2024 Construction Cost Survey Results for Single-Family Homes

This technical report presents the findings of the National Association of Home Builders (NAHB) Construction Cost Survey conducted in the Fall of 2024. The survey aims to collect data on the various components contributing to the sales price of newly-built single-family homes. It reveals that, on average, construction costs account for 64.4% of the sales price, while finished lot costs contribute 13.7%. The report details the methodology behind the survey, which involved a representative sample of 4,000 builders, and outlines the breakdown of costs associated with different construction stages. The average sales price for a single-family home in 2024 is reported as $665,298, marking the highest in the survey's history. The report also discusses the average home size, which is 2,647 sq. ft., and the average lot size of 20,907 sq. ft. Additionally, it provides caution regarding the interpretation of the results due to sample size limitations and variability in construction practices across regions.