The median prices per square foot of homes started in 2017 range from $155 for contractor-built homes in the Pacific region to $86 for spec-built homes in the East South Central division, excluding improved lot values, according to the Survey of Construction.
The Pacific is the most expensive region by square foot for both for-sale spec homes and contractor-built single-family homes. Over half of custom homes started here in 2017 cost over $155 per square foot, and half of spec starts cost over $153 per square foot.
In 2017, the Mountain division registered the biggest difference between median contract and sale square foot prices ($144 vs $115, respectively). The differences are also substantial in Midwest ($114 vs $101 in the East North Central division, and $118 vs $107 in the West North Central division). However, as mentioned above, the two costliest divisions – New England and Pacific – registered no significant difference between median square foot sale and contract prices in 2017.Read More