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Condos offer a lower price alternative to home ownership and are quite popular in the DMV area, representing about 20% of all home sales, but can be as high as 50% in condo rich urban communities, such as Arlington, VA. Some of the key benefits of condo ownership include not having a yard to mow, onsite fitness center, gym, and pool, and a sense of community. Undoubtedly COVID-19 has impacted some of these benefits to condo ownership and, in the short-term, has change the desirability and attractiveness of condos.
Since the start of the summer, the inventory of homes have remained low, helping to keep home prices high, but not all homes are the same and we have observed a trend developing. Townhomes have the lowest inventory and are selling for above list price.