The prices in real estate in Providence, in the Rhode Island 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 Providence has increased strongly during the last 6 months. In May, the average price per sq.feet was $69. In the following month the price per sq.feet increased considerably to $80. The price for the following two months in (July, August) had a considerable increment of 130 %. The price per sq.feet has had a considerable increase of 119 % 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 $85.5 to $102 during September, and October.
Based upon to the price in Providence (cities), these have remained the same in the last 6 months. In our first sample month during May, the average price is $262,899. In June This price remains at $257,850. In the following two months the average price has remained the same with regard to the previous two months from $260,374.5 to $261,784. Based on an analysis of the first four prices and the last two months the average price has gone up 105 % 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 $271,308 they are 28 % more affordable than the average price for Providence. The properties with the highest average price have 4 bedrooms, Their price is 3 % more costly than the average. After that we have properties with 3 bedrooms priced at $226,812.
With regard to the average price per sq.feet , those properties with 3 bedrooms are the cheapest ones at a cost of $72 / sq.feet, with an average $120 / sq.feet price in Providence. The properties with the highest average prices have 1 bedroom. They are 153 % more expensive than the average followed by properties with 2 bedrooms with a price at $150 / sq.feet.
The graph displaying the average prices displays the property type "House" as the most affordable one. At an cost of $271,308 it is 18 % cheaper than the average price in Providence. "Office" is seen as the second most affordable property type. The dearest property type is "Condo" followed by "Townhouse". At a price of $301,744 it is 51 % more expensive than the average price.
According to the average cost per sq.feet, the cheapest property type is "House" at an average cost of $64 / sq.feet followed by "Townhouse" priced at $145 / sq.feet. "Condo" is the most costly type of property with a $287 / sq.feet cost followed by "Office" with an average price of $195 / sq.feet.