There are markets across the country where the average price of a single-family house is less than the average price of a condo, but Arlington, Virginia, is most definitely not one of them.
Real estate site Point2Homes reports the median selling price for a single-family house in Arlington County is $1.132 million, compared to the median price of a condo of $415,000, a difference of 173%. Arlington ranks second in the nation for the difference, behind only Bellevue, Washington, where the difference is 185% ($1.525 million versus $535,000).
In the District, the median price of a single family home of $727,000 is 64% more than the median price of a condo, $443,000.
Houses actually sell for less than condos in a handful of cities including Detroit (75%), Akron, Ohio (39%) and Cleveland (36%), according to Point2Homes.
Point2Homes used the price spread in 150 cities and suburbs to determine how much extra income it would take for condo owners to trade up to a house.
In Providence, Rhode Island, it would take less than a month’s salary – based on median household income – to cover the difference, or about $3,000.
Point2Homes has searchable databases comparing house and condo prices and the difference in median income it would take to upsize, as well as cities where a median-priced house is less expensive than a median-priced condo, online.
Below is its list of the 25 cities with the highest price differences:
