Statistical Review of 3 Bedroom Houses in Delaware StateBelow are given two charts which show the raw data for 3 Bedroom houses for sale in both Kent County and New Castle County in Delaware. The charts include the city they are in, their size in square feet and their prices. For analysis 25 random houses in different cities in Kent County and New Castle County have been chosen. Kent CountyCitySize in Sq FtPrice in $1Woodside-1200002Wyoming13101550003Kenton15601770004Houston10981900005Hartly13442230008Wilmington16002500006Felton27042820007Smyrna18882940009Dover221230000010Camden Wyoming169531000011Cheswold-31500012Viola203032300013Smyrna189534100014Kenton164834900015Clayton145635000016Clayton215636500017Felton177537000018Camden275140000019Magnolia219042000020Frederica296243900021Smyrna250045500022Felton154447900023Marydel175052500024Frederica240353500025Harrington1632635000New Castle CountyCitySize in Sq FtPrice in $1.Wilmington1200900002.Marshallton-1300003.Wilmington11751700004Bear15751800005Stanton10502000006Wilmington12502200007Wilmington16002500008Christiana-2650009Claymont-27500010Claymont182529500011Newark230032300012Newark182532500013Townsend174433000014Townsend180035000015Wilmington221637000016Hockessin240039000017Hockessin195040000018Middletown-40200019Middletown-41300020Middletown-44800021Bear-47500022Bear-50000023Wilmington342552500024Greenville175056300025Wilmington3925650000Frequency DistributionKent CountyNew Castle CountyPrice In $FrequencyFrequency0-10000001100000-20000044200000-30000055300000-40000087400000-50000045500000-60000022600000-70000011Below is a table that that lists the price range and the number of times a house has occurred within a certain price range for both the counties.
Graphical Representation Quantitative AnalysisKent CountyNew Castle CountyMean$344080$293040Modal Class$300000-$400000$300000-$400000Median Class$300000-$400000$300000-$400000Range$515000$560000Mid-range$257500$280000Standard Deviation$124048$148084Qualitative AnalysisThere are currently 18,960 3 bedroom owner occupied houses in Kent County and in New Castle there are 65,410 3 bedroom owner occupied houses (www.City-Data.com). The number of 3-bedroom houses in Kent County is higher than 1, 2, 4 or 5 bedroom houses.
Same is the case in New Castle County. The range of these houses varies greatly in both counties as can be seen from the table above. From the randomly selected houses the difference in price emerges to be greater in New Castle. However it would be inappropriate to base any conclusion on this fact alone. Yet it is understood that the price does vary greatly in both counties, which can be accounted to the varying factors of geographical, social and security in different regions. Differing prices can also be because of differing area covered by the houses. The frequency distribution table shows that in both counties the number of houses in similar price ranges is nearly the same. The frequency is highest in the price range of $300000-$400000, indicating that this may be the normal price range for a 3 bed house.
The $400000-$500000 price range also holds a high number of houses.Thus it can be assumed that if chosen at random, a house in both the Kent and New Castle County will lie in this range. As such there is no difference between both the counties indicating that real estate property price is nearly the same in both counties, even though New Castle seems more developed with more population and evidently more social facilities available. The mean of both the counties are not the same, a difference of approximately $50,000 lies, with Kent County having a higher mean, but this can be due to the randomness and differing ranges of the counties.
Yet it can also be said that estate property in Kent County has a higher price. Surprisingly the highest price in Kent County is of a 1632 Sq. Ft.
house and New Castle has the same price for double the area. This anomaly and the higher mean of Kent County can be due to various factors. It also means that Kent County has a higher price for land value even if it is less developed and less populated than New Castle County. This can be due to the fact that as being more populated New Castle could have a higher crime rate or Kent County could have a more peace environment or an exclusive social seclusion for people running away from the hassles of a populated area. Another notable factor is that Kent has newer houses than New Castle (www.City-Data.com). New Castle had more houses built from 1939 to 1965 and then afterwards Kent County has more new houses built from 1970 to 1998 than New Castle.
Newer houses would of course mean higher prices which is why Kent County has high prices for a less developed region.The median and modal classes of both the counties are also the same, another property that tells us that the average prices in both the counties are similar. Also in 2000 the median price for every vacant house in New Castle was $103,700 and for Kent County $90,000 (www.City-Data.com). This shows that property price is nearly alike in both counties and analysis of the data collected for this review shows that recently Kent and New Castle are getting closer when it comes to average property price. This can also mean that Kent County is catching up even if it is less populated or even not as much developed as New Castle.
The Standard Deviation of both counties are quite small compared to the prices which means that the prices are mostly clustered around the mean, as can be seen from the graphical representations shown before.Bibliographyhttp://www.delawareatoz.com/en.php/properties/kent/-/house/http://www.delawareatoz.com/en.php/properties/newcastle/-/house/City-Data.com