real estate news
San Antonio nails top 10 rank for most new construction homes sold in U.S.
The Lone Star State is holding on to its reputation as one of the hottest moving destinations, and a new report shows four Texas metro areas have sold the most new construction homes in the country.
San Antonio sold the fifth-highest number of new construction homes nationwide in March 2024, according to SmartAsset's recently published report, "Where the Most New Construction Homes Are Being Added – 2024 Study." The metro area claimed the No. 5 spot out of 153 U.S. cities ranked based on Zillow's real estate data from March and April.
A total of 777 new construction homes were sold in the Alamo City in March — just 27 more than in Austin, which came in seventh — with a median sale price of $310,446. That also happens to be the most affordable price out of all Texas cities in the top 10. The Lone Star State dominated the top 10 with five cities included.
In contrast, San Jose, California (which ranked No. 132), only sold 41 newly built homes in March; but they sold for a median sale price of $1.734 million.
Inflation jumped by nearly 23 percent from spring 2019 to spring 2024, and SmartAsset says housing prices skyrocketed even more during the same time period, to 49.4 percent on average. The report indicates these daunting figures aren't having an optimistic effect on potential buyers.
"Housing costs are often the largest budget item for Americans and this could make home ownership feel out of reach for many," the report's author wrote. "But adding new housing can help relieve price pressures in undersupplied metro areas."
Houston triumphed over all 153 cities in the national standings with 1,751 new construction homes sold in March 2024. The median sale price for new homes in the East Texas metro was $347,990; That means Houston's March median was $30,000 more than its April median. In both cases, they are still higher than San Antonio's.
Dallas (No. 2) was right behind Houston with 1,574 new construction homes sold in March 2024. But the median sale price for these new homes in the North Texas metro was much higher at $414,950. Similarly, Dallas' March median was nearly $36,000 higher than its April median.
Rounding out Texas' top-10 representation, a total of 750 new build homes were sold in the Austin area in March, for a median sale price of $434,900. The metro's median price point for newly constructed homes is nearly $10,000 less than the median price for all Austin homes sold in April, which came out to $444,779.
The top 10 U.S. metros with the most new construction homes being sold are:
- No. 1 – Houston, Texas
- No. 2 – Dallas, Texas
- No. 3 – Atlanta, Georgia
- No. 4 – Phoenix, Arizona
- No. 5 – San Antonio, Texas
- No. 6 – Charlotte, North Carolina
- No. 7 – Austin, Texas
- No. 8 – Nashville, Tennessee
- No. 9 – Tampa, Florida
- No. 10 – Raleigh, North Carolina
Real estate data for all 153 U.S. cities mentioned in the report – including new construction sales count, median sales prices, median sale price per square foot, and median price for all homes (as of April 2024) — was sourced from Zillow based on all single-family homes and condos.
The full report can be found on smartasset.com.