The prices in real estate in Traverse City, in the Michigan 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 Traverse City has increased strongly during the last 6 months. In October, the average price per sq.feet was $192. In the following month the price per sq.feet increased considerably to $297. The price for the following two months in (December, January) had a considerable increment of 243 %. The price per sq.feet has had a considerable increase of 405 % 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 $419 to $1,697 during February, and March.
Based upon to the price in Traverse City (cities), this has gone up considerably in the last 6 months. The average price during our first sample month during October, is $258,575. During November the price went through a considerable rise reaching $926,152. During the following two months (December, January) the average price had a considerable increase of 136 % 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 $698,624.5 to $435,874.5, which means a 62 % fall.
The graph displaying the average price for bedrooms illustrates that those properties with 1 bedroom are the cheapest ones. At a price of $431,222 they are 49 % more affordable than the average price for Traverse City. The properties with the highest average price have 4 bedrooms, Their price is 49 % more costly than the average. After that we have properties with 3 bedrooms priced at $536,672.
With regard to the average price per sq.feet , those properties with 2 bedrooms are the cheapest ones at a cost of $1,247 / sq.feet, with an average $1,537 / sq.feet price in Traverse City. The properties with the highest average prices have 1 bedroom. They are 12 % more expensive than the average followed by properties with 4 bedrooms with a price at $1,712 / sq.feet.
The graph displaying the average prices displays the property type "Condo" as the most affordable one. At an cost of $431,222 it is 29 % cheaper than the average price in Traverse City. "House" is seen as the second most affordable property type. The dearest property type is "Apartment" followed by "Commercial". At a price of $991,488 it is 184 % more expensive than the average price.
According to the average cost per sq.feet, the cheapest property type is "Condo" at an average cost of $228 / sq.feet followed by "House" priced at $1,267 / sq.feet. "Apartment" is the most costly type of property with a $3,911 / sq.feet cost followed by "Commercial" with an average price of $3,438 / sq.feet.