How do additional bathrooms or bedrooms affect market value in Cranford?
In all, 164 homes were sold in Cranford from January 1-June 30, 2012. The details of these sales were analyzed to determine how the number of bathrooms and the number of bedrooms affected sales price.
The most obvious statistic is that the more bedrooms a home has, the higher the sales price. 2 bedroom homes sold for 50% more than 1 bedroom homes, and 3 bedroom homes sold for nearly 52% more than 2 bedroom homes. Above 3 bedrooms, however, the sales price increased by about 24% for each additional bedroom.
Nearly 50% of the homes sold in Cranford are 3 bedroom homes, and about 30% are 4 bedroom homes.
Increasing the number of bathrooms in a home improves sales price also, but not nearly as much as increasing the number of bedrooms. The change in value from a 1 bathroom home to a 1 ½ bathroom home is minimal.
Let’s use 3 bedrooms as our model since 3 bedroom homes in Cranford are the most common homes. Increasing the number of baths in a Cranford 3 bedroom home from 1 to 1 ½ increased sales price by nearly 30%, but increasing from 1 bath to 2 baths increased the value by only about 35%. Likewise, the jump from 2 baths to 2 ½ baths increased sale price by about 14%.
If you have a home in Cranford, find out how much it’s worth in today’s market! Call Team Zuhl at 908-917-4189.
|Data compiled from the Garden State MLS. Deemed reliable but not guaranteed.|