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 December, the average price per sq.feet was $94,409. In the following month the price per sq.feet decreased considerably to $3,478. The price for the following two months in (February, March) had a considerable increment of 791 %. The price per sq.feet has had a considerable increase of 306 % 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 $218,121.25 to $666,607.5 during April, and May.
Based upon to the price in Franklin Lakes (cities), this has gone up in the last 6 months. The average price for December is $1,359,584. During January the price had a slight fall till $1,273,640. During the following two months (February, March) the price has had an average incrementation from $1,316,612 to $1,439,084.5. Based on an analysis of the first four prices and the last two months the average price has risen strongly 127 % during the last two months.
The graph displaying the average price for bedrooms illustrates that those properties with 1 bedroom are the cheapest ones. At a price of $1,811,466 they are 31 % more affordable than the average price for Franklin Lakes. The properties with the lowest average price have 3 bedrooms, Their price is 28 % cheaper than the average. After that we have properties with 2 bedrooms priced at $1,292,631.
With regard to the average price per sq.feet , those properties with 3 bedrooms are the cheapest ones at a cost of $314 / sq.feet, with an average $597,935 / sq.feet price in Franklin Lakes. The properties with the lowest average prices have 1 bedroom. They are 100 % cheaper than the average followed by properties with 3 bedrooms with a price at $314 / sq.feet.
The graph displaying the average prices displays the property type "Commercial" as the most affordable one. At an cost of $1,811,466 it is 29 % 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 $1,295,548 it is 24 % 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 $314 / sq.feet followed by "Commercial" priced at $315 / sq.feet. "Commercial Property" is the cheapest type of property with a $10,996 / sq.feet value followed by "Commercial" with an average price of $315 / sq.feet.