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.

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