The prices in real estate in Long Island City, in the New York region have had a strong fall in the last couple of months. The real estate prices for second hand homes have gone through a strong fall in this city.
The price per sq.feet in Long Island City has had a strong decrease during the last 6 months. In May, the average price per sq.feet was $11,245. In the following month the price per sq.feet decreased to $10,474. The price for the following two months in (July, August) had a considerable decrease of 65 with regard to the prior two months. The price per sq.feet has had a considerable deflation of 74 % 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 $8,941.75 to $6,578.5 during September, and October.
Based upon to the price in Long Island City (cities), this has gone downing the last 6 months. The average price for May is $1,045,375. During June the price had a considerable reduction till $808,875. In the following two months the average price has remained the same with regard to the previous two months from $927,125 to $930,806. Based on an analysis of the first four prices and the last two months the average price has risen strongly 121 % 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 $1,141,166 they are 28 % more affordable than the average price for Long Island City. The properties with the highest average price have 2 bedrooms, Their price is 50 % more costly than the average. After that we have properties with 3 bedrooms priced at $1,237,894.
With regard to the average price per sq.feet , those properties with 1 bedroom are the cheapest ones at a cost of $5,442 / sq.feet, with an average $5,737 / sq.feet price in Long Island City. The properties with the highest average prices have 4 bedrooms. They are 174 % more expensive than the average followed by properties with 3 bedrooms with a price at $13,129 / sq.feet.
The graph displaying the average prices displays the property type "Detached House" as the most affordable one. At an cost of $1,141,166 it is 14 % cheaper than the average price in Long Island City. "House" is seen as the second most affordable property type. The dearest property type is "Apartment" followed by "House". At a price of $1,161,985 it is 2 % 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 $909 / sq.feet followed by "House" priced at $15,611 / sq.feet. "Apartment" is the most costly type of property with a $15,691 / sq.feet cost followed by "House" with an average price of $15,611 / sq.feet.