New Construction Homes: Trends and Data
There are many benefits to purchasing a newly constructed home or condo. With all new everything, from appliances and flooring to plumbing and electrical, new construction is a popular choice for those who are seeking a turn-key home. We, brokers, have access to a huge database of available properties and can quickly and easily find new construction homes or condos in client’s desired area.
Let's look at few new construction property trends in the Pacific Northwest.
New Construction Numbers
Of the 56,365 houses sold by NWMLS brokers in 2023, 8,412 were new construction, representing nearly 15% of all residential listings sold. The percentage of newly constructed condominiums sold in 2023 was slightly lower at 10%, with 928 new condos out of a total of 8,562 condos sold.
Where to Find New Construction?
Seattle had the most new construction, with 1,393 homes and 529 condos sold in 2023. Of the top ten cities for new construction, homes in Bothell were by far the most expensive with a Median Sale Price of $1,263,020, while the Median Sale Price for condos in Kirkland came in over $1.4 million. New homes in Bremerton were the most affordable, and Lacey was the place to find the least expensive new-construction condos in 2023.
New Construction Cost
If you are looking to purchase a brand-new home or condo, expect to pay higher prices than the market average. In 2023, the Median Sale Price for new-construction homes was $699,950, while for homes that were not new construction, it was $610,000. Brand-new condos demanded even higher prices in 2023 with a Median Sale Price of $757,558 compared to the Median Sale Price of $445,000 for condos that were not new.
Data for all reported MLS residential & condo sales during 2023 in Washington state.
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