Aug 15, 2023 - Real Estate

Richmond condo prices rose nearly 20% since last year

Illustration of a row of condo buildings with one wall rising up into the sky and forming an upward pointing arrow

Illustration: Annelise Capossela/Axios

Richmond condo prices rose faster than those of single-family homes, per the latest Zillow data.

  • In May, the typical metro-area condo sold for $349,750, up 19.6% compared to last year.
  • Meanwhile, the typical single-family home here cost $361,706, up 3.8% year over year.

Both spiked even higher for June, according to the latest data from the Richmond Association of Realtors.

Year-over-year change in median sales price of homes in Richmond
Data: Zillow; Chart: Alice Feng/Axios

The big picture: More buyers have turned to condos and townhouses as housing costs surge, Realtor.com analyst Hannah Jones tells Axios.

  • Across the U.S., that segment's prices are now climbing at a faster clip than single-family homes, the real estate company's data shows.

Why it matters: Condos' growing appeal comes as younger buyers look for more affordable homes, and empty-nesters want to downsize to a maintenance-free lifestyle, real estate experts say.

Be smart: Homeowners association fees, which vary from building to building, factor into the cost of owning a condo.

Between the lines: A bump in new home construction could bring prices down.

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