The national average of price per square foot for contractor-built homes started in 2015 was $105, reports Natalia Siniavskaia for the National Association of Home Builder’s Eye On Housing blog. But that average cost was 60% higher in the Pacific Division, $168 per square foot.
And that high figure is not attributed to land costs. 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.
In the East South Central division, the cost was $78 per square foot for speculatively built homes, the lowest in the country. In New England, the median contract price of $149 per square foot was 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.