How Much Did Home Construction Cost in 2024?

In 2024, the average cost of construction of a home in the U.S. was $428,215, which accounted for 64.4% of the average price of a home ($665,298), according to the National Association of Home Builders.

This is a 3.6 percent point increase from 2022 when construction accounted for 60.8% of the average price of a home. It’s also a record high for construction costs since NAHB started collecting data in 1998.

The finished lot was the second largest cost at 13.7% of the sales price, down significantly from 17.8% in 2022.

Still, the average builder profit margin remained relatively steady, going from 10.1% in 2022 to 11.0% in 2024.

Overall, the breakdown of costs for each major construction stage (and their share of the total construction cost) included:

1. Site work: $32,719 (7.6%)
2. Foundations: $44,748 (10.5%)
3. Framing: $70,982 (16.6%)
4. Exterior finishes: $57,510 (13.4%)
5. Major systems rough-ins: $82,319 (19.2%)
6. Interior finishes: $103,391 (24.1%)
7. Final steps: $27,710 (6.5%)
8. Other: $8,835 (2.1%)