Price Per Square Foot Explained
Price per square foot ($/sq ft or PSF) is the most common metric for comparing property values, flooring costs, construction budgets, and commercial leases.
| Use Case | Typical $/sq ft Range |
|---|---|
| US residential home (median) | $150 – $350 |
| New construction (build cost) | $100 – $400 |
| NYC / SF luxury condos | $800 – $3,000+ |
| Hardwood flooring (installed) | $8 – $25 |
| Commercial office space (rent/yr) | $20 – $80/sq ft/yr |
| Carpet installation | $3 – $12 |
Frequently Asked Questions
Divide the total price by the area. Example: $450,000 home with 1,500 sq ft = $300/sq ft. For flooring: $2,400 for 300 sq ft = $8/sq ft.
It varies by location. US national median runs $150–$250/sq ft. Expensive metros (NYC, SF, LA) often exceed $800–$2,000/sq ft. Always compare against recent comparable sales in the same ZIP code.
For home sales, yes — the calculated PSF includes both structure and land. New construction cost PSF refers to building cost only, excluding land purchase price.
1 square meter = 10.764 square feet. Multiply square meters by 10.764 to convert. For example, a 120 sq meter apartment equals about 1,292 sq ft.
Commercial leases typically quote rent as annual dollars per square foot. A 2,000 sq ft office at $35/sq ft/year = $70,000/year or about $5,833/month.
No. PSF is one of many factors. Condition, location, lot size, finishes, neighborhood, and school ratings all affect value. PSF is most useful for comparing similar properties in the same area.