Short answer. The median price per square foot of U.S. new single-family homes in 2024 was approximately $210/sqft. For existing homes, the figure is roughly $220/sqft, with significant regional variation.
Price per square foot is computed by dividing the home's sale price by its livable square footage. It's the most direct measure of housing-unit price intensity.
2024 medians
- New single-family: $210/sqft (Census, $458,200 ÷ 2,191 sqft)
- Existing single-family: $220/sqft (NAR estimate, varies by data source)
Regional variation (existing-home prices, 2024 estimates)
- San Francisco metro: $1,000/sqft+
- Manhattan (NYC): $1,500/sqft+
- Los Angeles: $700-$900/sqft
- Boston: $500-$700/sqft
- Austin: $300-$400/sqft
- Phoenix: $250-$350/sqft
- National average: $220/sqft
- Cleveland, Detroit: $100-$150/sqft
- Pittsburgh, Memphis: $130-$170/sqft
The historical trend
Median U.S. new-home price per square foot was approximately $30 in 1973 (median price $30,500 ÷ 1,525 sqft median size). The 7× nominal increase to today's $210/sqft is similar to the rate of broader inflation — meaning real-terms price-per-square-foot has been roughly flat for 50 years.
The cost decomposition
For a typical 2024 new-home build, costs decompose roughly as: land 25%, construction labor 20%, materials 30%, permits/fees/financing 15%, builder profit margin 10%. Land has been the fastest-growing component since 2010, particularly in coastal markets where supply constraints have driven land prices to multiples of construction costs.
Sources
U.S. Census Bureau Survey of Construction; National Association of Realtors Existing Home Sales report; Freddie Mac Primary Mortgage Market Survey; National Bureau of Economic Research Business Cycle Dating Committee.