Price per Square Foot Calculator (Compare Two Homes)

This price per square foot calculator divides a home's price by its living area to give the price per square foot, the figure buyers, sellers and appraisers use to compare homes of different sizes. It also gives the price per square metre, and it compares two homes side by side so you can see which is cheaper for the space and by how much.

Price per square foot is a quick way to put a listing in context. A $450,000 home and a $380,000 home are hard to compare until you know their sizes; at 2,000 and 1,600 square feet, the more expensive one is actually cheaper per square foot. The calculator does that division for any two properties.

You can enter the area in square feet, square metres, square yards or acres. Conversions use the international foot, so one square foot is exactly 0.09290304 square metres. That lets you compare a listing quoted in square metres with one in square feet, or price a plot of land per acre.

1. Enter the price of the first home and its living area.
2. Choose the unit the area is quoted in. The same unit is used for both homes.
3. Enter a second home's price and area to compare, such as a nearby listing or a recent sale.
4. Read home A's price per square foot at the top, its price per square metre, home B's price per square foot and which is cheaper per square foot.

The presets cover a listing quoted in square metres, a condo compared with the default home B, and a plot of land priced by the acre. The table below the calculator lists the price per square foot of a $400,000 home at different sizes.

1. Convert the area. The area is converted to square feet and to square metres with exact factors. A square foot is 0.09290304 square metres, and an acre is 43,560 square feet.

1. Divide. The price per square foot is the price divided by the area in square feet, and the price per square metre is the price divided by the area in square metres.

1. Compare. The home with the lower price per square foot is cheaper for its space. The percentage gap is the difference between the two prices per square foot divided by the higher one.

1. Round for display. Prices per unit of area are rounded to the cent, areas to two decimal places and the gap to two decimal places, only when shown.

With the default inputs, home A at $450,000 for 2,000 sq ft and home B at $380,000 for 1,600 sq ft:

1. Home A: $450,000 ÷ 2,000 = $225.00 per square foot.
2. In metric, 2,000 sq ft is 185.81 m², so home A costs $2,421.88 per square metre.
3. Home B: $380,000 ÷ 1,600 = $237.50 per square foot.
4. Home A is 5.26% cheaper per square foot, $12.50 less, even though its price is higher.

A condo at $325,000 for 1,150 sq ft works out to $282.61 per square foot, so the default home B is 15.96% cheaper per square foot.

A listing at 300,000 for 100 m² is 3,000 per square metre, which is 278.71 per square foot. Price per area works in any currency, since the calculator only divides.

The answer depends on what area you divide by, so make sure both homes use the same measure. For mortgage appraisals, Fannie Mae requires appraisers to follow the ANSI Z765-2021 standard when measuring and reporting above-grade and below-grade square footage, and to report below-grade areas, such as a basement, separately from the above-grade living area.

Listings are less consistent. One may include a finished basement and another may not; one may be measured by the builder and another by the seller. When you compare homes by price per square foot, check that each figure is above-grade finished living area, or adjust it so they match.

There is no single good figure. Price per square foot depends on the location, the age and condition of the home, the lot, and the market at the time. It is useful for comparing similar homes in the same area and the same period, not homes across town or across the country.

Size also moves it. The table below the calculator shows that at the same $400,000, a 1,000 sq ft home is $400.00 per square foot and a 4,000 sq ft home is $100.00. Smaller homes usually cost more per square foot, since the land and fixed items such as a kitchen are spread over less space.

• Land and lot size. The price covers the land too. Two homes with the same living area on very different lots are not comparable by price per square foot alone.
• Condition and features. A renovated kitchen, a garage, a pool or a view changes the value without changing the living area.
• Unfinished space. Garages, attics and unfinished basements are usually left out of living area, though they have value.
• Measurement differences. The result is only as good as the areas you enter. Listing areas can be estimates.
• Fees and closing costs. Only the price is used.

• Mixing gross and living area. Use the same measure for both homes.
• Including the basement in one home and not the other. Appraisals report it separately for a reason.
• Comparing across neighbourhoods. Price per square foot is a local measure.
• Using it to value land. For a plot, price per acre or per square foot of land is a different figure from a home's price per square foot of living area.
• Treating a lower figure as a bargain. A large, plain home will often be cheaper per square foot than a small, well-finished one without being better value.

• Fannie Mae Selling Guide, B4-1.3-05, Improvements Section of the Appraisal Report: measuring and reporting above-grade and below-grade square footage under ANSI Z765-2021. selling-guide.fanniemae.com/sel/b4-1.3-05/improvements-section-appraisal-report
• NIST Handbook 44, Appendix C, General Tables of Units of Measurement: the square foot, square yard and acre. nist.gov/pml/owm/nist-handbook-44-current-edition