The price per square foot rose by 52.7% in 50 largest U.S. metro areas over five years, emphasizing its importance in assessing home values accurately.
Price per square foot allows for easy property comparison, considering factors like size, location, and condition, influencing pricing decisions in real estate.
Agents should focus on comparable listings beyond price per square foot to provide clients with a holistic view encompassing condition, upgrades, and location.
Fluctuations in median list price can occur due to market factors like the introduction of smaller homes without impacting overall home values, requiring a broader view for assessment.
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