The average price in the Michigan region has had a strong decrease in recent months. There has been a strong deflation in the prices in this region.
The price per sq.feet in Michigan has risen considerably in the last 6 months. During April, the average price per sq.feet was $800. The following month (May) the price had a considerable deflation reaching $163 per sq.feet. The following two months (June, July) went through a considerable deflation of 32 % in the price per sq.feet with regard to the previous two. In the last two months, the price per sq.feet has had a significant decrease of 48 %. This has been obtained by comparing the price of $317.75 for the first four months of the sample with regard to the previous 4 months and the price of $152.5 per sq.feet for the last two months (August, September).
Based upon to the price in Michigan(region), this has decreased considerably in the last 6 months. April has an average price of $392,351. During May the price had a strong deflation till $263,490. The average price for the following two months (June, July) decreased 90 % compared to the prior two. During the last two months the price has had a considerable reduction of 84 % with respect to the previous four months going from $311,859.25 a $260,991.
The graph displaying the the average price per number of bedrooms shows that those with 1 bedroom are the cheapest ones. They are 43 % more affordable than the average price in Michigan followed by those with 2 with an average price of $178,692. The most costly properties have 4 bedrooms. They are 33 % more expensive than the average followed by those properties with 3 bedrooms priced at $226,855.
Based on the average price per sq.feet those properties with 2 bedrooms are the cheapest ones with a price of $133 / sq.feet being $159 / sq.feet the average value within the Michigan region. The properties with the cheapest average price are those with 4 bedrooms. These are 9 % lower than the average followed by those with 1 bedroom with a price of $139 / sq.feet.
The graph displaying the average price according to the property type shows "Land" as the cheapest one. With an average cost of $258,996 it is 70 % more affordable than the average in Michigan. This is followed by "House" with a price of $306,420. The dearest property type is "Commercial" and is 189 % more expensive than the average, followed by "Townhouse" with a cost of $318,955.
Based on the average cost per sq.feet the cheapest property type is "House with a an average cost of $153 / sq.feet, followed by "Commercial" with a price of $166 / sq.feet. "Townhouse" with an average price of $418 / sq.feet is the most costly type of property followed by "Land" at a price of $245 / sq.feet.