Urban single-family prices have jumped nearly 20% year-over-year to $286,000, which is faster than any other type of home and the biggest increase of record for those homes, according to a new report from Redfin.
In another sign that people are returning to the city, condos sales are up 30% year over year, which is more than any other home type.
Still, regardless of neighborhood, single-family homes are selling faster than condos. For instance, suburban single-family homes spent 25 days on the market before going under contract during the 12 weeks ending April 4. Urban single-family homes are spending a median of 29 days on the market before going under contract.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
