Remote work, the desire for privacy and record-low mortgage rates make single-family homes more desirable during the coronavirus pandemic. But condos could make a comeback if single-family home prices continue to surge.
Condo sale prices in the U.S. increased 5.4% year over year to a median of $266,000 in August, trailing growth in single-family home prices, which surged 11.9% to $343,000. That’s the largest price-growth gap between the two property types since 2014.
About one in five condos (21.9%) sold for above the price at which it was listed, up slightly from 19.2% in August 2019. That compares with one