New-construction homes traditionally have been more expensive than existing homes, but that has changed in recent years as builders shifted their focus to smaller, more affordable designs. As of August, the median sales price for a new home in the U.S. was $420,600, close to the $416,700 median for existing homes, according to real estate marketing platform Realtor.com.
In some regions of the U.S., the growing number of new-construction homes (and continued stagnation of existing homes on the market) has made them even more accessible for homebuyers. The South is currently the hottest market for new builds, with cities in the Carolinas, Texas, Tennessee, and Georgia leading in new-home construction activity and share of listings. The city with the highest percentage of new-home listings is Sanford, N.C., with 57.9%, followed by Spartanburg, S.C., with a 54.2% share and Raleigh, N.C., with 49.2%.
The boon in these areas makes sense: Sun Belt states saw a 10% increase in population during the COVID-19 pandemic, and experts predict the region will see an additional 19 million residents move to the area in the next 10 years (compared with just 3 million people in other regions). Read more
