The housing market has experienced a series of changes over the past couple of years — from record-high prices to ruthless competition. But now, with some signs signaling a cooling market (in certain places, at least), other areas are seeing shifts, notably a rise in demand for condominiums.
In February, the average cost of a single-family home went down by 0.7% from the same period last year, while a median-priced condo experienced a 2.5% increase, per data from the National Association of Realtors.
In some areas, condos are even more expensive for buyers than median-priced homes. According to real estate analysts at Point2, there are as many as 20 U.S. cities where this is happening, including Detroit, Michigan, which took the top spot, with the average home price of $58,000 versus the average condo price of $229,000 — a 75% difference.
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Detroit led the rankings by a long shot. Second was Birmingham, Alabama, where the average home price is $174,000 versus $246,000 for condos — a gap of 29%.
While there are several reasons people are attracted to condos versus homeownership — less maintenance, upkeep and utility costs — condo living isn’t for everyone. So if you’re looking to make the move from a building to a home, one of these 20 cities may be worth looking into.