According to a recent survey by the National Association of Home Builders, the average cost of a new home in the US increased to $468,532 this year. This includes the cost of land, an article from the Dispatch read.
This number was certainly higher than the $399,532 from the last survey conducted in 2013 and was more than double the figures that was taken from a survey way back in 1998.
From the total average cost of a home, $289,415 was the cost of building the actual home. Other expenses that were included in the total cost were $85,139 for the cost of the land, $42,492 for the builder's profit, $26,345 for contractor overhead and $15,105 for sales commission.
The major factor that increases the price of constructing a home is the size which this year has increased to 2,802 square feet on average as compared to 2,311 square feet five years ago.
It is also important to note that the number of homes bought in cash have continued to decrease in September which is a sign that the market is returning to normal. Cash sales are around 32.5 percent of home sales each month which was down 3.4 percent from last year. This was according to CoreLogic mortgage and real estate services.
Among the list of features that new homeowners are looking for in a new home, fireplaces and hardwood floors are the winners according to Realtor.com. To find out what are the features that homeowners are looking for, the site has considered more than five years of data that were included in their listings.
Aside from fireplaces and wood floors, buyers are also looking for carpets, granite countertops, stainless appliances, open floor plan and a walk-in closet. Other features that were missing from the list were oak cabinets and vinyl siding.