The prices in real estate in Ocean City, 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 Ocean City has increased strongly during the last 6 months. In February, the average price per sq.feet was $265. In the following month the price per sq.feet increased to $296. The price for the following two months in (April, May) had a considerable increment of 130 %. The price per sq.feet has had a considerable increase of 165 % 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 $323.25 to $532.5 during June, and July.
Based upon to the price in Ocean City (cities), these have remained the same in the last 6 months. The price in February is $813,435, rising in March till $893,002. During the following two months (April, May) the average price fell 91 % with regard to the previous two months. 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 $816,272.5 and $833,026.5 between June and July.
The graph displaying the average price for bedrooms illustrates that those properties with 3 bedrooms are the cheapest ones. At a price of $801,501 they are 14 % more affordable than the average price for Ocean City. The properties with the highest average price have 1 bedroom, Their price is 78 % more costly than the average. After that we have properties with 4 bedrooms priced at $759,246.
With regard to the average price per sq.feet , those properties with 3 bedrooms are the most costly ones at a cost of $372 / sq.feet, with an average $333 / sq.feet price in Ocean City. The properties with the highest average prices have 1 bedroom. They are 1762 % more expensive than the average followed by properties with 4 bedrooms with a price at $3,004 / sq.feet.
The graph displaying the average prices displays the property type "Commercial" as the most affordable one. At an cost of $801,501 it is 8 % cheaper than the average price in Ocean City. "Condo" is seen as the second most affordable property type. The cheapest type property is "Condo" followed by "Commercial". At a price of $740,137 it is 5 % more affordable than the average price.
According to the average cost per sq.feet, the most expensive property type would be "Commercial" at an average cost of $2,979 / sq.feet followed by "Condo" priced at $3,004 / sq.feet. "Condo" is the most costly type of property with a $3,004 / sq.feet cost followed by "Commercial" with an average price of $2,979 / sq.feet.