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 single-family homes (+0.3%) bottomed out in May after the pandemic slowed housing activity to a near halt.
“The pandemic has fundamentally changed what a lot of buyers are looking for in a home,” said Redfin economist Taylor Marr. “People are spending more time at home and less time at