Median single-family house costs in the USA reached a file of $406,000 in February, a just about 16 % building up in comparison to a 12 months previous and just about 35 % over February 2020, in keeping with a learn about via Redfin. New interest-rate hikes will make those properties even much less inexpensive, main many patrons to show to condos as a substitute.
Whilst the apartment marketplace slouched initially of the pandemic — due partly to considerations about dwelling in proximity to others — call for has roared again. Redfin’s learn about 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 to February 2021, and 14 % fewer single-family properties.
Consequently, the median sale payment for condos hit a file prime of $319,000 this February. A few of the 67 greatest markets tracked via Redfin, Nashville noticed the best one-year payment building up — a shocking 49 %. (Texas used to be excluded from the learn about as a result of nondisclosure regulations averted correct knowledge assortment, as have been metros with fewer than 50 apartment gross sales in February.)
Extra condos are promoting over asking payment, too — 41 % in February, up from about 25 % final February. San Jose, Calif., crowned that checklist, with greater than 74 % of condos going for over asking payment. The best over-asking-price top rate used to be present in San Francisco, the place condos offered at a mean of about 6 % over asking.
This week’s chart displays the 20 metro spaces the place apartment costs higher essentially the most over a 12 months, and the percentage that offered over their checklist payment in every, in keeping with Redfin’s learn about.
