per square foot of floor space, while for spec homes it was $150 per square foot after excluding lot values.

Which region had the highest median square foot prices for new single-family detached homes in 2023?

The New England division had the highest median square foot prices for new for-sale homes in 2023, with half of the homes sold at prices exceeding $262 per square foot of floor area.

Why did median square foot prices for new homes stabilize in 2023?

The stabilization of median square foot prices in 2023 can be attributed to relatively stable building material prices, slower growth in home building wages, and a shift towards cost-effective construction methods such as building homes on slabs instead of basements.

Conclusion

The analysis of median square foot prices for new single-family detached homes in 2023 indicates a stabilization compared to the double-digit price hikes observed in the post-pandemic environment. Regional variations in square foot prices reflect factors such as land values, zoning practices, construction codes, and home features. The custom home market continues to see higher prices per square foot compared to for-sale homes, with a slight decrease in the custom home premium in 2023. Overall, the data from the Survey of Construction provides valuable insights into the trends and variations in housing prices across different regions in the United States.