New construction typically costs between $100 and $200 per square foot, but additions and customizations may quickly inflate the expense to $500 or more per square foot. This amount can vary due to region, home type, size and desired home features or luxuries. Per survey data from HomeAdvisor, the cost to build a new home can range from $117,971 to $450,345, with an average of $284,158. Cost per Square Foot of a New Single-Family Home To make the decision a bit easier, let’s break down the overall cost and see how your dollars are being spent should you decide to build new. For others, it may be a worthy expense to build a brand-new home to their personal specifications. Department of Housing and Urban Development reported a median sales price of $377,700 for new single-family homes.įor some prospective buyers, the cost difference can initially feel like a dealbreaker. When taking their first step toward homeownership, prospective buyers are faced with a big decision: Build from scratch or purchase an existing home? The answer often depends on their desired features, budget, and finances.Īccording to the National Association of Realtors, the median sales price of existing single-family homes in the United States was $358,000 in December 2021, an increase of 15.8 percent from the previous year.
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