The prices in real estate in Red Bank, 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 Red Bank has increased strongly during the last 6 months. In March, the average price per sq.feet was $296. In the following month the price per sq.feet increased to $313. The price for the following two months in (May, June) had a considerable increment of 18575 %. The price per sq.feet has had a considerable increase of 694 % 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 $28,432.5 to $197,243.5 during July, and August.
Based upon to the price in Red Bank (cities), these have remained the same in the last 6 months. The average price during our first sample month during March, is $1,400,256. During April the price went through a considerable rise reaching $1,875,880. During the following two months (May, June) the average price fell 93 % with regard to the previous two months. During the last two months the average price has had a strong fall compared to the previous four going from $1,582,290.25 to $895,856, which means a 57 % fall.
The graph displaying the average price for bedrooms illustrates that those properties with 1 bedroom are the cheapest ones. At a price of $881,900 they are 80 % more affordable than the average price for Red Bank. The properties with the lowest average price have 4 bedrooms, Their price is 13 % cheaper than the average. After that we have properties with 3 bedrooms priced at $542,956.
With regard to the average price per sq.feet , those properties with 2 bedrooms are the cheapest ones at a cost of $125,936 / sq.feet, with an average $190,525 / sq.feet price in Red Bank. The properties with the highest average prices have 4 bedrooms. They are 302 % more expensive than the average followed by properties with 3 bedrooms with a price at $189,867 / sq.feet.
The graph displaying the average prices displays the property type "Condo" as the most affordable one. At an cost of $881,900 it is 64 % cheaper than the average price in Red Bank. "Townhouse" is seen as the second most affordable property type. The dearest property type is "House" followed by "Commercial". At a price of $886,117 it is 47 % more expensive than the average price.
According to the average cost per sq.feet, the cheapest property type is "Commercial" at an average cost of $251 / sq.feet followed by "Condo" priced at $101,608 / sq.feet. "House" is the most costly type of property with a $433,347 / sq.feet cost followed by "Townhouse" with an average price of $120,075 / sq.feet.