The common US real estate market belief that single-family houses get a steeper appreciation than condos is slowly falling apart. A new research from Trulia finds out that over the last 5 years, median condo value in the country has increased by 38.4%, while appreciation in single-family detached units sits at 27.9%.
The constantly outpacing growth in condo prices is more apparent in metropolitan areas, especially New York, where median condo value is 38% higher than single-family units. Detroit, Seattle, San Francisco, San Jose, Atlanta, Dallas-Fort Worth, Denver, Syracuse, San Diego, Boston, and dozens of other metro areas have a similar trend. According to Trulia’s chief economist Ralph McLaughlin, this relatively faster rise in condo prices is due to the proximity to jobs, amenities, cultural entertainment, and other attractions in metropolitan areas.
The overall picture is – while median price of single-family units is still higher than that of condominiums for the entire country, but the gap continues to narrow down.
It is hardly a surprise that New York sits at the top of condo price hike comparison chart. The city has always known for a steep rise in condo prices & rentals; a fact, which over the years has made it a favorite real estate spot for investors & property owners.
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