The average price per square foot of floor space in new single-family housing in the United States decreased after the great financial crisis, followed by several years of stagnation. Since 2012, the price has continuously risen, hitting 168 U.S. dollars per square foot in 2022. In 2024, the average sales price of a new home exceeded 500,000 U.S. dollars. Development of house sales in the U.S. One of the reasons for rising property prices is the gradual growth of house sales between 2011 and 2020. This period was marked by the gradual recovery following the subprime mortgage crisis and a growing housing sentiment. Another significant factor for the housing demand was the growing number of new household formations each year. Despite this trend, housing transactions plummeted in 2021, amid soaring prices and borrowing costs. In 2021, the average construction cost for single-family housing rose by nearly 12 percent year-on-year, and in 2022, the increase was even higher, at close to 17 percent. Financing a house purchase Mortgage interest rates in the U.S. rose dramatically in 2022 and remained elevated until 2024. In 2020, a homebuyer could lock in a 30-year fixed interest rate of under three percent, whereas in 2024, the average rate for the same mortgage type was more than twice higher. That has led to a decline in homebuyer sentiment, and an increasing share of the population pessimistic about buying a home in the current market.

Graph and download economic data for Housing Inventory: Median Listing Price per Square Feet in the United States (MEDLISPRIPERSQUFEEUS) from Jul 2016 to Feb 2025 about square feet, listing, median, price, and USA.

House prices in the second most populous state in the United States, Texas have doubled since 2011. In 2023, the average house price reached 174.3 U.S. dollars per square foot, up from approximately 141 U.S. dollars in 2020. Despite the increase, the median home price was still below the national average.

Prices for luxury housing in July 2024 were slightly lower than the market peak in 2021 and 2022. Luxury single-family properties had a median square footage price of 419 U.S. dollars in July 2024, down from 428 U.S. dollars in July 2022. Attached houses, on the other hand, had a median price of 484 U.S. dollars per square foot, down from 578 U.S. dollars in July 2021.

Graph and download economic data for Housing Inventory: Median Listing Price per Square Feet in Iowa (MEDLISPRIPERSQUFEEIA) from Jul 2016 to Feb 2025 about square feet, IA, listing, median, price, and USA.

Graph and download economic data for Housing Inventory: Median Listing Price per Square Feet in Arizona (MEDLISPRIPERSQUFEEAZ) from Jul 2016 to Feb 2025 about AZ, square feet, listing, median, price, and USA.

Graph and download economic data for Housing Inventory: Median Listing Price per Square Feet in Ohio (MEDLISPRIPERSQUFEEOH) from Jul 2016 to Feb 2025 about square feet, OH, listing, median, price, and USA.

In 2022, San Mateo, San Francisco, and Santa Clara were the most expensive districts for housing in the San Francisco Bay Area. In San Francisco, the average square footage price of single-family homes exceeded 1,000 U.S. dollars per square foot. Housing in Solano, on the other hand, was most affordable, with the average square footage price for single family homes at 370 U.S. dollars.

How expensive is buying a home in San Francisco? Few metros in the U.S. are more expensive than San Francisco, CA. In 2022, the median sales price of existing single-family homes in San Francisco was about 1.4 million U.S. dollars, making it the second priciest market in the U.S. House prices in the Golden City, were not always so high: in 2014, a two-bedroom house in the Bay Area would sell for less than 500,000 U.S. dollars but since then, the median price has more than doubled.

How much does renting an apartment cost? Despite rents falling in 2020, renting in San Francisco is still far from cheap. Renting a two-bedroom apartment cost close to 4,000 U.S. dollars in 2021. California is one of the least affordable states for renters. In fact, to afford to rent such an apartment, a household needs approximately three full time jobs at minimum wage or two full time jobs at mean wage.

The average price per square foot of floor space in new single-family houses in Midwest, United States increased from 2000 to 2021. In 2021, the average price for a new single-family house in that region was approximately 140 U.S. dollars per square foot of floor space.

Graph and download economic data for Housing Inventory: Median Listing Price per Square Feet in Florida (MEDLISPRIPERSQUFEEFL) from Jul 2016 to Feb 2025 about square feet, FL, listing, median, price, and USA.

The average price per square foot of floor space in new single-family houses in North-east, United States increased from 2000 to 2021. In 2021, the average price for a new single-family house in that region was approximately 186 U.S. dollars per square foot of floor space.

The average price for residential real estate in Manhattan, New York increased for luxury, new developments, and condos. Conversely, prices for re-sale and co-op properties declined slightly. In the third quarter of 2024, the average square footage price for a re-sale property was 1,404 U.S. dollars per square foot.

Graph and download economic data for Housing Inventory: Median Listing Price per Square Feet in Texas (MEDLISPRIPERSQUFEETX) from Jul 2016 to Feb 2025 about square feet, listing, TX, median, price, and USA.

Between 2020 and 2022, the average square footage price of one-to-three family homes in Queens, New York increased. Existing condo prices, on the other hand, fell from 1,084 U.S. dollars per square foot in the third quarter of 2020 to 844 U.S. dollars per square foot in the third quarter of 2022.

Graph and download economic data for Housing Inventory: Median Listing Price per Square Feet in Denver-Aurora-Lakewood, CO (CBSA) (MEDLISPRIPERSQUFEE19740) from Jul 2016 to Feb 2025 about Denver, square feet, CO, listing, median, price, and USA.

The average construction cost of a single-family home in the United States was about 428,000 U.S. dollars in 2024, about 36,000 U.S. dollars more expensive than in 2022. The source also adds that interior finishes – which includes insulation, flooring, and appliances – accounted for the largest share of costs at 24 percent. U.S. housing construction slows Construction work was underway on over 1,000 single-family housing units in the United States in 2024. This number increased year-on-year between 2011 and 2021, followed by a notable decline in the next two years. Despite this trend, the industry experts are optimistic about construction levels picking up until 2026. The median size of a new single-family home has also shrunk. In 2023, the average home had approximately 2,300 square feet of floor space, about 200 square feet less than in 2015.
How many homes are sold each year in the United States? Less than five million homes were sold in the United States in 2023, the majority of which were existing home sales. The median sales price of an existing single-family home was 389,000 U.S. dollars in that year, a figure that has risen steadily since 2011. Those in the market for a newly constructed single-family home will have to pay more, with the median sales price at 427,000 U.S. dollars in 2022.

In 2024, the average square footage price of condos and new development condos in Brooklyn, NY declined slightly. Prices of one-to-three family homes, on the other hand, increased from 635 U.S. dollars per square foot in the third quarter of 2023 to 795 U.S. dollars in the third quarter of 2024.

This statistic shows the price per square foot in selected prime residential markets worldwide in 2018. Hong Kong was the most expensive residential market globally with average prime residential values of 4,670 U.S. dollars per square foot.

Graph and download economic data for Housing Inventory: Median Listing Price per Square Feet in Alabama (MEDLISPRIPERSQUFEEAL) from Jul 2016 to Feb 2025 about square feet, AL, listing, median, price, and USA.

Graph and download economic data for Housing Inventory: Median Listing Price per Square Feet in Reno, NV (CBSA) (MEDLISPRIPERSQUFEE39900) from Jul 2016 to Feb 2025 about Reno, NV, square feet, listing, median, price, and USA.