There are several factors to consider when determining market value. Many real estate professionals tend to rely on the price per square foot with method, but this only takes the account one thing, the living area. This assumes that all our features are equal. Other factors affecting value are location, site, condition, quality and other exterior features. Understanding these differences that affect market value will give you a better insight with assessing market activity.
The price per square foot with method may get you a reasonable range but keep in mind the hand flaws in this method.