Here’s one thing people searching for a new home in this spring market might want to keep in mind: the difference between home prices and condo prices has shrunk significantly in recent years.
So far this year, the median single-family home price is about $34,000 more than the median condo price, according to the Warren Group.
That’s a big difference from the scenario buyers faced just four years ago.
Back in 2005, the median price for a single-family home peaked at $355,000, which was $72,000 higher –or about 25 percent more — than the median condo price of $283,000.
Source: Warren Group