In 2018, the average home size in the United States was 6,295 square feet, and the size of the average home is set to fall to 6,121 square feet by 2023.

Graph and download economic data for Housing Inventory: Median Home Size in Square Feet in the United States (MEDSQUFEEUS) from Jul 2016 to Feb 2025 about square feet, median, 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.

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.

In 2023, the average size of a single-family home built for sale in the United States amounted to 2,514 square feet. Although in the past five years American homes have been shrinking, since 1975, they have almost doubled in size. This trend towards larger homes seems illogical given that the average size of families has shrunk over the same period. Why are American homes so large? Homes in the U.S. are among the largest in the world, only surpassed by Australia. There are thought to be several reasons for this, including the concentration of wealth in the country, and the deeply engrained driving culture which means that cheaper land outside city centers is easily accessible. Where are the largest homes located? The size of homes also varies regionally, with the largest homes being located in wealthy, urban areas and in the South. Large homes, or McMansions as they’re often called, are especially popular in Texas. In 2023, Milwaukee and Omaha had the largest average home size.

Graph and download economic data for Housing Inventory: Median Home Size in Square Feet in Florida (MEDSQUFEEFL) from Jul 2016 to Feb 2025 about square feet, FL, median, and USA.

Graph and download economic data for Housing Inventory: Median Home Size in Square Feet in New York (MEDSQUFEENY) from Jul 2016 to Feb 2025 about square feet, NY, median, and USA.

Graph and download economic data for Housing Inventory: Median Home Size in Square Feet in Massachusetts (MEDSQUFEEMA) from Jul 2016 to Feb 2025 about MA, square feet, median, and USA.

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.

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.

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.

Graph and download economic data for Housing Inventory: Median Home Size in Square Feet in Alaska (MEDSQUFEEAK) from Jul 2016 to Feb 2025 about AK, square feet, median, and USA.

Graph and download economic data for Housing Inventory: Median Home Size in Square Feet in California (MEDSQUFEECA) from Jul 2016 to Feb 2025 about square feet, CA, median, and USA.

Between July 2023 and July 2024, the average size of luxury homes sold in North America decreased. In 2024, the average size of a single-family home was 3,279 square feet, while the average size of an attached home was 1,901 square feet.

Housing Inventory: Median Home Size in Square Feet in Vermont was 1940.00000 Level in February of 2025, according to the United States Federal Reserve. Historically, Housing Inventory: Median Home Size in Square Feet in Vermont reached a record high of 2074.00000 in September of 2023 and a record low of 1837.00000 in April of 2024. Trading Economics provides the current actual value, an historical data chart and related indicators for Housing Inventory: Median Home Size in Square Feet in Vermont - last updated from the United States Federal Reserve on March of 2025.

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 Iowa (MEDLISPRIPERSQUFEEIA) from Jul 2016 to Feb 2025 about square feet, IA, listing, median, price, and USA.

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.

Graph and download economic data for Housing Inventory: Median Home Size in Square Feet in Rhode Island (MEDSQUFEERI) from Jul 2016 to Feb 2025 about RI, square feet, median, and USA.

Among the 50 largest cities by population in the United States, Milwaukee, WI, had the largest homes in 2023. The average size of a home was over 2,000 square feet, while in Portland, OR, the average home was 1070 square feet. Since 1975, U.S. homes have grown substantially bigger.