How do additional bathrooms or bedrooms affect market value in Scotch Plains?
In all, 221 homes were sold in Scotch Plains 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 52% more than 1 bedroom homes, and 3 bedroom homes sold for 32% more than 2 bedroom homes. 4 bedroom homes sold for 36% more than 3 bedrooms, and the increase to 5 bedrooms in Scotch Plains increased sale price by about 53%. The jump from 5 to 6 bedrooms represented a sale price increase of 13%.
38% of the homes sold in Scotch Plains are 3 bedroom homes, and 39% 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. Let’s use 4 bedrooms as our model since 4 bedroom homes in Scotch Plains are the most common homes. Increasing the number of baths in a Scotch Plains 4 bedroom home from 1 to 1 ½ baths increased sales price by 55%, but increasing from 1 bath to 2 baths only increased the sale price by about 49%. The 2 bath to 2 ½ bath jump increased sale price by about 50%, and from 2 ½ baths to 3 baths, sale price increased by about 23%.
If you have a home in Scotch Plains, find out how much it’s worth in today’s market! Call Team Zuhl at 908-917-4189.