The Square Foot Shuffle: How Price-Per-Square-Foot Affects Property Demand
In the world of real estate, the concept of price-per-square-foot plays a significant role in determining property demand. To understand this phenomenon, we'll be analyzing data from various cities and examining the impact of price-per-square-foot on property value and desirability.
Median Prices: A City-by-City Comparison
Let's start by looking at the median prices in different cities. According to the data, the median price in Macon, GA is $230,000, while in Goose Creek, SC, it's $297,000. This $67,000 difference in median price is a significant factor in determining property demand.
Homes Sold: A City-by-City Comparison
When it comes to the number of homes sold, we see a stark contrast between cities. In Macon, GA, only 6 homes were sold, while in Goose Creek, SC, 5 homes were sold. This indicates that Goose Creek has a more competitive real estate market.
Days on Market: A City-by-City Comparison
Another important factor to consider is the number of days homes stay on the market. In Macon, GA, homes typically stay on the market for 33 days, while in Goose Creek, SC, they stay on the market for 82 days. This suggests that Macon's real estate market is more active and competitive.
The Impact of Price-Per-Square-Foot on Property Value
Now, let's examine the impact of price-per-square-foot on property value. In Macon, GA, the median sale price is $230,000, with a median square footage of 1,500. This translates to a price-per-square-foot of $153.33. In contrast, in Goose Creek, SC, the median sale price is $297,000, with a median square footage of 1,500. This gives us a price-per-square-foot of $198.00. As we can see, the price-per-square-foot in Goose Creek is significantly higher than in Macon.
Conclusion
In conclusion, the square foot shuffle plays a significant role in determining property demand. By analyzing the median prices, homes sold, and days on market in different cities, we can see that price-per-square-foot is a critical factor in determining property value and desirability. As the real estate market continues to evolve, it's essential to consider the impact of price-per-square-foot on property demand.
For more information on how to navigate the real estate market, be sure to check out our article on how analysis can help realtors stay ahead of the game.
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