The probable price of a single-family residential structure is most driven by which factor?

The probable price of a single-family residential structure is predominantly influenced by location. While the price per square foot is an important metric in determining the value of individual homes, it often reflects the desirability of a location. Factors such as school district quality, proximity to amenities, crime rates, and overall neighborhood appeal can greatly impact a property's market value. Therefore, while the price per square foot can provide insight into a specific property’s value, it is ultimately the location that dictates how much buyers are willing to pay. A property in a highly sought-after area can command a premium price per square foot compared to a similar property in a less desirable location. Hence, location remains a fundamental driver of residential property values.