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New homes: Which U.S. cities are adding most to housing supply?

Jaclyn DeJohn on

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New homes: Which U.S. cities are adding most to housing supply?

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 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.

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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.

Houston, TX

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 Dallas, TX 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 Atlanta, GA 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 Phoenix, AZ 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 San Antonio, TX 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 Charlotte, NC 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 Austin, TX 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 Nashville, TN 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 Tampa, FL 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 Raleigh, NC 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.

San Jose, CA

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 Heber, UT 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 San Francisco, CA 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 Los Angeles, CA 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 Miami, FL 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 New York, NY 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 Boston, MA 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 San Diego, CA 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 Seattle, WA 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 Sacramento, CA 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)

This storywas produced bySmartAssetand reviewed and distributed by Stacker Media.


 

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