Buyers Peter Mancini November 17, 2023
Calculating a home's price per square foot is a common method used in real estate to compare the relative value of different properties. To calculate the price per square foot, you'll need two pieces of information: the total price of the home and its total square footage. Here's the formula:
Price per Square Foot=Total PriceTotal Square Footage
Here's a step-by-step guide:
Determine the Total Price:
Determine the Total Square Footage:
Plug the Values into the Formula:
Price per Square Foot=Total PriceTotal Square Footage
Example:
Keep in mind that the price per square foot can vary widely based on factors such as the location, neighborhood, the condition of the home, and the local real estate market. It is just one of many factors to consider when evaluating the value of a property. Additionally, using this metric to compare properties should be done cautiously, as differences in the quality of construction, finishes, and amenities can significantly impact the value.
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By Peter Mancini, Pen Realty | Brooklyn Real Estate Expert | REBNY & BNYMLS Member
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