The median sale price per square foot for new single-family homes in the U.S. has increased a whopping 368% since 1980.
ST. LOUIS, Sept. 18, 2023 /PRNewswire/ — San Jose takes the crown as the most expensive among the 50 most-populous metro areas in the U.S., boasting a median price of $845 per square foot for homes, according to new research from Home Bay, an online publication owned by Clever Real Estate that connects readers with expert real estate advice.
The cities with the highest price per square foot are:
- San Jose, CA ($845)
- San Francisco, CA ($705)
- Los Angeles, CA ($641)
- San Diego, CA ($587)
- New York, NY ($490)
In contrast, the cities offering the lowest price per square foot are:
- Cleveland, OH ($133)
- Memphis, TN ($143)
- Pittsburgh, PA ($147)
- Birmingham, AL ($158)
- Indianapolis ($158)
While California is home to the four most expensive cities, Tampa saw the largest increase in price per square foot from 2018 to 2023, at 72%. Baltimore saw the smallest increase at just 13%.
Additionally, Providence has seen the most significant growth in median square footage, marking a notable increase of 11% since 2018. Conversely, Charlotte has faced the most significant reduction, experiencing a decrease of 22%.
Further, 95% of metros where increases in the price per square foot exceeded 50% from 2018 to 2023 actually saw decreases in the median square footage.
Since 1980, the median sale price for new single-family homes has soared by 609%, increasing from $64,600 to $457,800. Conversely, the median square footage has grown by a comparatively modest 52%, expanding from 1,650 to 2,383 square feet.
This means the rise in the median sale price has outpaced the increase in the median square footage by an astonishing 1,075%.
Compared to the peak financial crisis in 2008, home buyers today face an 85% higher median sale price per square foot of houses.
Americans aren’t spending more because they’re buying bigger homes. Instead, they’re digging deeper into their pockets for the same or, in many cases, even smaller houses.
Read the full report at: https://homebay.com/price-per-square-foot-2023
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Clever Real Estate
SOURCE Home Bay