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Research - JULY 21, 2021

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Homebuyers turn back to condos

by Released

The typical condo in the United States sold above its asking price in June for just the second time since at least 2012, according to a new report from Redfin (www.redfin.com).

The first time was in May, signaling renewed homebuyer competition for condos after a pandemic-fueled slump.

Nationwide, the typical condo sold for 0.7 percent above its asking price in June, following a premium of 0.4 percent in May. In dollar terms, the typical condo sold for $304,000 in June. If it sold for 0.7 percent above its asking price, that means it was listed for $301,872.

The pattern is somewhat seasonal, as average sale-to-list ratios for condos typically peak in May or June, but this is the first year condos are selling above asking price rather than below.

The data in this report is from a Redfin analysis of MLS data and public county records.

The national median sale price for condos rose a record 20.3 percent year-over-year in June to an all-time high of $30

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