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Random freezes, missing sound and display glitches usually trace back to one bad driver. Find and replace yours safely.Free scan · under a minuteIn Zillow’s July 2026 sales data, newly built homes had lower median sale prices per square foot than existing homes in one-third of major U.S. markets. The largest reported gaps were in Austin (19.3%), Raleigh (14.4%), San Diego (14.4%) and Tampa (12.4%). These are comparisons of market-wide medians—not proof that a particular new home costs less than a comparable resale.
Which metros had the largest new-home price-per-square-foot discounts?
Zillow compared median sale prices per square foot for new construction and existing homes sold in July 2026. The table shows its published figures for the leading discount markets, alongside four metros where new construction instead had a higher median. Percentage differences are Zillow’s reported comparisons.
| Metro | New construction | Existing homes | New construction vs. existing |
|---|---|---|---|
| Austin, Texas | $184 per sq. ft. | $228 per sq. ft. | 19.3% lower |
| Raleigh, North Carolina | $188 per sq. ft. | $219 per sq. ft. | 14.4% lower |
| San Diego, California | $498 per sq. ft. | $582 per sq. ft. | 14.4% lower |
| Tampa, Florida | $198 per sq. ft. | $226 per sq. ft. | 12.4% lower |
| New York, New York metro | $727 per sq. ft. | $441 per sq. ft. | 64.9% higher |
| Cleveland, Ohio | $223 per sq. ft. | $148 per sq. ft. | 50.7% higher |
| Milwaukee, Wisconsin | $316 per sq. ft. | $216 per sq. ft. | 46% higher |
| Detroit, Michigan | $239 per sq. ft. | $165 per sq. ft. | 44.5% higher |
The published dollar figures correspond to differences of $44 per square foot in Austin, $31 in Raleigh and $28 in Tampa, calculated by subtracting the new-construction median from the existing-home median. Zillow’s national July 2026 medians were $205 per square foot for newly built homes and $212 for existing homes. Zillow Research’s September 29, 2026 analysis provides the metro figures and methodology.
What does “discount” mean here?
It means that the median sale price per square foot for new construction was below the corresponding median for existing homes in that metro. It does not mean all newly built homes are cheaper than all resale homes, or that a new home’s total purchase price is lower. Zillow’s calculation combines single-family homes and condos and is not a like-for-like comparison of identical properties. Differences in size, location, property type, age and other characteristics can affect the medians.
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For a specific purchase, compare properties individually: total price, usable size, location, condition, included features and financing terms all matter. A metro-wide price-per-square-foot median cannot establish whether one new listing is a better value than one resale.
Why might new homes be less expensive per square foot in some markets?
Zillow points to greater new-home supply in places where construction has expanded and to builders’ use of price reductions or incentives to move inventory. It cites U.S. Census Bureau data showing 9.6 months of new-home supply in July 2026, compared with 7.6 months two years earlier and roughly six months in July 2018 and 2019. Zillow also says resale inventory was 17.1% below its pre-pandemic level.
One possible difference in sellers’ circumstances is that existing homeowners may have substantial equity and low mortgage payments, which can reduce pressure to cut their asking prices. Builders competing with other available homes may be more willing to offer reductions or incentives such as mortgage-rate buydowns. Zillow’s explanation provides context, not proof that supply alone caused the price gaps in each metro.
Skylar Olsen, Zillow’s chief economist, said: “Where the most new homes have been built, buyers are in the best position to negotiate as sellers have a lot of other homes on the market to compete with.” This is her assessment of negotiating conditions, not a promise that an individual buyer will receive a discount. See Zillow’s news article for the quotation and additional context.
How much of the market is new construction?
Newly built homes accounted for 12.6% of U.S. home sales over the 12 months from August 2025 through July 2026, the same share Zillow reports for 2019. The share differed considerably by metro:
- San Antonio: 37.1% of sales
- Raleigh: 33.6%
- Hartford: 2.0%
Those sales shares help describe how prominent new construction was in each market; they do not, by themselves, explain why prices per square foot differed. Zillow’s figures are based on its analysis of sales during the stated period.
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