The prices in real estate in Stanhope, 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 Stanhope has had a strong decrease during the last 6 months. In March, the average price per sq.feet was $46,197. In the following month the price per sq.feet decreased considerably to $177. The price for the following two months in (May, June) had a considerable decrease of 1 with regard to the prior two months. The price per sq.feet has had a considerable deflation of 1 % 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 $11,683 to $108 during July, and August.
Based upon to the price in Stanhope (cities), this has fallen considerably in the last 6 months. In our first sample month during March, the average price is $304,243. In April This price remains at $296,556. During the following two months (May, June) the average price fell 92 % 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 $289,030 to $174,790, which means a 60 % fall.