Salt Lake buyers turn to condos over single-family homes

Salt Lake City metro condo prices fell slower than those of single-family homes, per the latest Zillow data that analyzed prices between January 2019 and May 2023.

• In May, the typical metro-area condo sold for $$365,300, down 3.7% compared to last year. Meanwhile, the typical single-family home here cost $$546,300, down 5.2%% year-over-year.

The big picture: More buyers have turned to condos and townhomes 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 apartment construction could bring prices down in Salt Lake County.