The prices in real estate in New Providence, in the New Jersey 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 New Providence has had a strong decrease during the last 6 months. In June, the average price per sq.feet was $152,506. In the following month the price per sq.feet decreased considerably to $33,763. The price for the following two months in (August, September) had a considerable decrease of 52 with regard to the prior two months. The price per sq.feet has had a considerable deflation of 2 % 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 $70,730.5 to $1,534.5 during October, and November.
Based upon to the price in New Providence (cities), this has fallen considerably in the last 6 months. The average price for June is $848,338. During July the price had a considerable reduction till $655,965. In the following two months the average price has remained the same with regard to the previous two months from $752,151.5 to $717,322. 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 $734,736.75 and $715,624.5 between October and November.
The graph displaying the average price for bedrooms illustrates that those properties with 3 bedrooms are the cheapest ones. At a price of $721,042 they are 14 % more affordable than the average price for New Providence. The properties with the lowest average price have 1 bedroom, Their price is 12 % cheaper than the average. After that we have properties with 2 bedrooms priced at $628,898.
With regard to the average price per sq.feet , those properties with 3 bedrooms are the most costly ones at a cost of $18,444 / sq.feet, with an average $650 / sq.feet price in New Providence. The properties with the highest average prices have 1 bedroom. They are 2781 % more expensive than the average followed by properties with 2 bedrooms with a price at $18,634 / sq.feet.
The graph displaying the average prices displays the property type "Townhouse" as the most affordable one. At an cost of $721,042 it is 15 % cheaper than the average price in New Providence. "House" is seen as the second most affordable property type. The cheapest type property is "House" followed by "Townhouse". At a price of $613,031 it is 14 % more affordable than the average price.
According to the average cost per sq.feet, the most expensive property type would be "House" at an average cost of $18,444 / sq.feet followed by "Townhouse" priced at $18,501 / sq.feet. "Townhouse" is the most costly type of property with a $18,501 / sq.feet cost followed by "House" with an average price of $18,444 / sq.feet.