The prices in real estate in Bloomfield, in the New Jersey region have had a strong rise in the last couple of months. The real estate prices for second hand homes have gone through a strong increase in this city.
The price per sq.feet in Bloomfield has increased strongly during the last 6 months. In March, the average price per sq.feet was $620. In the following month the price per sq.feet decreased considerably to $200. The price for the following two months in (May, June) had a considerable increment of 4803 %. The price per sq.feet has had a considerable increase of 416 % in the last two months compared to the average price for the previous four months. This was obtained by comparing the first four months of the period going from a price per sq.feet of $10,051.75 to $41,860.5 during July, and August.
Based upon to the price in Bloomfield (cities), this has fallen considerably in the last 6 months. The average price for March is $722,217. During April the price had a considerable reduction till $313,222. During the following two months (May, June) the average price had a considerable reduction of 66 % with regard to the previous two months. During the last two months, the average price has reduced with regard to the previous ones. To be precise it has gone down 86 %, going from $429,134.75 to $371,160 in July and August.
The graph displaying the average price for bedrooms illustrates that those properties with 1 bedroom are the cheapest ones. At a price of $364,621 they are 33 % more affordable than the average price for Bloomfield. The properties with the highest average price have 3 bedrooms, Their price is 3 % more costly than the average. After that we have properties with 4 bedrooms priced at $372,571.
With regard to the average price per sq.feet , those properties with 4 bedrooms are the cheapest ones at a cost of $1,256 / sq.feet, with an average $41,759 / sq.feet price in Bloomfield. The properties with the lowest average prices have 1 bedroom. They are 95 % cheaper than the average followed by properties with 3 bedrooms with a price at $1,276 / sq.feet.
The graph displaying the average prices displays the property type "Commercial" as the most affordable one. At an cost of $364,621 it is 34 % cheaper than the average price in Bloomfield. "Office" is seen as the second most affordable property type. The dearest property type is "Apartment" followed by "Condo". At a price of $370,709 it is 2 % more expensive than the average price.
According to the average cost per sq.feet, the cheapest property type is "Condo" at an average cost of $1,246 / sq.feet followed by "Apartment" priced at $1,256 / sq.feet. "Office" is the cheapest type of property with a $17,764 / sq.feet value followed by "Commercial" with an average price of $1,968 / sq.feet.