The housing market has skilled a sequence of modifications over the previous couple of years — from record-high costs to ruthless competitors. However now, with some indicators signaling a cooling market (in sure locations, no less than), different areas are seeing shifts, notably an increase in demand for condominiums.

In February, the common price of a single-family residence went down by 0.7% from the identical interval final yr, whereas a median-priced condominium skilled a 2.5% improve, per information from the Nationwide Affiliation of Realtors.

In some areas, condos are much more costly for consumers than median-priced properties. In keeping with actual property analysts at Point2, there are as many as 20 U.S. cities the place that is occurring, together with Detroit, Michigan, which took the highest spot, with the common residence value of $58,000 versus the common condominium value of $229,000 — a 75% distinction.

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Detroit led the rankings by a protracted shot. Second was Birmingham, Alabama, the place the common residence value is $174,000 versus $246,000 for condos — a spot of 29%.

Whereas there are a number of causes individuals are interested in condos versus homeownership — much less upkeep, repairs and utility prices — condominium residing is not for everybody. So if you happen to’re trying to make the transfer from a constructing to a house, one in every of these 20 cities could also be price wanting into.