Deep dive into the top 20 metropolitan housing markets. Discover which cities have flipped to favor existing homes and where new construction still commands a premium.
Three more metros crossed into flip territory this quarter, bringing the total to 15 of 20 tracked markets where existing homes now cost more than new construction. Florida is the starkest case: Miami’s existing median hit $625K while new construction sits at $560K, a $65K inversion driven by record condo supply and a glut of investor-owned units hitting the market. Texas tells a similar story — Austin’s $40K flip reflects the fastest new-home price correction of any major Sun Belt market since 2022. The Northeast remains the lone holdout: Boston and New York still command $220K and $140K premiums for new construction, where land is scarce and permitting timelines stretch years.
Existing homes cost more than new construction
Boston-Cambridge-Newton
Across all 20 metros
| Metro Area | Region | Resale Price | New Build Price | Price Gap | New vs. Resale % | 4-Qtr Trend |
|---|---|---|---|---|---|---|
Boston-Cambridge-Newton MA-NH · Boston-Cambridge-Newton, MA-NH ✓ New > Resale | Northeast | $720K median resale | $940K est. new build | +$220K new costs more | ++30.6% new % above resale | ↑ |
New York-Newark-Jersey City NY-NJ-PA · New York-Newark-Jersey City, NY-NJ-PA ✓ New > Resale | Northeast | $580K median resale | $760K est. new build | +$180K new costs more | ++31.0% new % above resale | ↑ |
Chicago-Naperville-Evanston IL · Chicago-Naperville-Evanston, IL ✓ New > Resale | Midwest | $330K median resale | $392K est. new build | +$62K new costs more | ++18.8% new % above resale | ↑ |
Houston-The Woodlands-Sugar Land TX · Houston-The Woodlands-Sugar Land, TX ⚠ Flip: Resale > New | South | $335K median resale | $310K est. new build | -$25K resale costs more | -7.5% resale % above new | ↓ |
Orlando-Kissimmee-Sanford FL · Orlando-Kissimmee-Sanford, FL ⚠ Flip: Resale > New | South | $380K median resale | $355K est. new build | -$25K resale costs more | -6.6% resale % above new | ↓ |
Charlotte-Concord-Gastonia NC-SC · Charlotte-Concord-Gastonia, NC-SC ⚠ Flip: Resale > New | South | $385K median resale | $358K est. new build | -$27K resale costs more | -7.0% resale % above new | ↓ |
Tampa-St. Petersburg-Clearwater FL · Tampa-St. Petersburg-Clearwater, FL ⚠ Flip: Resale > New | South | $395K median resale | $368K est. new build | -$27K resale costs more | -6.8% resale % above new | ↓ |
Atlanta-Sandy Springs-Roswell GA · Atlanta-Sandy Springs-Roswell, GA ⚠ Flip: Resale > New | South | $380K median resale | $352K est. new build | -$28K resale costs more | -7.4% resale % above new | ↓ |
Nashville-Davidson-Murfreesboro TN · Nashville-Davidson-Murfreesboro, TN ⚠ Flip: Resale > New | South | $445K median resale | $415K est. new build | -$30K resale costs more | -6.7% resale % above new | ↓ |
Phoenix-Mesa-Chandler AZ · Phoenix-Mesa-Chandler, AZ ⚠ Flip: Resale > New | West | $430K median resale | $398K est. new build | -$32K resale costs more | -7.4% resale % above new | ↓ |
Las Vegas-Henderson-Paradise NV · Las Vegas-Henderson-Paradise, NV ⚠ Flip: Resale > New | West | $420K median resale | $388K est. new build | -$32K resale costs more | -7.6% resale % above new | ↓ |
Dallas-Plano-Irving TX · Dallas-Plano-Irving, TX ⚠ Flip: Resale > New | South | $390K median resale | $355K est. new build | -$35K resale costs more | -9.0% resale % above new | ↓ |
Seattle-Tacoma-Bellevue WA · Seattle-Tacoma-Bellevue, WA ⚠ Flip: Resale > New | West | $760K median resale | $715K est. new build | -$45K resale costs more | -5.9% resale % above new | ↓ |
Denver-Aurora-Lakewood CO · Denver-Aurora-Lakewood, CO ⚠ Flip: Resale > New | West | $590K median resale | $545K est. new build | -$45K resale costs more | -7.6% resale % above new | ↓ |
Austin-Round Rock-Georgetown TX · Austin-Round Rock-Georgetown, TX ⚠ Flip: Resale > New | South | $460K median resale | $415K est. new build | -$45K resale costs more | -9.8% resale % above new | ↓ |
San Diego-Carlsbad CA · San Diego-Carlsbad, CA ⚠ Flip: Resale > New | West | $920K median resale | $855K est. new build | -$65K resale costs more | -7.1% resale % above new | ↓ |
Los Angeles-Long Beach-Glendale CA · Los Angeles-Long Beach-Glendale, CA ⚠ Flip: Resale > New | West | $880K median resale | $795K est. new build | -$85K resale costs more | -9.7% resale % above new | ↓ |
Miami-Fort Lauderdale-West Palm Beach FL · Miami-Fort Lauderdale-West Palm Beach, FL ⚠ Flip: Resale > New | South | $650K median resale | $560K est. new build | -$90K resale costs more | -13.8% resale % above new | ↓ |
San Francisco-Oakland-Berkeley CA · San Francisco-Oakland-Berkeley, CA ⚠ Flip: Resale > New | West | $1.3M median resale | $1.2M est. new build | -$130K resale costs more | -9.8% resale % above new | ↓ |
San Jose-Sunnyvale-Santa Clara CA · San Jose-Sunnyvale-Santa Clara, CA ⚠ Flip: Resale > New | West | $1.9M median resale | $1.8M est. new build | -$170K resale costs more | -8.9% resale % above new | ↓ |
Data Source:
NAR Metropolitan Median Area Prices Q4 2025 (existing) + Census Bureau/NAHB regional ratios (new construction estimates)
• Existing home prices: NAR Metropolitan Median Area Prices, Q4 2025 (published February 2026)
• New home prices: Census Bureau/HUD national median adjusted by NAHB regional construction cost ratios
• Metro-level new home prices are estimates — Census does not publish metro-level new home medians
• Last updated: 2025-Q4 · Next update: Q1 2026 (May–June 2026)