Price per sq. ft. is more often used when building homes as a general guideline. I like to tell my clients that building a home on a lot costs around $300 a sq. ft. but really depends on the materials, custom high-end homes can be very $$$!
Keller Wms Realty
By the way, when it comes to resale homes, I'm not a fan of the "price per SF" way of determining how to price a home or what to offer on a home. Because....price per SF is just about basic math. Think about it: Smaller square-foot homes command higher per-square-foot costs. Larger square-foot homes command lower per-square-foot prices. Right?
Plus the Price Per SF method doesn't take into account things like finishes, lot size, age of home, updates, location, or other features like a swimming pool, hot tub, etc.
I would look at recent sold comps -- what similar size homes have been selling for in the last 3 months. In addition to the sold comps, I'd look at what the competition looks like? Are other active listings going under contract?