Square Footage of a House and Its Value Data Analysis Chapter
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A Comparative Analysis of Real Estate Markets in the East North Central RegionIntroductionThe real estate market is an essential component of the overall economy, impacting various sectors such as construction, finance, and consumer spending. Understanding regional real estate market dynamics can provide valuable insights for investors, homeowners, and policymakers. This report focuses on analyzing real estate data from the East North Central region of the United States, comprising the states of Illinois, Indiana, Michigan, Ohio, and Wisconsin.Representative Data SampleRegionStateCountylisting price$\'s per square footsquare feetrandomEast North Centralingrant219,500$1161,8980.380158East North Centralilvermilion254,500$1561,6320.772534East North Centralinhenry235,000$1481,5880.297802East North Centralinwayne203,800$1411,4410.246303East North Centralilcoles220,800$1171,8930.43187East North Centralilmacoupin197,600$1111,7830.577272East North Centralinvigo165,800$1221,3620.887793East North Centralohjefferson246,500$1361,8140.250615East North Centraliljackson154,300$1051,4630.474863East North Centralohmarion149,700$1161,2960.51351East North Centralmibay145,100$1171,2390.252858East North Centralilwhiteside283,700$1362,0870.823333East North Centralohtrumbull243,000$1331,8270.343069East North Centralinmadison229,100$1871,2240.357066East North Centralilknox205,100$1181,7400.807329East North Centralilstephenson235,600$1401,6820.808583East North Centralilmacon212,900$1281,6590.681882East North Centralindelaware221,600$1341,6510.943899East North Centralilhenry257,700$1232,0870.681556East North Centralohseneca211,900$1681,2630.883519East North Centralohdarke160,800$1141,4160.93315East North Centralohscioto204,200$1311,5620.748775East North Centralohbelmont172,500$1011,7100.427875East North Centralohsandusky253,900$1461,7380.562957East North Centralilrock island166,300$1271,3050.470319East North Centralohclark240,500$1371,7520.300112East North Centralohcolumbiana241,400$1641,4690.099072East North Centralinhoward304,300$1521,9960.772057East North Centralohrichland248,900$1321,8800.780628East North Centralilpeoria187,900$1311,4340.5668Data AnalysisMean Listing Price: $215,563.33Median Listing Price: $214,850Standard Deviation Listing Price: $40,461.10Mean Square Feet: 1,637.57Median Square Feet: 1,645.5Standard Deviation Square Feet: 242.34Regional samples can sometimes differ significantly from the national market due to specific local factors such as job growth, economic conditions, and demographics. For example, some regions may have higher demand for housing due to a booming local economy, while others may struggle with high unemployment rates or population decline.The types of housing available in a region can also affect its real estate market. Some regions may have a higher proportion of single-family homes, while others may have more apartments or condominiums. This can lead to differences in average listing prices, price per square foot, and square footage compared…
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…being selected.ScatterplotThe PatternThe x variable is the sq. footage; the y variable is the listing price. Each variable is useful for making predictions because as the trendline shows, the more sq. footage, the higher the listing price is likely to be.The association between x and y in the scatterplot is not exactly linear but it is positive. Outliers in the graph do occur and it may be because of the neighborhood the home is in or the condition of the home. In other words, other variables not at play in this plot could be affecting the price.If I had a 1,800 square foot house, based on the regression equation in the graph, the price I would choose to list at would be $240,000, as this is where the trendline is at that sq.…
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