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

By Stacker

Published June 11, 2024 2:19 AM

Artistic Operations // Shutterstock

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

A green fence surrounds the wooden structure of a new home being built in Houston, Texas.

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.

SmartAsset

Top 10 places with the most new construction home sales

Table showing top 15 cities where the most new construction homes are being added.

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):