The median price for new construction homes continues to rise across the U.S. A new housing price report from Clever Real Estate reveals the median new construction home sells for $409,565, compared to $357,000 for all homes on the market, a difference of $52,565.
The report notes the price gap between new and existing homes has widened over time. In the past five years, new home prices have climbed 21.6 percent, well ahead of the 13.3 percent increase across all homes for sale.
Despite increasing prices, new construction makes up a shrinking share of the market. Newly built homes accounted for just 571,213 of the 3.7 million sales in 2025, a 15 percent share that has slipped from 20 percent in 2023.
The largest gaps between new and existing homes are scattered across the country. Miami leads with a $600,000 premium, followed by Los Angeles ($387,495), Cleveland ($366,350), New York ($337,792) and Milwaukee ($317,450). Only four metros run counter to the national trend, with new construction priced below the typical home:
- San Francisco, Calif. (-$85,000)
- Austin, Texas (-$72,041)
- Honolulu, Hawaii (-$67,298)
- Cape Coral, Fla. (-$20,000)
Even so, these are not bargain markets, the report states. San Francisco’s median home price tops $1.08 million and Honolulu’s reaches $745,773, both far above the national figure of $357,000.
For buyers who want the most new construction options, Raleigh, N.C., leads the country, with 66 percent of sales going to newly built homes. San Antonio follows at 64 percent and Boise, Idaho, at 63 percent. The most affordable new homes are in McAllen, Texas, at a median of $263,000, with nine of the 10 cheapest markets for new construction located in the South.
New home prices have eased slightly since 2025, slipping 3.9 percent, but they remain well above where they stood five years ago, keeping new construction out of reach for many buyers.
