Building Costs Per Square Foot in the City of El Paso (TX), USA

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Newly Built House in El Paso 965 Haggerston Street TX-79928 - 4 Bedrooms and 2 Baths on Gross Floor Area 1,344 sqft - Built in 2021 - Price $261,950 (1)

Newly Built House in El Paso 965 Haggerston Street TX-79928 – 4 Bedrooms and 2 Baths on Gross Floor Area 1,344 sqft – Built in 2021 – Price $261,950 (1)

Residential Construction Market Analysis in the City of El Paso (TX), USA

Building costs are -7% below the national average in the City of El Paso in Texas. Who doesn’t love shopping? There is always something new to find. Maybe you already had something in mind, or you want the market to surprise you. We do not talk about going to buy clothes at the mall, but we focus on shopping for residential properties.

This market is much more entertaining than the typical mall in town, but it is also much riskier, with unforeseen ups and downs, and a much larger investment. Anyway, there is something fun that comes from the adrenaline of buying residential properties, and here we want to spread that to you.

In this article, we will focus mainly on the real estate market and residential construction in the city of El Paso, located in the state of Texas. Keep scrolling down to learn more and find all the information that you need.

El Paso (TX) Construction Outlook

El Paso is a beautiful city, but it is in the shadow of other larger cities in Texas like Houston, Austin, and Dallas. This does not mean that it is not a large urban center, even in other states of this region of the United States it would be considered a city worthy of being a capital.

To give you an image of what El Paso is like, we will tell you a little about its neighborhoods. The financial district is where the vast majority of buildings are located. While you can find others on the outskirts, this is where they are largest and where they are found side by side.

These buildings may reach great heights, but they don’t even come close to the great skyscrapers of Chicago, NY, or LA. Still, part of El Paso’s motto is to embrace the nature of the inner city, so it makes sense that there isn’t as much of an interest in gargantuan construction.

Then outside the financial district, you can find residential houses. Some are luxury and the vast majority are from lower or middle-class families. Keep in mind that Texas mansions are mostly found in the larger cities mentioned above.

El Paso (TX) Housing Market Analysis and Forecast

El Paso is one of the most affordable cities to live in, and also the values ​​of its residential properties are among the cheapest. Although there was a 12% increase in average property values ​​compared to 2021, these prices continue to be much cheaper than other urban centers in the United States.

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In 2022, 560 properties have already been sold, which sounds like a good number but this is less than last year when 660 properties were sold. In any case, specialists point out that this drop in sales is because there are fewer properties listed.

The El Paso real estate market is quite competitive. There are many reasons for this, but one of the main ones is that it is a city that is in a great state. More and more people are looking to move to Texas because it’s cheaper to live here and there are fewer taxes than in other big cities (and you get the same perks of a good lifestyle).

This makes it a real estate market that benefits sellers. People who have residential properties for sale know that many sellers are lurking, ready to bid and compete for a property, so they wait to sell until they receive the highest price.

Almost all of the residential properties in El Paso are selling for more than the list price, which shows you that the sellers are making huge profits. Anyway, now when we tell you more about the average home values ​​in El Paso you will see that it is still a great option to buy a residential property.

El Paso (TX) Average House Price (Median Home Price)

We hope we have not disappointed you with the above explanation. Although it is indeed a competitive market, El Paso continues to have one of the best average values, especially when compared to other urban centers with similar characteristics.

The average median home value is $230,000. This is 12% more than in 2021 when the median home value was $210,000. This is the average for single-family homes but varies for townhouses and condo/coop properties.

In the case of townhouses, something particular happens that is different from the trend in other cities in the United States. The average value of a townhouse is $240,000, so it is higher than that of the median home and this is something that does not happen very often.

In the case of condos/coops, the average property value is $185,000. This number is fantastic and quite cheap if we see it in comparison with that of other similar cities. Last year during this period the average value of these properties was $95,000, so the increase was a little over 90%.

Proposed Residential Building Projects in El Paso (TX)

El Paso is a fairly conservative city when it comes to its architecture (remember that we told you a little about it in the construction outlook earlier in this article). This does not mean that there are no innovative and interesting projects being prepared for the coming years.

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Some construction companies have already obtained the land to build buildings in downtown El Paso. These buildings will have between 10 and 20 floors, which is quite a large number if you compare it to the other buildings you can find in the city.

In the areas near the University of Texas at El Paso and the Texas Tech University campus, there are several condo/coop construction projects. These are designed to receive university students, so if you are not in that category we recommend you avoid them.

In the suburbs, there are some luxury housing projects, but they are not the large mansions that you would find in other cities in Texas like Houston, Dallas, or Austin. They are luxurious houses because they are modern, new, and made with an innovative aesthetic that stands out above the rest of the houses in the city.

Then there are house projects but they are aimed at middle-class families. They are welcoming homes, prepared to be the forever home of a family that wants to live the lifestyle that can be found in El Paso.

Newly Built House in El Paso 12753 Linstead Avenue TX-79928 - 4 Bedrooms and 2 Baths on Gross Floor Area 1,344 sqft - Built in 2022- Price $269,950

Newly Built House in El Paso 12753 Linstead Avenue TX-79928 – 4 Bedrooms and 2 Baths on Gross Floor Area 1,344 sqft – Built in 2022- Price $269,950

Building Costs Per Square Foot for Single Family Homes in the City of El Paso (TX), USA

Building costs are -7% below the national average in the City of El Paso in Texas.

Class 1 – Luxury Single Family Homes

The building cost per square foot for luxury private homes in El Paso City ranges from $320.75 per sqft to $491.69 per sqft, with the average being $378.53 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 2 – Semi Luxury Single Family Homes

The building cost per square foot for semi-luxury private homes in El Paso City ranges from $194.94 per sqft to $298.81 per sqft, with the average being $230.05 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 3 – Best Standard Single Family Homes

The building cost per square foot for best-standard private homes in El Paso City ranges from $126.02 per sqft to $191.40 per sqft, with the average being $147.54 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

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Class 4 – Good Standard Single Family Homes

The building cost per square foot for good-standard private homes in El Paso City ranges from $91.97 per sqft to $141.03 per sqft, with the average being $108.54 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 5 – Average Standard Single Family Homes

The building cost per square foot for average-standard private homes in El Paso City ranges from $74.65 per sqft to $114.32 per sqft, with the average being $88.03 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 6 – Minimum Standard Single Family Homes

The building cost per square foot for minimum-standard private homes in El Paso City ranges from $58.88 per sqft to $90.25 per sqft, with the average being $69.46 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

 


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