The prices in real estate in Somerset, in the Kentucky 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 Somerset has had a strong decrease during the last 6 months. In March, the average price per sq.feet was $2,165. In the following month the price per sq.feet increased considerably to $2,623. The price for the following two months in (May, June) decreased 87 % with regard to the prior two months. The price per sq.feet has had a considerable deflation of 44 % 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 $2,233.5 to $974 during July, and August.
Based upon to the price in Somerset (cities), this has gone up in the last 6 months. In our first sample month during March, the average price is $179,946. In April This price remains at $176,097. During the following two months (May, June) the price has had an average incrementation from $178,021.5 to $190,012. Based on an analysis of the first four prices and the last two months the average price has gone up 107 % 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 $209,577 they are 62 % more affordable than the average price for Somerset. The properties with the highest average price have 4 bedrooms, Their price is 55 % more costly than the average. After that we have properties with 3 bedrooms priced at $224,178.
With regard to the average price per sq.feet , those properties with 1 bedroom are the cheapest ones at a cost of $73 / sq.feet, with an average $888 / sq.feet price in Somerset. The properties with the highest average prices have 4 bedrooms. They are 131 % more expensive than the average followed by properties with 3 bedrooms with a price at $1,630 / sq.feet.
The graph displaying the average prices displays the property type "Land" as the most affordable one. At an cost of $209,577 it is 70 % cheaper than the average price in Somerset. "Farm" is seen as the second most affordable property type. The dearest property type is "Commercial" followed by "House". At a price of $237,011 it is 312 % more expensive than the average price.
According to the average cost per sq.feet, the cheapest property type is "Farm" at an average cost of $438 / sq.feet followed by "Land" priced at $548 / sq.feet. "Commercial" is the most costly type of property with a $160,692 / sq.feet cost followed by "House" with an average price of $1,014 / sq.feet.