Average and median price per square foot held in the $650-800 range for the four years of 2017 to 2020. In 2021 both the average and median gapped above the psychologically important level of $1,000 per square foot and increased to around $1,250 in 2022. 2023 built on that momentum further, with our median registering $1,418 per square foot. This data is skewed by the properties that sell as clear tear downs, and those properties that are highly polished but light on square footage. The price per square foot measurement is historically unimportant in our market, but it helps to know these metrics as we seek to understand appropriate valuations. Remember, any one of these pieces of data is not individually significant when trying to ascertain the value of any given property. However, when all of these defining characteristics are reviewed together there is a usually a clear consensus of value.
Data from MLS and known sales. Data from 1/1/23 to 12/19/23, residential single family sales with private frontage only. South Shore Club and vacant land sales excluded. Information deemed reliable but is not guaranteed.