Let the buyer beware of what the market will bear.
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My realator told me the average price in Hertford, NC is $100/sqft.
The answer varies greatly depending on the level of finishes, use of the new square footage, construction type, etc. Here is a link to a developing series on defining project cost. I highly recommend it: http://meandyourhouse.com/2010/01/defining-remodel-cost/ Good luck!
This is like asking how much does a car or a house cost. The average price for decent quality residential carpet is around $2.50 per square foot.
The cost per square foot to build such a relatively small living space is higher than most people expect it to be. The cost of a home addition compares to the current cost of building a small house. Carl Heldmann
The cost of construction per square foot is the same as the cost of an automobile per inch of length.