Home Buyers Are Again Considering Condo Living

In its latest report, Redfin, the Seattle-based technology-powered real estate broker, is reporting that the typical condo in the U.S. sold above its asking price in June, just the second time since at least 2012. The first time was in the month of May, and is signaling renewed homebuyer competition for condos after a pandemic-fuel slump. Nationwide, the typical condo sold for 0.7% above its asking price in June, following a premium of 0.4% in May. In dollar terms, the typical condo sold for $304,000 in June. If it sold for 0.7% above its asking price, that means it was listed for $301,872. Also of note is that condos are currently selling in a record 22 days.

In a statement prepared for the release of the report, Daryl Fairweather, Redfin’s Chief Economist said, “Many buyers who have been priced out of the market for single-family homes have turned to condos. Earlier in the pandemic, many buyers shunned small condos in favor of large detached homes with space for offices and homeschooling. But now that many Americans are vaccinated and some are returning to the workplace, extra space isn’t as necessary and the benefits of shared amenities like a gym or a pool are more attractive. And the biggest benefit of condo living is the more affordable price.”