The prices in real estate in Philadelphia, in the Pennsylvania 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 Philadelphia has increased strongly during the last 6 months. In February, the average price per sq.feet was $215. In the following month the price per sq.feet increased to $234. In the following two months the price per sq.feet has increased 106 %, going from $224.5 to $239 per sq.feet. The price per sq.feet has had a considerable increase of 4368 % 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 $231.75 to $10,122.5 during June, and July.
Based upon to the price in Philadelphia (cities), this has gone up considerably in the last 6 months. The average price during our first sample month during February, is $277,461. During March the price went through a considerable rise reaching $346,851. In the following two months the average price has remained the same with regard to the previous two months from $312,156 to $300,416.5. Based on an analysis of the first four prices and the last two months the average price has risen strongly 125 % during the last two months.
The graph displaying the average price for bedrooms illustrates that those properties with 2 bedrooms are the cheapest ones. At a price of $397,506 they are 27 % more affordable than the average price for Philadelphia. The properties with the highest average price have 4 bedrooms, Their price is 26 % more costly than the average. After that we have properties with 3 bedrooms priced at $320,873.
With regard to the average price per sq.feet , those properties with 1 bedroom are the cheapest ones at a cost of $393 / sq.feet, with an average $12,142 / sq.feet price in Philadelphia. The properties with the highest average prices have 4 bedrooms. They are 105 % more expensive than the average followed by properties with 2 bedrooms with a price at $13,130 / sq.feet.
The graph displaying the average prices displays the property type "Land" as the most affordable one. At an cost of $397,506 it is 80 % cheaper than the average price in Philadelphia. "Office" is seen as the second most affordable property type. The dearest property type is "Apartment" followed by "Condo". At a price of $427,915 it is 15 % more expensive than the average price.
According to the average cost per sq.feet, the cheapest property type is "Office" at an average cost of $172 / sq.feet followed by "Condo" priced at $328 / sq.feet. "Townhouse" is the most costly type of property with a $27,374 / sq.feet cost followed by "Land" with an average price of $12,413 / sq.feet.