We still want to live by the water
Despite the horrific condominium collapse in Surfside, Florida — which led us to worry that structural flaws in beachside buildings could be more pervasive than we know — prices continue to climb for oceanfront condos around the U.S., according to ATTOM, a property database company.
Driving the news: The national median condo value in 86 oceanfront counties was $305,000 in the second quarter of 2021, up from $236,000 in the same quarter last year, per data that ATTOM released Thursday.
- Prices rose by at least 20% year-over-year in slightly more than half of the 86 oceanfront counties ATTOM included in its report.
- "Less-expensive oceanfront condo markets, concentrated in the South, generally showed bigger year-over-year gains, while the most expensive counties, located mainly in the West, showed the smallest," ATTOM said.
Details: Four of the five highest median prices were in California — San Francisco County ($1,175,000); San Mateo County ($915,500); Kings County (Brooklyn, New York) ($876,250); Marin County ($723,000) and Santa Cruz County ($693,500).
- The lowest median prices were in Atlantic County (Atlantic City), New Jersey ($124,000); Jefferson Parish, Louisiana (west of New Orleans) ($135,000); Citrus County, Florida (north of Tampa) ($145,000); Mobile County, Alabama ($148,000) and Onslow County (Jacksonville, Florida), North Carolina ($155,000).
Context: Given the national housing boom, it's entirely in keeping that prices should be ticking up for oceanfront condos. ATTOM reports that median single-family home and condo prices are rising annually by more than 15% across much of the U.S.
What's next: “We will keep an eye on this trend to see if it changes following the Florida incident,” says Todd Teta, chief product officer with ATTOM.