The real estate industry’s age-old saying — “location, location, location” — remains true, especially when examining the median price per square foot for new homes across different U.S. regions based on the latest U.S. Census Bureau data from 2023:
- South: $146.64
- Midwest: $156.25
- Northeast: $220.95
- West: $195.38
Moreover, in 2023, a significant portion (73%) of new single-family houses were purchased using conventional financing. This trend coincides with both American Housing Month and National Homeownership Month, underscoring the value of homeownership and the role of financial institutions in assisting individuals to achieve housing goals.
The Census Bureau’s surveys, including the Characteristics of New Housing and the Survey of Construction, provide detailed annual data that illustrates national and regional trends in new housing features. For instance, the median price for new single-family homes nationwide in 2023 was $428,600 with a median size of 2,286 square feet, translating to a median price per square foot of $154.70.
Region-specific data for 2023 shows:
- Northeast: Homes sold at a median of $760,700 for 2,430 square feet.
- Midwest: $396,300 for 2,172 square feet.
- South: $388,800 for 2,335 square feet.
- West: $536,200 for 2,170 square feet.
In May 2024, new single-family home sales were recorded at a seasonally adjusted annual rate of 619,000, indicating a decline from previous months.
The economic impact of these housing trends is significant, affecting everything from personal finance to national economic indicators.
