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New Home Price Data In — DC Likely at Top of List

If you are thinking of moving to McLean, VA, or to a nearby community, you will be interested in the new home price data that has just been released.

The National Association of Home Builders (NAHB) Economics recently released its estimates of new single-family  home prices by state and metro area for 2014.  The 100_5443_3x4most expensive new single family homes are built and sold in three Northeastern states: Connecticut, Massachusetts and New York – with their respective median new single-family home prices of $491,425, $432,724 and $411,169.  If you are interested in downsizing into a new home or in moving into a bigger home for your family, these statistics will be of interest.

DC , Maryland, Virginia

The District of Columbia is likely to be at the top of the list of highest prices as well but the permit data for DC are highly volatile, have large margin of error and could not be used to estimate median new home prices. Median price for Virginia is $225,747 and Maryland is $266, 366.   

Least expensive new homes

The least expensive new homes are in Delaware where half of all new single-family homes are sold for less than $152,017, that is less than a third of what most new home buyers pay in Connecticut. Mississippi, Kentucky and West Virginia also register median new home prices under $200,000.

Washington-Arlington-Alexandria-DC-VA-MD-WV Metro Area

The only statistic for the DC Metro Area included Washington-Arlington-Alexandria-DC-VA-MD-WV Metro Area, and came in at $318,6559 for median new home prices.

Metro area prices mirror state pattern

The distribution of new home prices by metro area largely mirrors the state pattern with most expensive new homes clustered in the coastal areas of California, Hawaii and the Northeast region. Bridgeport-Stamford-Norwalk, CT metro area registers the highest median new home price in the nation with half of all new single-family homes sold for more than $878,625. Barnstable Town, MA and Napa, CA metro areas are distant second and third with median new home prices of $616,381 and $580,197, respectively. The least expensive new homes are in Brownsville-Harlingen, TX metro area, where half of all new single-family homes is built and sold for less than $116, 704.

To estimate median new home prices by state and metro NAHB Economics relies on data from Census Bureau’s Building Permits Survey and Survey of Construction (SOC). This information was taken from a July 9, 2014 article written for NAHB online Natalia Siniavskaia.

 If you are interested in exploring buying a new home in or near McLean, call us at 703.628.9360.

About The Author

Mafalda Marrocco