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

By: New York Times

Median single-family home prices in the United States reached a record of $406,000 in February, a nearly 16 percent increase compared to a year earlier and nearly 35 percent over February 2020, according to a study by Redfin. New interest-rate hikes will make these homes even less affordable, leading many buyers to turn to condos as an alternative.

While the condo market slouched at the start of the pandemic — due in part to concerns about living in proximity to others — demand has roared back. Redfin’s study found that the rate of inventory decline for condos is now outpacing that of single-family homes: There were 28 percent fewer condos for sale in February compared to February 2021, and 14 percent fewer single-family homes.

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