According to a new Clever Real Estate analysis, Miami has the widest new-construction price gap among major U.S. cities, with newly built homes selling for more than twice the city’s overall median home price.
The study, which examined Zillow home sale data across 100 of the largest U.S. cities, found that newly built homes in Miami sold for a median price of $1.075 million. Miami’s overall median home price was $475,000, creating a $600,000 gap between new construction and the broader housing market.
The difference was the largest in the country, ahead of Los Angeles, Cleveland and New York City. Nationally, newly built homes sold for a median price of $409,565, compared with $357,000 for all homes, a gap of $52,565.
The Miami numbers point to a new-home market that is serving a much narrower segment of buyers. New construction accounted for just 4 percent of Miami home sales, meaning newly built homes remain a small share of the overall market despite their high prices.
Other Florida markets in the study showed different patterns. In Cape Coral, new homes sold for a median price of $350,000, about $20,000 below the city’s overall median, and accounted for 37 percent of sales. In Lakeland, new construction accounted for 58 percent of home sales, with a median new-home price of $312,960.
The data shows wide variation in Florida’s new-construction market. Cape Coral and Lakeland had higher shares of new-home sales at lower median prices than Miami, where new construction accounted for 4 percent of sales and carried a median price of $1.075 million.