Here’s how the latest price per square foot numbers break down.
What’s happening in our real estate market? Today I want to go over the latest pricing numbers and find out.
If you check out the video at 0:15, you can see a chart showing the price per square foot in Fort Wayne. Right now, the average is $118 per square foot, which is 14% higher than it was 12 months ago.
We can break this statistic down even further. The average price per square foot of resale homes is $114. Meanwhile, new construction homes have a price per square foot of $167. Many buyers are frustrated with this market because there isn’t much inventory to choose from. However, if you decide to build a new home, just know that it will be quite a bit more expensive than buying resale.
“Many buyers are frustrated by a lack of inventory.”
That being said, the price per square foot of resale homes is increasing faster than new construction prices. I was surprised to see this since material and labor costs are rising daily. If you are thinking of purchasing a resale home, you may want to make a move sooner rather than later.
If you have questions about today’s topic or anything else, please call me at (260)747-4400 or email David@anthonyrealtors.com. I look forward to hearing from you!