Yes, it's directly related to the value of the stone that was there.
Also the quality of the engraving matters a lot, however a native platinum floor is worth a lot more than a magnetite floor is worth a lot more than random trash stone floors.
The good thing about constructed floors and walls though is you can build them out of almost anything that would make sense to have a wall out of. No cloth or leather, but for example, if you have a *lot* of iron and flux, building a steel room for some jerk noble will probably shut him up. I've not actually tried that to test the value though, i think i might do that right now out of curiousity.
Edit: dug out a 5x7 block of space in black sand and built a wall around it and floors with plain steel bars. Gave it an exceptional junk stone door and masterwork bed. Room came out as a "Grand Bedroom", coming out ahead of a lot of masterwork engraved rooms that were sandstone and other junk stone. Used 34 steel bars and the aforementioned furniture. I'm not sure, but i don't think steel blocks would make the room have any more value, as both are 150 dwarf$. It might give it a "Smooth" effect like it does for stones though, which i know increases the value, but random junk stones have a value of 3 and the blocks have a value of 5, so there's no way to be sure without wasting 34 steel bars and i'm not feeling up to it right now