Energy efficiency: Newly constructed homes are generally more energy efficient than older homes - homes built after 2000 use 21% less energy than older homes on average, according to the U.S.While building a home will almost always come with a higher price tag upfront, there are some long-term savings that new construction homeowners enjoy: On the other hand, building a home will likely cost about $250 to $280 per square foot. For example, in Springfield, Massachusetts, buying an existing home will cost around $100 to $200 per square foot, depending on the neighborhood. Is the cost to build a house in Massachusetts cheaper than buying?Īs a general rule, buying an older home will be cheaper than building a home. Building lots in Boston average $230 per square foot, which comes out to more than $1.5 million per acre. Land for homebuilding costs about $102,200 per acre in Massachusetts, according to Home Builder Digest. In Western Massachusetts, lots are typically one-quarter acre, Garcia said. In fact, half of the recent builds in the region are on lots of at least 0.8 acre. One reason that housing lots are so expensive in New England is that local zoning regulations often require large lots and low-density development, the NAHB noted. Consequently, half of all the new single-family homes built in New England since then are on lots that are valued above $200,000. That reputation has gotten stronger, with prices for housing lots in the region jumping by 67% in 2021 alone. Prices of building lots in New England, where Massachusetts is located, have historically been among the most expensive in the country, according to the National Association of Home Builders (NAHB). Land sales for residential use were also up, accounting for 4% of all residential real estate sales in 2021. In pricier parts of the state closer to Boston, the increased cost of land will drive this number higher.īuying a plot of land ($102,200 per acre)Īccording to an April 2022 report by the National Association of Realtors (NAR), land sales nationwide rose 6% in 2021. The cost to build a new home in western Massachusetts, where Garcia works, is about $280 per square foot of living space, Garcia said. “That way, you’re not bidding with other people,” says WayLynn Garcia, an agent in Springfield, Massachusetts who has completed more sales than the average Springfield agent by 29%. Some buyers go the new construction route to minimize competition from other buyers in the market, most of whom will buy an existing home. Even with it’s historic architecture, many Massachusetts buyers choose to pursue a new construction home, either in a new home development or by buying property and hiring a contractor. In a state with relatively high prices for land, how does the total cost to build a house in Massachusetts shake out? Massachusetts’ strong economy, varied landscapes from beach to mountains, rich history, and strong educational institutions make it a sought-after destination (even if that means digging out after a nor’easter).
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