10 cities with the most newly-built homes in America
As the U.S. faces an ongoing housing shortage, new builds are becoming harder and harder to come by. But that’s not entirely the case in some cities.
There is a housing shortage of 4 million homes in the U.S. as of July 2023, according to the National Association of Realtors. And new construction hasn’t kept up: In October, single-family housing starts were 1.31 million, 3.1% under the revised September estimate of 1.35 million and 4% below 1.37 million a year prior, according to the latest Census Bureau data.
While President-elect Donald Trump promised a number of housing policies aimed at spurring construction and lowering costs, including opening tracts of federal land for new builds and reducing regulations, it could take years before new builds close the supply gap.
In a handful of cities across the country, however, new constructions are climbing and helping drive costs lower. These are the 10 cities where newly-built homes make up the biggest chunks of listings, according to Realtor.com (NWSA).
10. Iowa City, IA
In Iowa City, new constructions make up 43.6% of listings, making it the city with the tenth-most new builds in the country.
The median list price of a new construction is $385,990, while the existing-home median list price is $329,900.
9. Hinesville, GA
Hinesville is ninth on Realtor.com’s list, with new builds accounting for 44.15% of listings.
The new-construction median list price is $282,700, and the median list price of existing homes is $269,900
8. El Paso, TX
New constructions comprise 44.71% of listings in El Paso.
The median list price for a newly-built home is $308,000, compared with an existing-home median list price of $279,950.
7. Greenville, NC
At no. 7 is Greenville, where new builds make up 44.99% of all listings.
New constructions are significantly more expensive, however, with a median list price of $317,990. Existing homes in the city have a median list price of $270,000.
6. Boise, ID
New builds in Boise make up 45.22% of listings, and is one of three cities on Realtor.com’s list where recently constructed homes are less expensive than their counterparts.
The new-construction median list price in Boise is $519,990, while the median list price for existing homes is $549,000.
5. Oxford, MS
Oxford comes in at no. 5, with new constructions making up 46.24% of listings.
The median list price for new builds is a whopping $573,310, well above the existing-home median list price of $489,900.
4. Burlington, NC
In Burlington, new constructions comprise 46.61% of listings.
A median newly built home in the city costs $374,490, compared with $325,000 for an existing home.
3. Raleigh, NC
The city with the third most new constructions is Raleigh, with newly built homes making up 49.16% of listings.
New constructions here have a median list price of $450,000, below the existing-home median list price of $465,000.
2. Spartanburg, SC
Spartanburg is no. 2 on the list, with new constructions making up more than half — 54.2% — of listings.
There is little difference between the median list prices of new vs. existing homes, with new constructions coming in at $303,900 and existing homes at $299,900.
1. Sanford, NC
Sanford is the city with the most newly built homes. New constructions make up 57.49% of listings, and these new builds are less expensive than existing homes in the city.
The median list price of new constructions is $346,215, down from the median list price of existing homes, $350,000.