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 Month-Over-Month in San Francisco County/city, CA (MEDLISPRIPERSQUFEEMM6075) from Jul 2017 to Dec 2024 about San Francisco County/City, CA; square feet; listing; median; price; and USA.

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.

Washington DC was the most expensive major city for office space, among those being considered for Amazon’s second headquarters, in the United States in 2017. Tenants paid, on average, 595 U.S. dollars per square foot for office space in that city, compared with 550 U.S. dollars and 486 U.S. dollars per square foot in Boston and Austin respectively.   Why is Washington DC so expensive? The GDP of the Washington metro area has steadily risen since 2001, which indicates that the economy is growing. This is not surprising, because it is the capital of the United States and, consequently, its political epicenter. All three branches of government, nearly 200 foreign embassies and several international organizations - such as the IMF, the World Bank and the National Geographic Society - are located there, which also means that it’s the logical place for lobbying firms and many financial services companies to operate from.

Further growth expected in Washington DC The future of the office real estate market in Washington DC looks promising, due to its political importance and strong economy. Office rents are forecast to grow by almost six percent by 2021, which is impressive given how high they already are. However, vacancy rates are also set to rise in the area, which means that more available office units will be unoccupied.

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 Listing Price per Square Feet in the United States (MEDLISPRIPERSQUFEEUS) from Jul 2016 to Feb 2025 about square feet, listing, median, price, 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.

Graph and download economic data for Housing Inventory: Median Listing Price per Square Feet in Johnson City, TN (CBSA) (MEDLISPRIPERSQUFEE27740) from Jul 2016 to Feb 2025 about Johnson City, square feet, TN, listing, median, price, and USA.

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.

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 Florida (MEDLISPRIPERSQUFEEFL) from Jul 2016 to Feb 2025 about square feet, FL, listing, median, price, and USA.

Graph and download economic data for Housing Inventory: Median Listing Price per Square Feet in Iowa City, IA (CBSA) (MEDLISPRIPERSQUFEE26980) from Jul 2016 to Feb 2025 about Iowa City, square feet, IA, 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.

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 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.

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.

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.

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.

In District of Columbia, the average rent per square foot was 2.95 U.S. dollars in 2018, whereas renters in Oregon were expected to pay half as much in rent per square foot. DC was the most expensive state for renters, followed by New York, Hawaii, Massachusetts and California.

Why is DC so expensive?

District of Columbia is the center of the U.S. political system with all three branches of federal government sitting there: Congress (legislative), President (executive) and the Supreme Court (judicial). The above average household incomes of its residents mean that high rents are still sustainable for the rental market.

Limited space in DC

DC has the largest share of apartment dwellers in the country. This is most likely due to limited space, as the federal district has a much higher population density than the states. The political importance of DC and the high population density suggest that the federal district is likely to retain its spot as the most expensive rental market in the future.

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.