Price Gap Between New and Existing US Homes Continues to Shrink in Q4

The traditional price gap between new and existing homes was nearly nonexistent at the end of 2024, according to US Census Bureau and National Association of Realtors data (not seasonally adjusted), with additional analysis by the National Association of Home Builders (NAHB). The median price for a new single-family home sold in Q4 was $419,200, only $9,100 above the existing-home sales price of $410,100.

NAHB notes that new homes typically carry a price premium over existing homes. However, for the first time in the quarterly data since 1989, the median existing-home price exceeded the new-home price in 2024Q2 (and again in the 2023Q3).

The average price premium of new-home sales over existing-home sales for 2024 was $8,725. To put this into perspective, 2023’s premium average was $33,750 and the 10-year average is $50,657.

The median price for a single-family new home sold in Q4 decreased 0.95% from the previous year. New-home prices have continued to decline year-over-year for the previous seven quarters. Meanwhile, the median price for existing single-family homes increased 4.80% from one year ago. Existing-home prices have continued to experience year-over-year increases for six consecutive quarters.