One of the most common questions I get when I'm talking about stats is "What's the price per square foot for X neighborhood". It's a good question, but the answer I give won't really give you a good look at the neighborhood, or what an offer price for a house might be.
Let me show you why by looking at the current extremes in the Triangle. Here are the 10 highest price per square foot listings today:
There are many factors that agents consider when pricing a home, and almost 100 acres of land in Wake County is going to be very expensive even if the only home on the property is a modest structure. Let's take a look at the other end of the spectrum:
At the other extreme you have deals that look too good to be true on paper - until you see the listings and you realize that they are either overgrown with weeds (inside and out) or they have the original 1925 kitchen. I'm all for vintage charm but I also like some modern conveniences and the work you'd have to put into most of these will probably raise that price per square foot quite a bit.
For reference, here's a look at the Year-to-Date average price per square foot in a couple of neighborhoods in the area:
(Click the links to see what's on the market in those neighborhoods)
People always want to find a deal, so you don't want to be the most expensive home on a price/square foot basis. When I price homes to sell in today's seller's market I suggest a home that's right around the average for the neighborhood. Too high (even if it's fair) and homes tend to stay on the market for a while. Too low and the seller doesn't get what they deserve!
Want to know stats on a neighborhood you might be interested in? Reply back and I'll hook you up!