Real Estate

If You Think Houses Are Expensive, Wait Till You See What Condos Cost

Median single-family residence costs in america reached a file of $406,000 in February, a virtually 16 % enhance in comparison with a 12 months earlier and practically 35 % over February 2020, based on a examine by Redfin. New interest-rate hikes will make these properties even much less reasonably priced, main many patrons to show to condos instead.

Whereas the condominium market slouched in the beginning of the pandemic — due partially to issues about residing in proximity to others — demand has roared again. Redfin’s examine discovered that the speed of stock decline for condos is now outpacing that of single-family properties: There have been 28 % fewer condos on the market in February in comparison with February 2021, and 14 % fewer single-family properties.

Because of this, the median sale value for condos hit a file excessive of $319,000 this February. Among the many 67 largest markets tracked by Redfin, Nashville noticed the best one-year value enhance — a surprising 49 %. (Texas was excluded from the examine as a result of nondisclosure legal guidelines prevented correct knowledge assortment, as had been metros with fewer than 50 condominium gross sales in February.)

Extra condos are promoting over asking value, too — 41 % in February, up from about 25 % final February. San Jose, Calif., topped that listing, with greater than 74 % of condos going for over asking value. The best over-asking-price premium was present in San Francisco, the place condos offered at a mean of about 6 % over asking.

This week’s chart reveals the 20 metro areas the place condominium costs elevated probably the most over a 12 months, and the share that offered over their listing value in every, based on Redfin’s examine.

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