The prices in real estate in Passaic, 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 Passaic has increased strongly during the last 6 months. In February, the average price per sq.feet was $5,056. In the following month the price per sq.feet decreased considerably to $4,023. The price for the following two months in (April, May) had a considerable decrease of 5 with regard to the prior two months. The price per sq.feet has had a considerable increase of 974 % 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 $2,380.25 to $23,194.5 during June, and July.
Based upon to the price in Passaic (cities), this has gone up considerably in the last 6 months. The price in February is $336,549, rising in March till $384,571. During the following two months (April, May) the average price fell 87 % with regard to the previous two months. Based on an analysis of the first four prices and the last two months the average price has risen strongly 408 % 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 $470,664 they are 65 % more affordable than the average price for Passaic. The properties with the highest average price have 4 bedrooms, Their price is 2 % more costly than the average. After that we have properties with 3 bedrooms priced at $369,571.
With regard to the average price per sq.feet , those properties with 4 bedrooms are the cheapest ones at a cost of $191 / sq.feet, with an average $43,632 / sq.feet price in Passaic. The properties with the highest average prices have 1 bedroom. They are 86 % more expensive than the average followed by properties with 3 bedrooms with a price at $12,728 / sq.feet.
The graph displaying the average prices displays the property type "Townhouse" as the most affordable one. At an cost of $470,664 it is 60 % cheaper than the average price in Passaic. "Condo" is seen as the second most affordable property type. The cheapest type property is "Office" followed by "House". At a price of $328,908 it is 28 % more affordable than the average price.
According to the average cost per sq.feet, the cheapest property type is "Townhouse" at an average cost of $75 / sq.feet followed by "House" priced at $126 / sq.feet. "Office" is the most costly type of property with a $68,691 / sq.feet cost followed by "Condo" with an average price of $144 / sq.feet.