1. What is price per square foot?
Price per square foot is a real estate metric that divides a property’s price by its total square footage. It allows buyers and sellers to compare properties of different sizes on an equal basis.
2. How is price per square foot calculated?
Price per square foot is calculated by dividing the property price by the total square footage. For example, $450,000 ÷ 2,000 sq ft = $225 per square foot.
3. What is a good price per square foot?
A good price per square foot depends on the location, property type, and market conditions. Compare to recent sales of similar properties in the same area. This calculator provides market benchmark comparisons.
4. What is the difference between price per square foot and cost per square foot?
Price per square foot is the market value per square foot. Cost per square foot is the construction cost to build a property. They are different measures used for different purposes.
5. What is the difference between price per square foot and cap rate?
Price per square foot measures property value relative to size. Cap rate measures investment return (NOI ÷ Property Value). They are both useful but for different purposes.
6. What is the difference between price per square foot and assessed value per square foot?
Price per square foot is based on market value. Assessed value per square foot is based on property tax assessments, which may be lower than market value.
7. Does price per square foot include the garage or basement?
Typically, garages and unfinished basements are excluded. The standard is heated/cooled living area. Some markets include finished basements. Always verify what square footage is included.
8. How accurate is this price per square foot calculator?
It is mathematically precise based on standard formulas. However, actual market conditions vary. Use it as a reliable comparison tool and verify with local comparable sales.
