Robust appetite for more living space and privacy is keeping a lid on condominium prices, spurring sales in some metros as buyers take advantage of the discounts.
A recent Redfin showed that, on average, the typical US single-family home sold this year was purchased for a premium of $58,000 or 17.3% more than the typical condo – marking the largest premium since Redfin began tracking this data since at least 2013.
Despite a white-hot US housing market amid COVID-19, the condo market “has missed out on much of the gains as homebuyers have left dense cities in search of more space and privacy AKA single-family homes,” Redfin said.
The same is true of Seattle’s housing market, where single-family homes are selling for a 17.9% premium, according to local Redfin real estate agent Forrest Moody.
“Before the pandemic, it was challenging to find a condo in Seattle for less than $500,000,