Average construction costs for single-family homes in the U.S. 1998-2022

The average construction cost of a single-family home in the United States was about 392,000 U.S. dollars in 2022, nearly 100,000 U.S. dollars more expensive than in 2019. The source also adds that interior finishes – which includes insulation, flooring, and appliances – accounted for the largest share of costs at 24 percent.

Housing market continues recovery

Construction work was underway on over 1,100 single-family housing units in the United States in 2021. This number has increased year-on-year since 2011, but is forecast to fall until 2023. The median size of a new single-family home in the United States was 2,273 square feet in 2021, a decrease of over 200 square feet since 2015. Nevertheless, 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 seven million homes were sold in the United States in 2021, the majority of which were existing home sales. The median sales price of an existing single-family home was 393,000 U.S. dollars in 2022, a figure that has risen annually since 2011. Those in the market for a newly constructed single-family home will have to pay more, with the median sales price at 455,000 U.S. dollars in 2022.