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 November, the average price per sq.feet was $1,878. In the following month the price per sq.feet increased considerably to $8,336. The price for the following two months in (January, February) had a considerable decrease of 46 with regard to the prior two months. The price per sq.feet has had a considerable deflation of 7 % 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 $3,721.75 to $260 during March, and April.
Based upon to the price in Philadelphia (cities), this has gone downing the last 6 months. In our first sample month during November, the average price is $366,771. In December This price remains at $371,584. During the following two months (January, February) the average price had a considerable reduction of 79 % 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 gone up 108 % during the last two months.
The graph displaying the average price for bedrooms illustrates that those properties with 3 bedrooms are the cheapest ones. At a price of $340,622 they are 16 % more affordable than the average price for Philadelphia. The properties with the highest average price have 4 bedrooms, Their price is 46 % more costly than the average. After that we have properties with 2 bedrooms priced at $324,454.
With regard to the average price per sq.feet , those properties with 3 bedrooms are the cheapest ones at a cost of $206 / sq.feet, with an average $237 / sq.feet price in Philadelphia. The properties with the highest average prices have 1 bedroom. They are 65 % more expensive than the average followed by properties with 2 bedrooms with a price at $294 / sq.feet.
The graph displaying the average prices displays the property type "Land" as the most affordable one. At an cost of $340,622 it is 78 % cheaper than the average price in Philadelphia. "Duplex" is seen as the second most affordable property type. The dearest property type is "Apartment" followed by "Condo". At a price of $379,490 it is 31 % more expensive than the average price.
According to the average cost per sq.feet, the cheapest property type is "Duplex" at an average cost of $176 / sq.feet followed by "House" priced at $205 / sq.feet. "Land" is the most costly type of property with a $32,150 / sq.feet cost followed by "Apartment" with an average price of $414 / sq.feet.