The prices in real estate in Jersey City, 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 Jersey City has increased strongly during the last 6 months. In January, the average price per sq.feet was $641. In February this price pretty much remained the same at a value of $642 per sq.feet. In the following two months the price per sq.feet has barely changed, going from $641.5 to $612.5 per sq.feet. The price per sq.feet has had a considerable increase of 266 % 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 $627 to $1,670.5 during May, and June.
Based upon to the price in Jersey City (cities), these have remained the same in the last 6 months. The price in January is $830,831, rising in February till $875,823. In the following two months the average price has remained the same with regard to the previous two months from $853,327 to $839,755. During the last two months, the average price has reduced with regard to the previous ones. To be precise it has gone down 92 %, going from $846,541 to $774,945.5 in May and June.
The graph displaying the average price for bedrooms illustrates that those properties with 1 bedroom are the cheapest ones. At a price of $743,352 they are 28 % more affordable than the average price for Jersey City. The properties with the highest average price have 4 bedrooms, Their price is 34 % more costly than the average. After that we have properties with 2 bedrooms priced at $838,135.
With regard to the average price per sq.feet , those properties with 1 bedroom are the cheapest ones at a cost of $709 / sq.feet, with an average $2,697 / sq.feet price in Jersey City. The properties with the highest average prices have 4 bedrooms. They are 2164 % more expensive than the average followed by properties with 3 bedrooms with a price at $23,694 / sq.feet.
The graph displaying the average prices displays the property type "Condo" as the most affordable one. At an cost of $743,352 it is 6 % cheaper than the average price in Jersey City. "Townhouse" is seen as the second most affordable property type. The dearest property type is "House" followed by "Land". At a price of $809,360 it is 57 % 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 $648 / sq.feet followed by "House" priced at $1,001 / sq.feet. "Townhouse" is the most costly type of property with a $72,917 / sq.feet cost followed by "Land" with an average price of $4,520 / sq.feet.