Building Costs Per Square Foot in the State of Virginia – Single Family Homes

Last Updated on April 8, 2024 by admin

A newly-built 3 Bedroom House with 3 Bathrooms and 2 x Carports, Gross Floor Area 2708 sqft – on 3220 Hales Ford Road, Moneta, Virginia – Price $389,950

As of 2024, building costs in the state of Virginia are -3% below the national average. The charts below show a comparison of costs between luxury, semi-luxury, best, good, average and minimum standard single-family houses. Costs are also given for manufactured housing in five quality classes.

2024 Building Costs Per Square Foot for Single Family Homes in the State of Virginia, USA

• Class 1 – Luxury Homes – $378.43 to $589.83 per sqft
• Class 2 – Semi Luxury Homes – $230 to $358.46 per sqft
• Class 3 – Best Standard Homes – $148.75 to $229.61 per sqft
• Class 4 – Good Standard Homes – $108.50 to $169.18 per sqft
• Class 5 – Average Standard Homes – $88.09 to $137.15 per sqft
• Class 6 – Minimum Standard  Homes – $69.48 to $108.26 per sqft

Virginia Single Family Houses 2024 Building Costs

2024 Building Costs Per Square Foot for Manufactured Housing in the State of Virginia, USA

Manufactured housing is composed of one or more prefabricated modular units which are delivered to the site and assembled on a RC foundation or slab.

• Best Quality Housing – $136.17 to $156.06 per sqft
• Good Quality Housing – $114.55 to $137.69 per sqft
• Average Quality Housing – $92.55 to $119.91 per sqft
• Low Average Quality Housing – $78.26 to $104.48 per sqft
• Lowest Quality Housing – $67.14 to $92.42 per sqft

Virginia Manufactured Housing 2024 Building Costs

Residential Construction Market Analysis in the State of Virginia, USA

Building costs are 4% below the national average in the state of Virginia, and the City of Alexandria is the only expensive Zip Code to build a home in this state, with costs at 10% above the US average. The rest of the cities and towns in Virginia are quite cheap with construction costs at -4% to -12% below the national average. Building costs in Virginia are equivalent to those in the states of Alabama, Arizona, Georgia, Kentucky and North Carolina. The Residential Construction Market Analysis is very varied throughout the United States. Each state has its own laws, which end up having a different influence on what refers to different real estate projects and when it comes to building a house or building.

Here we will focus on the state of Virginia, USA, which is in the position number 12 (out of 50) in terms of the amount of population, which makes it a great pole that attracts investors from all over the world. the world. It is a state in constant growth, not only because of the inhabitants who are already there, but also because it is receiving more and more families from other states who choose the tranquility of this part of the east of the country.

Virginia Construction Outlook

Compared to other states in the eastern United States, Virginia retains an old or colonial style in most of its buildings, so unless you are in the state capital, do not expect to see large skyscrapers flooding the streets.

Suburbs with cozy and simple houses, like those we are used to seeing in the movies, are very common. The brick or wooden plank houses are the most common, and due to the climatic conditions of the state, they are also the best for that area.

Although the laws of this state regarding construction are quite standard (practically the same as in any part of the world), in any case, it has certain peculiarities. For example, people who want to build residential buildings or houses in areas closer to the East Coast should obtain weather disaster insurance, and build with materials strong enough to withstand tornadoes or hurricanes, which often hit that area. occasionally.

Virginia Housing Market Analysis

Unlike everywhere else in the world, the real estate market in Virginia was completely unaffected by the COVID-19 pandemic. This state continued to receive a large amount of investment and saw how new houses or buildings were built every time. This is because there is a great tendency for people from other northern cities (like New York) to seek to live in quieter places, and Virginia is perfect because it is not that far away but you still see a great decrease in housing prices. construction and taxes. In addition, Virginia has some of the best school districts in the country, attracting large families from far and wide.

For 2022, a 5% increase in the value ​​of homes and buildings is expected. This means that if you want to invest in a real estate project in Virginia, now is the right time. The peak of this rise in values ​​will occur during the summer, and then it will remain at a stable level, although of course, it can vary due to some external factors (political or economic context worldwide, which does not depend only on Virginia).

In turn, a big rise in home interest is expected by 2023. This comes in parallel with the increase in the supply of properties in the suburban areas of Virginia.

If you are looking to invest in Virginia, it is convenient that you do it in the central areas, since it is expected that with the end of work and schools virtually, and with the return to face-to-face events, a large number of people will return to live in cities to be close to work and school. This makes it an ideal place to invest since it will receive a large amount of demand this year and next.

Now if you are looking for a place to live, the suburbs of Virginia are still a beautiful place, especially for families or couples who are looking for tranquility and fresh air.

Virginia’s Average House Price

The value of building a house varies in different parts of the state, so here we will try to give you a standard price of what you can find, but keep in mind that it can change.

If you are in the suburbs or in the most remote areas, then the most common are those houses built on large lots, generally with two floors, 4 bedrooms, 2 bathrooms, a nice garden, and a garage. The price to build this house in suburban Virginia is $250,000 ($90,000 for the land and the rest for materials and construction labor). Of course, the price can be higher or lower depending on the size of the house and the materials used.

If you plan to build in the central area of ​​Virginia, keep in mind that the houses there are usually smaller, one-story or very rarely two-story, with a maximum of 3 bedrooms (two being the most common), a bathroom, and a smaller garden. These houses can cost up to $400,000 since the center of Virginia and its capital is an area that attracts people from all over the east and from all over the country in general.

Virginia Residential Building Projects

Virginia is going to see an increase in building construction, but it is nothing compared to other big cities, there is always a preference for big homes.

One of the most striking real estate projects in all of Virginia is carried out by Greystar and Capital Square, which began with the construction of a building that will have 350 residential apartments and is located in the Scott’s Addition neighborhood of Richmond.

Coldwell Banker is another company that is boosting all kinds of real estate projects in Virginia, from the construction of luxury homes to buildings, shops, and offices. It is a company that is responsible for providing the necessary advice, both for sale and purchase, and rental of properties, so they know the region like no other.

There are also some real estate businesses in the Virginia Beach area, where luxury beach houses are built, and their values ​​are over a million dollars. There is a great demand for these beach houses, but it is a risk to invest in them due to the climatic conditions of the region.

Completed in 2022. A newly-built 6 Bedroom House with 10 Bathrooms and 4 x Attached Garages, Gross Floor Area 13,722 sqft – on 1332 McCay LN, Mclean, Virginia – Price $7,795,000

2020 Building Costs Per Square Foot for Single Family Homes in the State of Virginia, USA

Class 1 – Luxury Single Family Homes

The building cost per square foot for luxury private homes in Virginia ranges from $331.09 per sqft to $507.55 per sqft, with the average being $390.74 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 Virginia ranges from $201.23 per sqft to $308.45 per sqft, with the average being $237.47 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 3 – Best Standard Single Family Homes

The building cost per square foot for best-standard private homes in Virginia ranges from $130.08 per sqft to $197.58 per sqft, with the average being $152.30 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 Virginia ranges from $94.93 per sqft to $145.58 per sqft, with the average being $112.04 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 Virginia ranges from $77.06 per sqft to $118.01 per sqft, with the average being $90.87 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 Virginia ranges from $60.78 per sqft to $93.16 per sqft, with the average being $71.70 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.

List of 10 Metropolitan Areas/Cities in Virginia – Percentage Deviation of the City/Town Building Cost from the National Average ($X), in Descending Order:

There are 229 municipalities grouped into 95 counties in the state of Virginia. The bar chart below indicates that building costs vary in each metro city/town. The construction cost per square foot in each of these metropolitan cities varies from the state and national average by a certain percentage based on the location factor also known as the local modifier.

The percentage deviation of building costs from the National Average for each metropolitan area in Virginia is shown below.

If $X is the Average National Building Cost in the USA, then it will cost the following to build a residential property in each metro city/town in Virginia:

Virginia Average -4% (4% less than X)

• Farmville 239 -12%
• Galax 243 -10%
• Abingdon 242 -9%
• Lynchburg 245 -9%
• Charlottesville 229 -6%
• Harrisonburg 228 -6%
• Culpeper 227 -5%
• Fredericksburg 224-225 -5%
• Chesapeake 233 -4%
• Alexandria 220-223 10%

The Metropolitan Area List above as well as the Bar Graphs below shows that Farmville is the cheapest city to build a private home in the state of Virginia, and Alexandria is the most expensive city to build a home. Building costs are -12% below the national average in Farmville and 10% above the national average in Alexandria.

Cheapest Places To Build in Virginia:

Farmville is the cheapest to place to build at -12% below the national average, followed by Galax City at -10%. The third cheapest place to build is Abingdon and Lynchburg at -9% below the national average. The fourth cheapest city to build a house is Charlottesville and Harrisonburg at -6% below the national average, followed by Culpeper and Fredericksburg at -5% below the national average. The sixth cheapest place to build a house is Chesapeake at -4% below the US average.

Expensive Places To Build in Virginia:

If anything between 5% and 10% is considered expensive, then there is one such metropolitan area in the state of Virginia. Building costs are 10% above the US average in the City of Alexandria.

More Expensive Places To Build in Virginia:

If anything between 10% and 15% is considered more expensive, then there are no such metropolitan areas in the state of Virginia.

Very Expensive Places To Build in Virginia:

The most expensive places to build a house in the USA are those 15% above the national average. There are no such places in Virginia.

Virginia State Average Costs:

Private home building costs in the state of Virginia are -4% below the US average. Building cost rates in the metropolitan areas of Culpeper, Fredericksburg, Charlottesville and Harrisonburg are closer to the Virginia state average by a deviation of 1%. Construction costs in the city of Chesapeake are equal to the state average. Alexandria is the most expensive city to build a home in Virginia, and the state of Virginia is number 16 on the national ascending costs scale.