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 May, the average price per sq.feet was $256. In the following month the price per sq.feet increased considerably to $296. The price for the following two months in (July, August) had a considerable increment of 137 %. The price per sq.feet has had a considerable increase of 117 % 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 $326.5 to $382 during September, and October.
Based upon to the price in Bloomfield (cities), these have remained the same in the last 6 months. In our first sample month during May, the average price is $502,596. In June This price remains at $522,350. In the following two months the average price has remained the same with regard to the previous two months from $512,473 to $532,079.5. During the last two months, the average price has reduced with regard to the previous ones. To be precise it has gone down 90 %, going from $522,276.25 to $471,258.5 in September and October.
The graph displaying the average price for bedrooms illustrates that those properties with 1 bedroom are the cheapest ones. At a price of $447,248 they are 80 % more affordable than the average price for Bloomfield. The properties with the highest average price have 4 bedrooms, Their price is 29 % more costly than the average. After that we have properties with 3 bedrooms priced at $417,485.
With regard to the average price per sq.feet , those properties with 1 bedroom are the cheapest ones at a cost of $248 / sq.feet, with an average $364 / sq.feet price in Bloomfield. The properties with the highest average prices have 2 bedrooms. They are 55 % more expensive than the average followed by properties with 4 bedrooms with a price at $372 / sq.feet.
The graph displaying the average prices displays the property type "Condo" as the most affordable one. At an cost of $447,248 it is 54 % cheaper than the average price in Bloomfield. "Commercial" is seen as the second most affordable property type. The dearest property type is "Detached House" followed by "House". At a price of $570,697 it is 35 % more expensive than the average price.
According to the average cost per sq.feet, the cheapest property type is "Commercial" at an average cost of $106 / sq.feet followed by "Detached House" priced at $332 / sq.feet. "Office" is the most costly type of property with a $17,080 / sq.feet cost followed by "Condo" with an average price of $402 / sq.feet.