If home buyers take a look at the condo market in Dallas-Fort Worth, they’ll find two factors in their favor for owning a low-maintenance domicile with really close neighbors, according to a Zillow analysis.
Price: The median sales price for a condo in D-FW is $206,150, which is $97,183 less than a single-family home. The sales price was up 2.6 percent over 2020 compared to 11.7 percent for a single-family home.
Inventory: Agents bemoan the lack of inventory and statistics reflect the struggle with a 32.8 percent decrease in D-FW. In contrast, available inventory for condos in December was down 2.1 percent.
“Condos provide a unique opportunity for prospective buyers looking for a foot in the door, especially in markets where house prices have risen out of reach or where proximity to urban centers is a priority,” Nicole Bachaud, Zillow economic data analyst, said in the report.
According to Zillow, condos typically have a lower point of entry than houses. The U.S. median price for a condo was $255,333, just under $41,000 lower than a house.
Condos have their disadvantages such as expensive association fees and fellow homeowners’ share in decision-making processes, which might not favor everyone.
But condos also have advantages, such as walking distance to shops, restaurants, and other places of interest. They also have amenities such as gyms, pools, and fitness centers. With COVID-19, those places have limited access.
“But in a post-pandemic world, it’s likely these amenities will come back in full force and become an attractive selling point,” Bachaud said.
Other Notable Reports
National Association of Realtors: D-FW home prices increased by 10.5 percent year-over-year in the final months of 2020, but was off the pace of the nation’s 14.9 percent gain, according to the latest survey by the National Association of Realtors. Learn more.
Texas Manufactured Housing Association: Manufactured housing plants in Texas shipped 5.4 percent more homes in December than they had the previous year, the Texas Manufactured Housing Association reported. Learn more.
Forbes Advisor: No Texas cities made Forbes Advisors’ list of 10 most affordable cities to buy a home. However, Fort Worth and Laredo made the honorable mention list. Forbes Advisor looked at 100 metro areas with a population of at least 100,000 and measured affordability based on the city’s median income, average home costs, and median real estate taxes. Learn more.
Zumper: Dallas was ranked the 33rd most expensive city to rent, according to Zumper’s National Rent Report for February. Irving saw an increase of 5.8 percent to its one-bedroom median rent. Arlington had an increase of 5.6 percent for a 1BR, making it the 67th most-expensive rental market. Learn more.
