The prices in real estate in Short Hills, 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 Short Hills has had a strong decrease during the last 6 months. In December, the average price per sq.feet was $536,140. In the following month the price per sq.feet decreased to $493,068. The price for the following two months in (February, March) had a considerable decrease of 16 with regard to the prior two months. The price per sq.feet has had a considerable deflation of 15 % 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 $299,079 to $44,749.5 during April, and May.
Based upon to the price in Short Hills (cities), this has fallen considerably in the last 6 months. The average price for December is $3,953,006. During January the price had a considerable reduction till $3,105,558. During the following two months (February, March) the average price had a considerable reduction of 79 % with regard to the previous two months. During the last two months, the average price has reduced with regard to the previous ones. To be precise it has gone down 86 %, going from $3,160,626.25 to $2,730,164.5 in April and May.
The graph displaying the average price for bedrooms illustrates that those properties with 4 bedrooms are the cheapest ones. At a price of $2,634,462 they are 42 % more affordable than the average price for Short Hills. The properties with the lowest average price have 1 bedroom, Their price is 27 % cheaper than the average. After that we have properties with 2 bedrooms priced at $1,915,734.
With regard to the average price per sq.feet , those properties with 4 bedrooms are the most costly ones at a cost of $29,097 / sq.feet, with an average $494 / sq.feet price in Short Hills. The properties with the highest average prices have 1 bedroom. They are 6892 % more expensive than the average followed by properties with 2 bedrooms with a price at $34,364 / sq.feet.
The graph displaying the average prices displays the property type "House" as the most affordable one. At an cost of $2,634,462 it is 42 % cheaper than the average price in Short Hills. "Apartment" is seen as the second most affordable property type. The cheapest type property is "Duplex" followed by "Apartment". At a price of $1,894,761 it is 12 % more affordable than the average price.
According to the average cost per sq.feet, the most expensive property type would be "House" at an average cost of $29,097 / sq.feet followed by "Apartment" priced at $33,979 / sq.feet. "Duplex" is the most costly type of property with a $38,961 / sq.feet cost followed by "Apartment" with an average price of $33,979 / sq.feet.