The price of homes per square foot has soared over the past few decades.
The median sale price per square foot for new single-family homes was $41 in 1980, and it’s now $192 — a 368% increase, according to a recent study conducted by Home Bay. Even adjusted for inflation, the median sale price per square foot for new single-family homes in the U.S. has increased 32% since 1980 — from $146 to $192.
In some cities, the price per square foot is significantly more, meaning you get less home for your buck. Here’s a look at the 10 cities with the highest median sale price per square foot for new single-family homes.
1. San Jose, California
- Median price per square foot: $845
- Median square footage: 1,772
- Median home sale price: $1,498,000
2. San Francisco, California
- Median price per square foot: $705
- Median square footage: 1,632
- Median home sale price: $1,150,000
3. Los Angeles, California
- Median price per square foot: $641
- Median square footage: 1,830
- Median home sale price: $1,172,450
4. San Diego, California
- Median price per square foot: $587
- Median square footage: 1,867
- Median home sale price: $1,095,000
5. New York, New York
- Median price per square foot: $490
- Median square footage: 1,530
- Median home sale price: $749,000
6. Boston, Massachusetts
- Median price per square foot: $453
- Median square footage: 1,911
- Median home sale price: $866,470
7. Miami, Florida
- Median price per square foot: $420
- Median square footage: 1,441
- Median home sale price: $604,924
8. Seattle, Washington
- Median price per square foot: $403
- Median square footage: 2,044
- Median home sale price: $824,720
9. Sacramento, California
- Median price per square foot: $338
- Median square footage: 2,012
- Median home sale price: $679,450
10. Riverside, California
- Median price per square foot: $316
- Median square footage: 1,834
- Median home sale price: $580,000
Data is sourced from Home Bay and is accurate as of Sept. 12, 2023.