In many parts of the country it is typical for homes not to have a basement but here in St Louis, we love our basements and it is typically harder to sell a home without one. St Louisan’s like the safety offered by a basement in times of bad storms and during the threat of tornadoes, but also like the opportunity to add some additional, and fairly affordable, living space to their homes.
With this in mind, I decided to look at the value of a basement and just how much affect having one, or not, or having a finished one, has on the price of a home in St Louis and, here are my findings:
- For Homes Sold In St Louis County during the past 12 months, as the tables below shows:
- Homes with Full Finished Basements sold for a median price of $131.59 per foot
- Homes with Full Unfinished Basements sold for a median price of $119.83 per foot
- Homes Without a Basement sold for a median price of $84.22 per foot
So, to answer the question, what is a basement worth? While there are many other factors that affect price too, such as location of the home, size of the home, etc, and one could argue, for example, that homes without a basement are more likely to be in a lower priced area, we can still get an idea of the impact of a basement, or lack thereof, from the data, Based upon our data, it appears homes with a basement sell for 42% more per foot than a home without a basement, and a home with a finished basement sells for 10% more per foot than a home with an unfinished basement.
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St Louis County – Full Finished Basement
St Louis County – Full Unfinished Basement
St Louis County – No Basement
