The prices in real estate in Morristown, 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 Morristown has increased strongly during the last 6 months. In May, the average price per sq.feet was $302. In the following month the price per sq.feet increased considerably to $241,849. The price for the following two months in (July, August) had a considerable increment of 216 %. The price per sq.feet has had a considerable deflation of 69 % 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 $191,544.25 to $132,175.5 during September, and October.
Based upon to the price in Morristown (cities), this has gone up considerably in the last 6 months. The average price during our first sample month during May, is $760,291. During June the price went through a considerable rise reaching $942,689. In the following two months the average price has remained the same with regard to the previous two months from $851,490 to $854,812. During the last two months, the average price has pretty much remained the same with regard to the previous average values going from an average value of $853,151 and $880,854 between September and October.
The graph displaying the average price for bedrooms illustrates that those properties with 1 bedroom are the cheapest ones. At a price of $879,962 they are 64 % more affordable than the average price for Morristown. The properties with the lowest average price have 4 bedrooms, Their price is 10 % cheaper than the average. After that we have properties with 2 bedrooms priced at $781,767.
With regard to the average price per sq.feet , those properties with 3 bedrooms are the cheapest ones at a cost of $461 / sq.feet, with an average $62,877 / sq.feet price in Morristown. The properties with the lowest average prices have 4 bedrooms. They are 7 % cheaper than the average followed by properties with 2 bedrooms with a price at $44,544 / sq.feet.
The graph displaying the average prices displays the property type "Townhouse" as the most affordable one. At an cost of $879,962 it is 36 % cheaper than the average price in Morristown. "Apartment" is seen as the second most affordable property type. The dearest property type is "Condo" followed by "House". At a price of $1,005,699 it is 24 % more expensive than the average price.
According to the average cost per sq.feet, the cheapest property type is "Apartment" at an average cost of $2,210 / sq.feet followed by "Duplex" priced at $3,310 / sq.feet. "Land" is the most costly type of property with a $234,017 / sq.feet cost followed by "Condo" with an average price of $165,011 / sq.feet.