The housing and urban development department puts out price indices for construction of various types per sqft. https://www.amazon.com/Construction-Cost-Indices-Supportive-...

You will find these are not far off industry average.

I don't know of a quantative model of the local financial system that fully implements the factors I mention, but these ideas are getting more traction because of the practically western-world-wide housing crisis.

I guess decent models are forthcoming to study these effects.