Building Costs Per Square Foot in the City of Mesa (AZ), USA

Spread the love

Residential Construction Market Analysis in the City of Mesa (AZ), USA

Newly Built House in Mesa 3631 N Sky Point Cir AZ85207 – 5 Bedrooms and 6 Baths with 8 Attached Garages on Gross Floor Area 7,708 sqft – Built in 2009 – Price $3,495,000

Newly Renovated House in Mesa 3631 N Sky Point
Cir AZ85207 – 5 Bedrooms and 6 Baths with 8
Attached Garages on Gross Floor Area 7,708
sqft – Built in 2009 – Price $3,495,000

Building costs are 3% above the national average in the City of Mesa in Arizona. If you are looking to buy a property, then Arizona represents one of the best opportunities thanks to its affordable prices. Phoenix and Tucson may be their best-known cities, in fact, we also did some articles about them, but here we will focus on the city of Mesa.

This city is a true hidden gem, with more than 500 thousand inhabitants, it has a growth that does not seem to be close to stopping, at least not shortly. This growth is reflected in the real estate market, with better percentages in recent times.

Continue reading this article to learn more about the real estate market in Mesa, Arizona. Here you will find everything from the construction outlook, to current prices and those that are coming in the next few years, including the next residential construction projects.

Mesa (AZ) Construction Outlook

Mesa is a city in Arizona, but it is actually considered a town due to the type of buildings it has. Their construction outlook is mostly single-family houses, and there aren’t many buildings.

If you go to downtown Mesa then you will come across some very popular townhouses. There are only a couple of buildings that you can practically count on your hand. Although there are few buildings, they are quite large and old.

It does not have a modern construction outlook, on the contrary. In Mesa, the spirit of small-town Arizona is followed. Even in the center, you can find single-family homes that are modest in style, right from the 90s. You won’t find many modern constructions, as even the new ones retain the architectural style of the city.

Most of the properties are made with cement and bricks, but in the outskirts, there are some prefabricated houses. Prefabricated houses are made of wood, and do not usually have many problems with weather conditions, so they are a good option.

Mesa (AZ) Housing Market Analysis and Forecast

The real estate market in Mesa (AZ) is growing steadily and with quite optimistic numbers for experts. Overall there was a 10% increase in property values. To be more specific, condo/co-op properties had a 13% increase in their values, and townhouses increased by 14%.

Houses take up to 45 days to sell. This means that since they are officially listed, that period passes until the sale is finalized. If the property is reserved but not sold, then it does not change the average. During 2021 the average number of days was 30, so it can be said that it got worse during this year.

See also  Building Costs Per Square Foot in the State of Idaho, USA

The demand indeed continues to remain stable, but the number of houses listed has decreased, with 35% fewer properties being listed and 40% fewer being sold. Again, this is because there are fewer property sellers, but the demand is still present.

Experts consider that it is a real estate market that will grow in the coming years since there is an increasing demand for properties and people looking to live in Mesa.

Mesa (AZ) Average House Price (Median Home Price)

The median home price in Mesa (AZ) is $446,000, which is 10% compared to last year. Of all you must know that the median home price is an average that is obtained from the values ​​of all the properties listed, so they may vary depending on the type of property it is, its age, and the area of ​​the city. in which they are.

For that reason, here we will bring you a more specific list of prices according to the type of property so that you can have a closer approximation of how much a property can cost you, or how much you can sell yours for. Remember that it is always advisable to get advice from a real estate agent in the region since they can give you more accurate information about the exact place you are looking for, or according to your budget.

In the case of single-family homes, the average price is $485,000, and its annual peak was in May when it reached $520,000. Its value is expected to reach $550,000 during the summer months of 2023.

In the case of townhouses, you can find them at an average price of $323,000 today, after having reached a peak in April of this year that was $355,000. The numbers are quite optimistic as they are a popular property type here in Mesa. When it comes to condos/co-ops, these properties have an average value of $275,000 and reached a maximum of $305,000 during the first months of 2022.

Proposed Residential Building Projects in Mesa (AZ)

Mesa real estate projects are exactly what you would expect them to be in an Arizona city. They are traditional, conventional, and most houses. There is no projected building for next year, but one day someone may choose to invest in it.

See also  Building Costs Per Square Foot in Canada – Altus Group Statistics

The reason they don’t invest in new buildings in Mesa is that there is no demand for them. People who go to Arizona aren’t looking for big cities, but small towns perfect for raising a family, and investors know that.

There are single-family home projects, even some prefabricated ones, well on the outskirts of the city. There are also some projects of luxury houses that are coming for the next 2023, they are expected to be ready before the summer and they already have owners.

In the center, instead of building projects, there are townhouse projects, which are a very popular type of property in Arizona in general. These properties in some cases are going to be built with a more modern style, and in others, they continue to be with an ancient aesthetic.

Newly Built House in Mesa 10618 E Nido Avenue AZ85209 – 4 Bedrooms and 3 Baths with 2 Attached Garages on Gross Floor Area 2,200 sqft – Built in 2018 – Price $729,900

Newly Renovated House in Mesa 10618 E Nido Avenue
AZ85209 – 4 Bedrooms and 3 Baths with 2
Attached Garages on Gross Floor Area 2,200
sqft – Built in 2018 – Price $729,900

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

Building costs are 3% above the national average in the City of Mesa in Arizona.

Class 1 – Luxury Single Family Homes

The building cost per square foot for luxury private homes in Mesa City ranges from $355.24 per sqft to $544.56 per sqft, with the average being $419.23 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 Mesa City ranges from $215.90 per sqft to $330.94 per sqft, with the average being $254.78 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 Mesa City ranges from $139.57 per sqft to $211.98 per sqft, with the average being $163.40 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.

See also  Building Costs Per Square Foot in the City of New Orleans (LA), USA

Class 4 – Good Standard Single Family Homes

The building cost per square foot for good-standard private homes in Mesa City ranges from $101.86 per sqft to $156.20 per sqft, with the average being $120.21 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 Mesa City ranges from $82.68 per sqft to $126.62 per sqft, with the average being $97.49 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 Mesa City ranges from $65.21 per sqft to $95.95 per sqft, with the average being $76.92 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.

 


Spread the love
Decoration sticker
Decoration sticker
Decoration sticker