Average construction costs for single-family homes in the U.S. 1998-2017

The average construction cost of a single-family home in the United States was 237,760 U.S. dollars in 2017, nearly 52,000 U.S. dollars cheaper than in 2015. Interior finishes – which includes insulation, flooring, and appliances – accounted for the largest share of costs at 28.6 percent.

Housing market continues recovery

Construction work was underway on 876,000 single-family housing units in the United States in 2018, a number that has increased year-on-year since 2011. The median size of a new single-family home in the United States was 2,386 square feet in 2018, an increase of around 800 square feet since 1980. Therefore, it is no surprise that the United States ranks among the countries with the largest average house size.

How many homes are sold each year in the United States?

Nearly six million homes were sold in the United States in 2018, around 90 percent of which were existing home sales. The median sales price of an existing single-family home was 261,600 U.S. dollars in 2018, a figure that has risen annually since 2011. Those in the market for a newly constructed single-family home will have to pay around 65,000 U.S. dollars more, with the median sales price exceeding 326,000 U.S. dollars in 2018.