In the Triangle new construction costs anywhere from $200/sf to over $600/sf for a custom-built home and you might be hard pressed to really find $200.

I am going to break down the numbers nationally and show you what is happening locally in Chapel Hill and Durham.

I am Jodi Bakst with Real Estate Experts and welcome to my Youtube Channel – Living in Chapel Hill and Durham - and Market Insights by Jodi.

According to the National Association of Home Builders, the average sale price of a newly built single-family home in 2024 was $665,298, with construction costs accounting for $428,215 of that total.

This marks a 3.2% increase in sale prices and a 9.2% rise in construction costs compared to 2022. Factors like rising material costs and labor shortages have contributed to these increases.

Locally, in Orange County new construction prices are up over 8% with the average price at $664,000. The average price per square foot is at $257. Average land prices are making up a third of this cost at $242,000.

In Durham, new construction prices are down 7% with the average price at $528,000 (still higher than the average resale price at $4896,000). The average price per square foot is $215,000. The average lot price in Durham is considerably lower than Orange County at $100,000.

In Chapel Hill, the average price of new construction is $852,000 with an average price per square foot of $267 and an average lot price of $320,000.

Understanding these costs is crucial if you are thinking about building a home. This helps with budgeting and making informed decisions.

I am Jodi Bakst, Broker Owner of Real Estate Experts working in Chapel Hill and Durham NC. I am also the developer of Array, the state’s first net-zero energy neighborhood. Array is a custom neighborhood with extremely green, energy-efficient homes. I understand new construction and the cost to build.

If you have questions about building and new construction or want to talk about developing a home buying or selling strategy, contact me at the link below.