Median Price Per Square Foot
We already looked at median listing price, but the median price per square foot is meant to give a more level playing field for price comparisons. Sometimes, homes cost more because they’re simply worth more, and they’re often worth more because they’re bigger. So, by looking at the price per square foot, you will in theory get a more accurate comparison of various markets.
Even with this leveled-out statistic, though, the results are exactly the same when it comes to the extremes. Some cities did see some significant changes — Baltimore and Sacramento, for example, both jumped up the list in price, while San Antonio’s ranking took a pretty big hit — but the best and worst were unchanged.
Best: San Francisco
San Francisco remained No. 1 for median price, even when adjusted for house sizes. While the average median price per square foot for the cities provided came to just over $170 for the month, San Francisco more than tripled that with a price of $590.
And again, leveling the playing field wasn’t enough for Detroit, which is still stuck in dead last — giving it the unwanted title of “worst” for three of the five categories. In August, homes on the market were listed at only $12 per square foot.