Markets & Economy

Condos appreciate by double digits in Houston

Condos remain affordable amidst year-over-year gains
  • Only two markets nationally experienced larger year-over-year condo appreciation.
  • The median condo or single-family home is affordable in Houston compared to other cities.
  • Of the 35 most populous cities, Houston ranked third in terms of condo appreciation.

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Condo values outpaced single-family home prices in Houston by nearly 5 percent during the third quarter. According to a report from Zillow, the median price of a condo rose by 13.6 percent year-over-year during the quarter. In comparison, the median price of a single-family home appreciated by 9 percent during the same period. Of the 35 most populous cities, only Dallas-Fort Worth (20.1 percent) and Denver (19.7 percent) experienced larger year-over-year rises in condo values. Houston's condo market remains an affordable one despite the nearly 14 percent rise in values. The city's median price of $108,900 represents the lowest condo price among the nation's 18 largest markets. When expanded to include the 35 largest markets Houston has the sixth lowest condo price. "Condos increasingly represent a strong-performing, often affordable choice, particularly for first-time buyers interested both in homeownership and in keeping a lower-maintenance, city lifestyle," said Sve...