What’s the Price-Per-Square-Foot of Tri-Cities Homes? It Doesn’t Matter

Many of the buyers and sellers I work with want to know, “What’s the price-per-square-foot of Tri-Cities homes?”

They’re often surprised when I tell them price-per-square-foot just doesn’t matter when it comes to pricing a home…at least not in the Tri-Cities. Let me explain why.

Sometimes on those real estate reality TV shows set in L.A. or New York City, the agent on the show will say, “Houses in this area are selling at $1,700 a square foot,” or, “The last house in this neighborhood sold at $2,100 a square foot, and we can price yours the same.”

We’ve never done that in the Tri-Cities, and I’m so glad.

It seems like it would be easier, doesn’t it? I know some clients have approached me and said, “My friend’s house sold for $210/square foot, and my house is MUCH better than theirs….” So they assume their asking price should have a higher price-per-square-foot.

But trying to determine the value of a home using the price-per-square-foot metric is like trying to evaluate a person’s worth by calculating their BMI (Body Mass Index)! The two just aren’t related.

Let’s just think about location for a moment — it’s always an important factor in determining a home’s value. Let’s say you have a 2,000-square-foot home in a Kennewick neighborhood, maybe Southridge. Now take that same exact home and place it on the Columbia River. The house hasn’t changed at all, just the location. But when it’s located on the river, it’s almost certainly gonna sell for a higher amount. Same square footage, different price. That means the price-per-square-foot is different, too.

That’s just one aspect of a home’s price. There are so many variables that need to be considered when pricing a Tri-Cities home — location, amenities, condition, etc. Using a simple math equation like price-per-square-foot cannot possibly encompass all of those variables.

So ask a knowledgeable real estate agent (use the form below!), or pay for an appraisal by a bank, to get an accurate market price for your house. Don’t rely on the price per square foot of your friend’s home.