The housing market has skilled a collection of modifications over the previous couple of years — from record-high costs to ruthless competitors. However now, with some indicators signaling a cooling market (in sure locations, at the very least), different areas are seeing shifts, notably an increase in demand for condominiums.
In February, the typical value of a single-family house went down by 0.7% from the identical interval final 12 months, whereas a median-priced apartment skilled a 2.5% improve, per information from the Nationwide Affiliation of Realtors.
In some areas, condos are much more costly for consumers than median-priced properties. Based on actual property analysts at Point2, there are as many as 20 U.S. cities the place that is taking place, together with Detroit, Michigan, which took the highest spot, with the typical house worth of $58,000 versus the typical apartment worth of $229,000 — a 75% distinction.
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Detroit led the rankings by an extended shot. Second was Birmingham, Alabama, the place the typical house worth is $174,000 versus $246,000 for condos — a spot of 29%.
Whereas there are a number of causes persons are interested in condos versus homeownership — much less upkeep, repairs and utility prices — apartment residing is not for everybody. So in the event you’re trying to make the transfer from a constructing to a house, one in all these 20 cities could also be price trying into.