The prices in real estate in Long Island City, in the New York region have had a minor fall in the last couple of months. The real estate prices for second hand homes have fallen in this city
The price per sq.feet in Long Island City has fallen in the last 6 months. In October, the average price per sq.feet was $1,497. In November this price pretty much remained the same at a value of $1,505 per sq.feet. The price for the following two months in (December, January) had a considerable decrease of 73 with regard to the prior two months. The price per sq.feet has increased 108 % 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 $1,295 to $1,394 during February, and March.
Based upon to the price in Long Island City (cities), this has fallen considerably in the last 6 months. The average price for October is $1,247,354. During November the price had a slight fall till $1,129,841. During the following two months (December, January) the average price had a considerable reduction of 83 % 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 90 %, going from $1,087,473 to $981,207 in February and March.
The graph displaying the average price for bedrooms illustrates that those properties with 1 bedroom are the cheapest ones. At a price of $1,085,147 they are 26 % more affordable than the average price for Long Island City. The properties with the highest average price have 3 bedrooms, Their price is 25 % more costly than the average. After that we have properties with 2 bedrooms priced at $1,290,251.
With regard to the average price per sq.feet , those properties with 3 bedrooms are the cheapest ones at a cost of $1,047 / sq.feet, with an average $1,236 / sq.feet price in Long Island City. The properties with the highest average prices have 4 bedrooms. They are 1154 % more expensive than the average followed by properties with 2 bedrooms with a price at $1,285 / sq.feet.
The graph displaying the average prices displays the property type "Detached House" as the most affordable one. At an cost of $1,085,147 it is 12 % cheaper than the average price in Long Island City. "Condo" is seen as the second most affordable property type. The dearest property type is "Apartment" followed by "Condo". At a price of $1,148,112 it is 6 % more expensive than the average price.
According to the average cost per sq.feet, the cheapest property type is "Detached House" at an average cost of $892 / sq.feet followed by "Condo" priced at $15,419 / sq.feet. "Apartment" is the most costly type of property with a $15,499 / sq.feet cost followed by "Condo" with an average price of $15,419 / sq.feet.