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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 Region

Introduction

The 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 Sample

Region

State

County

listing price

$'s per square foot

square feet

random

East North Central

in

grant

219,500

$116

1,898

0.380158

East North Central

il

vermilion

254,500

$156

1,632

0.772534

East North Central

in

henry

235,000

$148

1,588

0.297802

East North Central

in

wayne

203,800

$141

1,441

0.246303

East North Central

il

coles

220,800

$117

1,893

0.43187

East North Central

il

macoupin

197,600

$111

1,783

0.577272

East North Central

in

vigo

165,800

$122

1,362

0.887793

East North Central

oh

jefferson

246,500

$136

1,814

0.250615

East North Central

il

jackson

154,300

$105

1,463

0.474863

East North Central

oh

marion

149,700

$116

1,296

0.51351

East North Central

mi

bay

145,100

$117

1,239

0.252858

East North Central

il

whiteside

283,700

$136

2,087

0.823333

East North Central

oh

trumbull

243,000

$133

1,827

0.343069

East North Central

in

madison

229,100

$187

1,224

0.357066

East North Central

il

knox

205,100

$118

1,740

0.807329

East North Central

il

stephenson

235,600

$140

1,682

0.808583

East North Central

il

macon

212,900

$128

1,659

0.681882

East North Central

in

delaware

221,600

$134

1,651

0.943899

East...

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...

…being selected.

Scatterplot

The Pattern

The 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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