Sale and Contract Prices per Square Foot in 2015

Looking at single-family homes started in 2015, the median prices, excluding improved lot values, range from $168 per square foot for contractor-built homes in the Pacific division to $78 per square foot for speculatively built homes in the East South Central division.

At $168 per square foot, new contractor-built single-family homes in Pacific are the most expensive to build exceeding the national average of $105 per square foot by 60 percent. Per square foot costs exclude the cost of developed lot, so highly variant land values cannot explain the regional differences in per square foot costs. However, higher and rising regulatory costs undoubtedly contribute to higher per square foot costs.

New England with the median contract price of $149 per square foot is second on the list of most expensive contract prices per square foot. In 2015, New England also became home to the most expensive spec houses with the median sale price of $144 per square foot, excluding improved lot values.

For information on the price per square foot in the Midwest, click here.