The local condo-townhome market is sizzling
The local condo and townhome market doesn’t get as much public attention as the existing and new home markets. That doesn’t mean it’s not sharing in the real estate market’s Midas touch.
Here are a few points to ponder:
There were 1.5 months of inventory for the existing home market in June. The condo market had 0.5 months of inventory.
The average existing home sale that closed last month was on the market for 48 days. The condo average was 22 days.
New existing home listing increased last month. Condo listings decreased.
Active inventory for homes was 38.8% lower than in June last year. It was down 68% from June last year for townhomes and condos.
One area where the condo market lags is price appreciation. The $255,637 June existing-home sales price average was up 25.7%. Condos averaged $164,944, up 6.8%. The same goes for the year-to-date sales volume. It’s up 46.4% for home sales and 23.5% for the condo-townhome market.
There are fewer condos and townhomes in the local market than single-family homes. And while there’s interest for small increases in inventory planned, demand for single-family homes is at the top of the buyer list. Still, the price advantage and federal incentives designed to attract first-time buyers give condos and townhomes some advantage. That could increase as the focus on affordable housing – and especially workforce housing – increases.
NETAR is the voice for real estate in Northeast Tennessee. It is the largest trade association in the Northeast Tennessee, Southwest Virginia region, representing over 1,600+ members and 100+ business partners involved in all aspects of the residential and commercial real estate industries. Weekly market reports and information for both consumers and members are available on the NETAR website at https://netar.us