The prices in real estate in Passaic, 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 Passaic has had a strong decrease during the last 6 months. In October, the average price per sq.feet was $28,812. In November this price pretty much remained the same at a value of $27,521 per sq.feet. The price for the following two months in (December, January) had a considerable decrease of 36 with regard to the prior two months. The price per sq.feet has had a considerable deflation of 24 % 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 $19,106 to $4,539.5 during February, and March.
Based upon to the price in Passaic (cities), this has gone downing the last 6 months. In our first sample month during October, the average price is $394,801. In November This price remains at $405,725. During the following two months (December, January) the average price had a considerable reduction of 84 % 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 $369,121.25 and $360,560 between February and March.
The graph displaying the average price for bedrooms illustrates that those properties with 1 bedroom are the cheapest ones. At a price of $384,571 they are 50 % more affordable than the average price for Passaic. The properties with the lowest average price have 3 bedrooms, Their price is 3 % cheaper than the average. After that we have properties with 4 bedrooms priced at $339,627.
With regard to the average price per sq.feet , those properties with 4 bedrooms are the cheapest ones at a cost of $121 / sq.feet, with an average $4,023 / sq.feet price in Passaic. The properties with the highest average prices have 3 bedrooms. They are 83 % more expensive than the average followed by properties with 1 bedroom with a price at $209 / sq.feet.
The graph displaying the average prices displays the property type "Townhouse" as the most affordable one. At an cost of $384,571 it is 51 % 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 $330,229 it is 12 % 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 $79 / sq.feet followed by "House" priced at $130 / sq.feet. "Office" is the most costly type of property with a $68,967 / sq.feet cost followed by "Condo" with an average price of $148 / sq.feet.