It can be tempting to try to simplify home value down to a price per square foot.  That 2500 SF home sold for $500K, so my 2500 SF home will also sell for $500K, right?

Well, maybe.

There are almost always a lot of other variables that will result in different values for two homes of the same size.

For example...

1.  Is the square footage equally distributed between above grade and below grade in both houses?

2.  Are the actual ages of the homes the same?

3.  Are the effective ages of the homes the same relative to system updates?

4.  Do the homes have similar exteriors from an architectural interest and building material perspective?

5.  Are the interior finishes and fixtures just as updated (or not updated) in both homes?

6.  Do the two homes share the same lot topography as it relates to accessibility for vehicles or for outdoor fun in a backyard?

7.  Do the homes have the same inside/outside living space when it comes to decks, porches, screened porches, etc.?

8.  Do the homes have the same amount of unfinished square footage?

You get the idea... homes of a similar size, even in the same neighborhood, can sell for very different sales prices.

So, sometimes a price per square foot is a helpful metric, but more often than not the value of one house vs. another (even of a similar size) is more nuanced than the square footage alone would suggest.