By Stephen McCarthy
“What’s the PPSF of this property?” is a common question in real estate. PPSF—Price Per Square Foot—is a useful metric for comparing property values, but it’s important to remember that it’s just one piece of the puzzle. To get meaningful insights, you need to compare apples to apples.
What Is PPSF and Why Does It Matter?
PPSF helps buyers and sellers understand how much value they’re getting per square foot of living space. However, it’s only effective when comparing similar property types, sizes, and features.
For example, while the average asking PPSF in South Boston is approximately $800, this figure is a generalization. It’s a good starting point, but not precise enough for serious valuation.
Current Market Snapshot (as of March 4, 2024)
Based on 92 active listings on MLS, here’s how PPSF breaks down by property type in South Boston:
-
Condos
- Average Asking Price: $1,163,634
- Average PPSF: $854
-
Single-Family Homes
- Average Asking Price: $1,308,737
- Average PPSF: $717
-
Multi-Family Homes
- Average Asking Price: $2,544,669
- Average PPSF: $834
Why Measurements Matter
It’s important to understand how square footage is calculated:
- Condos are typically measured “walls-in” (interior space only).
- Single-family and multi-family homes are measured by exterior dimensions and above-grade living area.
So, a 1,200 sq. ft. condo will feel different from a 1,200 sq. ft. single-family home. This affects how PPSF should be interpreted.
Digging Deeper: Closed Condo Sales (Last 6 Months)
Looking at 129 closed condo sales in South Boston:
- Average Sale Price: $930,000
- Average PPSF: $807
By Bedroom Count:
-
1-Bedroom
- Avg Sale Price: $630,000
- Avg PPSF: $905
-
2-Bedroom
- Avg Sale Price: $868,000
- Avg PPSF: $805
-
3-Bedroom
- Avg Sale Price: $1.3M
- Avg PPSF: $725
Notable Sales:
- Lowest PPSF: $466 (Affordable 2-bed/2-bath sold for $531K)
- Highest PPSF: $1,167 (1-bed at 472 West Broadway sold for $575K)
- Median Sale: 519 E 2nd St, Unit 402 — Sold for $1,170,000 at $805 PPSF
How to Use PPSF Effectively
PPSF is a helpful benchmark, but only when used correctly. Always compare similar properties:
- Match bedroom count
- Consider parking, outdoor space, new construction, and location
- Use recent sales as your guide
For example, if you’re evaluating a 1-bedroom condo with parking, look at other 1-bedroom condos with parking to get a realistic PPSF estimate.
Need More Data?
William Raveis offers a powerful statistical tool for analyzing real estate trends across Massachusetts, Connecticut, and parts of Florida. You can explore it here:
🔗 Raveis Housing Data Tool
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📞 Stephen McCarthy
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