Building Costs Per Square Foot in the City of Fresno (CA), USA

Residential Construction Market Analysis in the City of Fresno (CA), USA

Newly Built House in Fresno 2631-2631 Front Street #C, TX77545 – 4 Bedrooms and 2 Baths on Gross Floor Area 2,762 sqft – Built in 2022 – Price $335,000

Building costs are -2% below the national average in the City of Fresno in California. California is known for being a state of cities. Any type of county or neighborhood has the potential to become a great city. The proximity to Hollywood and the world of stars makes it attractive for anyone from the country to come and live in this region, but it is not always affordable.

If you’re looking to move to California but don’t have the budget for Los Angeles, then let us introduce you to the wonder that is Fresno. This city goes unnoticed because all the reflectors go to the city of angels, but it has nothing to envy.

In this article, we will tell you everything you need to know about your real estate market, the current values, and the trends that are expected for the near future. In addition, we will tell you about the construction outlook and the new projects that are coming.

Fresno (CA) Construction Outlook

Fresno’s construction outlook is quite varied and contrasts with what you’d see in other California cities. Its buildings are like giant beasts of gray concrete, where there is not much room for the artistic side. Its color is so monotonous that there were even projects to fill the city with murals and give it a new life, although this has not happened yet.

Its neighborhoods are of all kinds, although more modest than those of Orange County, Los Angeles, or San Francisco. Nothing wastes luxury in Fresno, but therein lies its magic. It is a modest, quiet city, perfect for a family. And if one day you want a little more light, you only have to drive a couple of hours and you will be in the other great cities of California.

Single-family homes are the real stars, though condos/co-ops are also stars of the Fresno skyline. The buildings, as we have already said, are more outdated, although there are projects to modernize the city (we will talk about them later.

Fresno (CA) Housing Market Analysis and Forecast

The Fresno real estate market is quite prosperous, with values ​​growing at 10% per year. It is expected to continue growing, in fact, some experts say that this growth will be 15% during 2023. This is because more and more people choose Fresno as an alternative city to the others in California.

Houses take as little as 20 days to sell in Fresno, and this is one of the best averages nationally. It is due to the great demand that buyers have to find properties in the city. In addition, properties can be sold for up to 10% more than the list price, since many buyers are competing for them.

There was a 40% increase in the number of properties listed for sale compared to last year, meaning buyers have plenty of opportunities to find a home they like and that suits what they’re looking for.

Home values ​​in the Fresno Metro increased by 20% compared to last year, and are expected to increase by 10% during 2023. San Joaquin County and Madera County saw the highest growth in their values, outperforming 25% annual growth.

Fresno (CA) Average House Price (Median Home Price)

The median home price in Fresno California is $385,000, down 10% from last year. The peak was in April and May of this year when they reached values ​​of $390,000. Fresno’s real estate market is getting an extra boost from the number of people from Los Angeles and San Francisco choosing to live here, so prices are not expected to drop during the winter months.

The median home price is obtained based on the value of all the properties listed in the real estate market, so in reality, there may be differences and you will find properties of all prices. So that you have a more accurate look, we will talk about other averages.

The average value of the single-family home is $390,000, although it reached $400,000 during May and April and it is expected that next year it will start with that last number. Townhouses are not popular in Fresno, so there are no numbers to be exact. It is not a type of property that abounds, so in the statistics, it is usually linked with the condos/co-ops.

In the case of condos/co-ops, the average value is $255,000, which is the highest value historically in Fresno. Not even during the summer months did it reach those values ​​(it had an average between $240,000 and $230.00). However, the value of these properties is expected to continue to increase.

Proposed Residential Building Projects in Fresno (CA)

The image of Fresno as a city is changing, in search of modernization, and this is evident in the projects that are coming in the future. They are very varied, and basically, there is something for all tastes and budgets.

On Kearney Boulevard, which is already a place characterized by its large houses, there is a construction company that is building prefabricated houses to locate them there and that are large single-family homes. They are expected to have 4 or more bedrooms, a garage, and a park. They are not luxury homes and are expected to be worth $400,000 or less.

In the civic center of Fresno, there are some more modern building projects, but they are still quite small. They are not like the buildings you can see in LA or San Francisco, but they will not be less beautiful for that. They are expected to have between 10 and 15 floors, with residential apartments.

There are some condo/co-op projects in the Tower District and Old Fig Garden, which are expected to attract more residents and revitalize those areas that haven’t yet prospered as much as downtown Fresno. In Sunnyside, a few houses are being built near the high school, and it would not be surprising if many more are built.

Newly Renovated House in Fresno 4506 Twin Timber Ct, TX77545 – 4 Bedrooms and 3 Baths on Gross Floor Area 2,587 sqft – Built in 1995 – Price $389,000

Building Costs Per Square Foot for Single Family Homes in the City of Fresno (CA), USA

Building costs are -2% below the national average in the City of Fresno in California.

Class 1 – Luxury Single Family Homes

The building cost per square foot for luxury private homes in Fresno City ranges from $337.99 per sqft to $518.13 per sqft, with the average being $398.88 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 Fresno City ranges from $205.42 per sqft to $314.87 per sqft, with the average being $242.41 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 Fresno City ranges from $132.79 per sqft to $201.69 per sqft, with the average being $155.47 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 4 – Good Standard Single Family Homes

The building cost per square foot for good-standard private homes in Fresno City ranges from $96.91 per sqft to $148.62 per sqft, with the average being $114.37 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 Fresno City ranges from $78.66 per sqft to $120.47 per sqft, with the average being $92.76 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 Fresno City ranges from $62.04 per sqft to $95.10 per sqft, with the average being $73.19 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.