18 Cities Where You’ll Pay Less To Build a New Home Than Buy an Existing One
In numerous cities around the country, new construction homes are more affordable than existing homes based on cost per square foot, a recent Zillow study found.
According to the study, in the U.S. as a whole, new homes have been selling for an average of $3.50 less per square foot than existing homes as of May, the largest discount in at least six years. In some cities, the discount is even greater, with the top three cities offering discounts of over $50 per square foot for new homes versus existing homes.
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Here’s a look at all of the major cities where it’s cheaper to buy a new construction home than an existing one.
San Diego
Price per square foot discount for new homes compared to existing homes: $57.10
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Salt Lake City
Price per square foot discount for new homes compared to existing homes: $53.60
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Los Angeles
Price per square foot discount for new homes compared to existing homes: $52.40
Austin, Texas
Price per square foot discount for new homes compared to existing homes: $48.30
Washington
Price per square foot discount for new homes compared to existing homes: $48.10
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Tampa, Florida
Price per square foot discount for new homes compared to existing homes: $40.80
Phoenix
Price per square foot discount for new homes compared to existing homes: $30.90
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Sacramento, California
Price per square foot discount for new homes compared to existing homes: $26.20
Raleigh, North Carolina
Price per square foot discount for new homes compared to existing homes: $25.90
Riverside, California
Price per square foot discount for new homes compared to existing homes: $19.80
Denver
Price per square foot discount for new homes compared to existing homes: $17.30
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Dallas
Price per square foot discount for new homes compared to existing homes: $9.90
Portland, Oregon
Price per square foot discount for new homes compared to existing homes: $7.60
Nashville, Tennessee
Price per square foot discount for new homes compared to existing homes: $7.10
Indianapolis
Price per square foot discount for new homes compared to existing homes: $5.10
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Orlando, Florida
Price per square foot discount for new homes compared to existing homes: $2.60
Charlotte, North Carolina
Price per square foot discount for new homes compared to existing homes: $2
San Antonio
Price per square foot discount for new homes compared to existing homes: $1.30
Data is sourced from Zillow and is accurate as of May 2024.
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