Urban Single-Family Homes Are Seeing the Fastest Price Growth as Buyers Return to City But Still Crave Space
Category: Industry
May
12
Originally published on April 27, 2021 by Isabelle Novak for Redfin
- As vaccines roll out, prices of spacious city dwellings are rising 20%
- The pandemic-driven bump in rural properties has peaked
- Urban condos are making a comeback with sales up nearly 30% year over year
SEATTLE, April 27, 2021 /PRNewswire/ -- (NASDAQ: RDFN) — Prices of urban single-family homes are rising nearly 20% year over year—faster than any other type of home—according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. But this year's hot housing market doesn't discriminate: Urban condo sales are up nearly 30% year over year, more than any other home type.
Key takeaways from Redfin's analysis, which looks at the housing market divided into five categories (urban single-family homes, suburban single-family homes, rural single-family homes, urban condos, suburban condos) during the 12 weeks ending April 4 include:
- Prices of urban single-family homes increased nearly 20% year over year, outpacing price growth rates for every other home category, a signal that buyers are searching for spacious homes near city amenities as vaccines roll out.
- Online listings of homes in large metros saw a 62% year-over-year increase in pageviews, bigger than the increases for homes in small towns and rural areas, another suggestion that buyers are returning to the city.
- Single-family homes sold faster than condos in all neighborhood types, indicating that buyers are clamoring for relatively large, private homes.
- Urban condo sales were up nearly 30% year over year, a bigger increase than any other home category, signaling that the condo market is recovering after plummeting last summer.
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