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Price per Square Foot Formula:
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Price per square foot is a common metric used in real estate to compare the value of properties by standardizing the cost relative to their size. It's calculated by dividing the total price of a property by its total square footage.
The calculator uses the simple formula:
Where:
Explanation: This calculation provides a standardized way to compare properties of different sizes by showing how much you're paying for each square foot of space.
Details: This metric is crucial for real estate comparisons, helping buyers assess value, investors analyze deals, and appraisers determine property valuations. It's particularly useful when comparing similar properties in the same market.
Tips: Enter the total price in USD and the total square footage in ft². Both values must be positive numbers. The calculator will instantly compute the price per square foot.
Q1: What's a good price per square foot?
A: This varies widely by location, property type, and market conditions. Compare with similar properties in the same area for meaningful analysis.
Q2: Does price per square foot include land value?
A: Typically yes, unless you're calculating building-only value. Be consistent in your comparisons.
Q3: Why do smaller properties often have higher price per square foot?
A: Fixed costs (like kitchens and bathrooms) are distributed over fewer square feet, making smaller units more expensive per square foot.
Q4: How accurate is price per square foot for valuation?
A: It's a good starting point but doesn't account for layout, condition, or special features. Always consider other factors.
Q5: Should I use interior or exterior measurements?
A: For residential, typically interior livable space. Commercial may use different standards - be consistent in your comparisons.