High mortgage rates and even higher listing prices have more and more Bay Area house hunters turning to condos. And why not? The median sales price for existing condos in the Bay Area is $788,500 while a single-family home is going for $1.3 million.
In April 2023, condos accounted for 26% of homes sold, compared with 23% in April 2020 and many expect that percentage to increase.
Moreover, the majority of new homes being built in the Bay Area are multifamily units with permits in 2022 almost doubling the number of single-family homes.