What is the price per square foot for a new home in Edmond?

What is the price per square foot for a new home in Edmond?

If I had a nickel for every time someone asked me that question… well, you know how that goes.  So, I bet you think I’m going to give a simple answer?  I wish I had one!  The reality is that there are a lot of variables that affect the price per square foot of a new home in Edmond or anywhere else.  The market for new homes in Edmond isn’t unique; just like any piece of real estate, the three most important factors are: location, location, and location.   OK, joking aside, the fact that a new home is located in Edmond has a great deal do with the price per square foot.  To begin with, since Edmond is a desirable place to live, the land on which you build your new home will be more expensive than elsewhere around Oklahoma City.

The next biggest impact on the price per square foot is the number of square feet.  How does that work?  Think about it this way: let’s say the lot you’ve selected for your new home in Edmond costs $30,000, and you want to build a new home that is 3000 square feet.  Now, the dollar amount that the cost of the lot contributes to the cost of the new home is $30,000 divided by 3000 square feet, which equals $10 per square foot (you see why I picked those numbers now…makes the math easy!).  To see the impact of the lot cost on the price per square foot, now imagine you want your new home to be 1500 square feet.  The same lot cost of $30,000 is now only spread out over 1500 square feet; $30,000 divided by 1500 square feet equals $20 per square foot.  The size of your new home in Edmond went down by half, but the cost per square foot doubled!  The same thing applies to all the other items in the home that have a fixed cost.  To say it another way, the cost of anything that goes in your home regardless of the size of the home (appliances, toilets, cabinets, etc.) must be spread out over whatever square footage your home has.  An oven costs what an oven costs, whether your new home is 3000 square feet or 1500.  If you spread that cost out over more square feet, then the cost per square foot goes down.  In general terms, all other things being equal, the bigger the new home, the lower the price per square foot.

As you can imagine, the cost of the materials you choose for your new home in Edmond or anywhere else also has a huge impact on the price per square foot. Let’s say you cover the floors with hardwood instead of carpet.  Depending on the wood, that’s going to increase the price by $5 – $20 per square foot (or more, depending on how exquisite your taste).

There you have it – the answer to the question, “what is the price per square foot of a new home in Edmond?”.  You can phrase the question another way, such as “how high is up?”.

Thanks for reading!

Tim