How to Determine Price Per Square Foot by ZIP Code (and Why You Need to Know)

How important is calculating the price per square foot by ZIP code of houses during your home search?

The average price per square foot in new single-family homes in the U.S. is about $150 in 2024, not including land. Lot costs alone can range between $3,000 and $150,000, depending on location and size. But what about in the specific neighborhoods where you’re looking for a home?

When you’re starting out on your homebuying journey, it’s important to use all the tools in your arsenal to determine if a house is priced fairly. Price per square foot, location, and other factors play a large role in determining a home’s price.

Buying a House in 2024?

If you are thinking of buying a house in 2024, you might be concerned about rising mortgage rates, high prices, and inventory shortages. Working with an expert buyer’s agent will help you navigate this difficult market and win your dream home at a fair price. HomeLight analyzes millions of transactions to find you the perfect agent for your needs, connect with a top agent today to get started.

Get Started

If you know how to calculate the price per square foot by ZIP code and include other factors in your research, it’s easier to see whether homes are competitively priced in the areas you’re searching. Using data and expert opinions, we’ll help you learn how to calculate square footage costs, including existing homes versus new builds, and account for home location on your house hunt. This will help you price homes effectively, and may even give you an edge in your negotiations.

How to calculate square footage costs

Calculating the average price per square foot of a home typically involves using a simple equation of price of the home divided by the square footage of the home. This will give you the average price per square foot for that particular property.



from HomeLight Blog https://www.homelight.com/blog/buyer-price-per-square-foot-by-zip-code/

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