The prices in real estate in Somers Point, 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 Somers Point has increased strongly during the last 6 months. In February, the average price per sq.feet was $236. In the following month the price per sq.feet increased to $261. The price for the following two months in (April, May) had a considerable increment of 119 %. The price per sq.feet has increased 105 % 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 $272.25 to $287 during June, and July.
Based upon to the price in Somers Point (cities), this has gone up considerably in the last 6 months. The average price during our first sample month during February, is $360,040. During March the price went through a considerable rise reaching $445,243. During the following two months (April, May) the average price had a considerable increase of 133 % with regard to the previous two months. During the last two months, the average price has pretty much remained the same with regard to the previous average values going from an average value of $468,115.5 and $453,096.5 between June and July.
The graph displaying the average price for bedrooms illustrates that those properties with 1 bedroom are the cheapest ones. At a price of $440,681 they are 61 % more affordable than the average price for Somers Point. The properties with the highest average price have 4 bedrooms, Their price is 23 % more costly than the average. After that we have properties with 3 bedrooms priced at $340,678.
With regard to the average price per sq.feet , those properties with 3 bedrooms are the cheapest ones at a cost of $180 / sq.feet, with an average $279 / sq.feet price in Somers Point. The properties with the lowest average prices have 2 bedrooms. They are 22 % cheaper than the average followed by properties with 1 bedroom with a price at $216 / sq.feet.
The graph displaying the average prices displays the property type "Apartment" as the most affordable one. At an cost of $440,681 it is 49 % cheaper than the average price in Somers Point. "Detached House" is seen as the second most affordable property type. The cheapest type property is "Detached House" followed by "Apartment". At a price of $224,997 it is 25 % more affordable than the average price.
According to the average cost per sq.feet, the cheapest property type is "Apartment" at an average cost of $86 / sq.feet followed by "Detached House" priced at $92 / sq.feet. "Detached House" is the cheapest type of property with a $92 / sq.feet value followed by "Apartment" with an average price of $86 / sq.feet.