The cost to build the average U.S. single-family home hit $246,453 in 2013, reaching its highest mark since 1998, according to a construction cost survey of 3,019 builders by the National Association of Home Builders.
The survey also showed that new-home prices jumped 25 percent to $399,532, the average new home was 300 square feet larger at 2,607 square feet and the size of the average lot shrunk from approximately a half-acre to one-third of an acre from the last time NAHB conducted the survey in 2011.
Though the average cost to build a home in 2013 represented a 34 percent increase from the cost $184,125 in 2011, profits jumped to 9.3 percent from their 2011 all-time low of 6.8 percent.
In 2013, interior finishes accounted for the largest percentage (29.3 percent) of the average cost to build a home in 2013, followed by framing (19.1 percent), exterior finishes (14.4 percent) and plumbing, electrical and heating, ventilation and air conditioning (13.4 percent).
Senior Director, Coldwell Banker New Homes Division
With over 200 condominium, townhome and loft projects successfully marketed
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