With February coming to an end we can see how the price per square foot for this past month has fared compared to the same time last year.
The average price per square foot in February 2022 was $1.67 whereas in February 2023 the average price per square foot was $1.44 a 13.6% decrease. This is a considerable drop, but we have to see how this statistic compares to years other than 2022 as it was such an outlier.
*Average price per square foot based on REITs for a 10x10 CC unit
When observing previous years, it is more clear that the dip we are seeing from 2022 to 2023 is more of a market correction from the gold rush that was 2022.