Homebuyer demand for condos dropped with the coronavirus pandemic, but buyers are starting to return—particularly those searching for affordable homes. Demand for single-family homes has recovered more quickly.
Condo sale prices nationwide dropped 1.4% year over year to a median of $252,000 in June, the second consecutive month of drops after nearly two years of rising prices. Price growth for condos had reached a three-year high in January with a 9.7% year-over-year increase.
Contrast that with single-family homes, which saw their median sale price rise 2.6% year over year to $322,000 in June. Price growth for both condos (-2.4%) and