How do additional bathrooms or bedrooms affect market value in Union?
In all, 341 homes were sold in Union 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 143% more than 1 bedroom homes, and 3 bedroom homes sold for 25% more than 2 bedroom homes. 4 bedroom homes sold for 14% more than 3 bedrooms, and the increase to 5 bedrooms in Union actually decreased sale price by about 3%.
48% of the homes sold in Union are 3 bedroom homes, and 27% 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 3 bedrooms as our model since 3 bedroom homes in Union are the most common homes. Increasing the number of baths in a Union 3 bedroom home from 1 to 1 ½ baths increased sales price by 22%, but increasing from 1 bath to 2 baths only increased the sale price by about 24%. The 2 bath to 2 ½ bath jump increased sale price by about 14%, but 3 bathroom homes sold for less than 1% more than 2 ½ bathroom homes.
If you have a home in Union, find out how much it’s worth in today’s market! Call Team Zuhl at 908-917-4189.