The nationwide median sale price for condos hit a record high of $319,000 in February…a bargain compared to single-family home prices but in Nashville, the median sale price of a condo increased +49% y/y to $426,000.
Demand for Condos Roared Back from Pandemic Onslaught
Though the condo market plunged at the onset of the pandemic due to density concerns, the demand for condominiums has since soared. A new study by Redfin found that inventory declines for condos (-21%) are now outpacing declines in single-family home inventory (-14%).
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The result? The nationwide median sale price of condominiums hit a record high of $319,000 in February 2022.
Bidding Wars for Condominiums Now Common
Obviously, there are many condo markets around the country seeing much higher median prices than February’s nationwide median of $319,000.
And obviously, more condos are selling well over asking prices in bidding wars. In San Jose CA, for example, more than 74% of condos sold above asking prices during February 2022. The greatest over-asking price premium for condominiums was found in San Francisco at an average of about +6%.
Remember that new interest rate hikes will make these condominiums, just like single-family homes, less affordable.
Metros Seeing Greatest Condo Price Increases, according to Redfin
Median Sale/ Y/Y Increase/Share Sold Above List
Nashville TN $426,000 +49% y/y 44%
Charleston SC $319,000 +41% y/y 43%
Las Vegas NV $237,000 +33% y/y 4%
Miami FL $383,000 +33% y/y 14%
Riverside CA $455,000 +33% y/y 61%
Tampa FL $218,000 +32% y/y 40%
North Point FL $325,000 +32% y/y 41%
Tacoma WA $394,000 +31% y/y 57%
Providence RI $295,000 +30% y/y 47%
Phoenix AZ $320,000 +29% y/y 52%
Raleigh NC $270,000 +29% y/y 51%
Sacramento CA $360,000 +27% y/y 64%
Knoxville TN $244,000 +26% y/y 56%
Orlando FL $188,000 +26% y/y 33%
San Diego CA $580,000 +25% y/y 70%
Fort Lauderdale FL $208,000 +24% y/y 21%
Salt Lake City UT $349,000 +24% y/y 64%
Tucson AZ $180,000 +24% y/y 47%
Jacksonville FL $235,000 +24% y/y 39%
West Palm Beach $235,000 +24% y/y 25%
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Thanks to Redfin.
