The prices in real estate in Franklin Lakes, 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 Franklin Lakes has increased strongly during the last 6 months. In April, the average price per sq.feet was $347. In the following month the price per sq.feet increased to $376. The price for the following two months in (June, July) had a considerable increment of 37454 %. The price per sq.feet has had a considerable increase of 498 % 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 $67,878.25 to $338,178 during August, and September.
Based upon to the price in Franklin Lakes (cities), these have remained the same in the last 6 months. In our first sample month during April, the average price is $1,277,453. In May This price remains at $1,259,445. In the following two months the average price has remained the same with regard to the previous two months from $1,268,449 to $1,290,944. Based on an analysis of the first four prices and the last two months the average price has gone up 108 % during the last two months.
The graph displaying the average price for bedrooms illustrates that those properties with 2 bedrooms are the cheapest ones. At a price of $1,441,944 they are 18 % more affordable than the average price for Franklin Lakes. The properties with the lowest average price have 3 bedrooms, Their price is 9 % cheaper than the average. After that we have properties with 1 bedroom priced at $1,245,634.
With regard to the average price per sq.feet , those properties with 3 bedrooms are the cheapest ones at a cost of $322 / sq.feet, with an average $413,929 / sq.feet price in Franklin Lakes. The properties with the lowest average prices have 2 bedrooms. They are 100 % cheaper than the average followed by properties with 1 bedroom with a price at $340 / sq.feet.
The graph displaying the average prices displays the property type "Commercial" as the most affordable one. At an cost of $1,441,944 it is 11 % cheaper than the average price in Franklin Lakes. "House" is seen as the second most affordable property type. The cheapest type property is "Commercial Property" followed by "House". At a price of $1,305,963 it is 4 % more affordable than the average price.
According to the average cost per sq.feet, the cheapest property type is "House" at an average cost of $322 / sq.feet followed by "Commercial" priced at $323 / sq.feet. "Commercial Property" is the cheapest type of property with a $11,092 / sq.feet value followed by "Commercial" with an average price of $323 / sq.feet.