The prices in real estate in Lowell, in the Massachusetts 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 Lowell has had a strong decrease during the last 6 months. In May, the average price per sq.feet was $1,272. In June this price pretty much remained the same at a value of $1,309 per sq.feet. The price for the following two months in (July, August) had a considerable decrease of 66 with regard to the prior two months. The price per sq.feet has had a considerable deflation of 15 % 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 $1,073.75 to $161.5 during September, and October.
Based upon to the price in Lowell (cities), this has fallen considerably in the last 6 months. The average price for May is $367,823. During June the price had a considerable reduction till $306,004. During the following two months (July, August) the average price had a considerable reduction of 76 % 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 92 %, going from $295,964.5 to $271,188.5 in September and October.
The graph displaying the average price for bedrooms illustrates that those properties with 2 bedrooms are the cheapest ones. At a price of $278,134 they are 23 % more affordable than the average price for Lowell. The properties with the highest average price have 1 bedroom, Their price is 19 % more costly than the average. After that we have properties with 4 bedrooms priced at $319,309.
With regard to the average price per sq.feet , those properties with 4 bedrooms are the cheapest ones at a cost of $157 / sq.feet, with an average $166 / sq.feet price in Lowell. The properties with the highest average prices have 1 bedroom. They are 64 % more expensive than the average followed by properties with 2 bedrooms with a price at $199 / sq.feet.
The graph displaying the average prices displays the property type "House" as the most costly one. At an cost of $278,134 it is 3 % more expensive than the average price in Lowell. "Office" is seen as the second dearest property type. The dearest property type is "Land" followed by "Townhouse". At a price of $391,323 it is 48 % more expensive than the average price.
According to the average cost per sq.feet, the cheapest property type is "Land" at an average cost of $135 / sq.feet followed by "House" priced at $167 / sq.feet. "Office" is the most costly type of property with a $241 / sq.feet cost followed by "Condo" with an average price of $207 / sq.feet.