- Aug 30, 2017
U.S. pricing per square foot, based on independent reports of properties and portfolios of $2.5 million and greater; $ in thousands
In the second quarter of 2017, the price per square foot for multifamily properties averaged $179,000, with Mid- and High-Rise Apartment properties at $280,000 and Garden Apartments at $118,000. Compared to the first quarter of 2017, the price per square foot increased for both categories: by 1.5 percent for Garden Apartments, which peaked in the last quarter of 2016 at $119,000 per square foot, and by 0.4 percent for Mid- and High-Rise Apartment properties, after a decrease from $271,000 in the fourth quarter of 2016 to $239,000 in the first quarter of 2017. On a year-over-year basis, Mid- and High-Rise Apartment properties’ price per square foot decreased by 14.4 percent, while the price for Garden Apartment properties increased by 4.7 percent. Multifamily properties averaged $196,000 per square foot in the second quarter of 2016.