The trend toward chicken condos and other mid-market apartment buildings is transforming an already robust housing market, with the average price of a mid-rise condo nearly doubling since 2006, according to an analysis by real estate firm Zillow.
Zillows estimates that the market value of all of the U.S. condominiums in mid-rises is up a staggering $9 billion to $20 billion.
And as Zillots analysts explain, that figure is likely even higher if we count condo towers that have been built since the early 2000s.
It’s a stunning increase that could make the entire housing market even more expensive.
The condo market, for now, is still a bubble, but with a lot of pent-up demand.
It will likely get even more crowded as developers and buyers try to secure the highest possible prices for the building.
For many, it’s a big step up from the housing market they grew up in.
But Zillowitz argues that it’s the right step for the market to take, given the current housing shortage.
The condominium boom, he says, is driven by a combination of the strong economic recovery, a surge in demand for apartments and the rising costs of land, as well as rising rents and other rising expenses.
“The trend has been upward,” Zillovides senior economist Matthew Korte told The Washington Examiner.
“I think people are very optimistic.
It is happening.
And the longer the recovery goes on, the more that trend will continue.”
But the rise in condominium prices is only a part of the story.
The condos themselves, like the buildings themselves, are also changing.
Many of them have new features and design, such as the fact that the condominium does not have a basement.
These features make the building appear more like a home and reduce the cost of repairs and renovations, and the apartments often have an exterior that resembles a home.
The new buildings also have more floorspace, and they often have taller balconies and open plan living spaces, making it more difficult for neighbors to see them from their balconies.
The increase in prices also means fewer people are buying condominium apartments.
The average price for a midrise condo in the United States jumped from $1.4 million in 2006 to $2.5 million in 2012.
That is a 25 percent increase.
But condos that were once built decades ago and have been renovated have seen the greatest price increases, according in Zillot’s analysis.
This is because of the growing popularity of these new apartments.
Zellows estimates the average cost of a condo to be $1,738 in the second quarter of this year.
That includes a $1 million remodel, a $2 million new kitchen and a $600,000 addition to the living space.
The median price of the average condo has also grown dramatically, from $858,000 in 2006.
This means the average buyer in the country is paying $1 billion or more to live in a condo.
“Condos are the new house, and we are in the midst of a new housing market,” Zellowitz said.
“As the economy improves, people will be spending more money on housing.
We will see the average rent go up, which will push prices up further.”
Meanwhile, there are many other factors that make condos such a hot investment.
Zillerow believes the demand for condominium units is driven in large part by Millennials, the age group most likely to move to urban areas, which are now the fastest-growing demographic in the U, and by those who want to live closer to the city.
Millennials are buying more than ever, and condo prices are rising faster than the overall market.
Zellerovides data shows the median condo rent in the nation is now $2,800, which is $400 higher than the median rent in 2015.
That’s because of rising rental costs, which Zellovides says is the reason that Millennials are looking for places to live.
“Millennials want a place to live close to the urban core,” Zellerowitz said, adding that many are choosing condos to get closer to their families and friends.
The Zillower’s analysis also shows that while condo sales are still up in most major cities, many cities are struggling to find buyers for their condo buildings.
The report notes that a majority of the country’s metropolitan areas, like New York, are in a state of “disrepair.”
The Zellow report found that the majority of metro areas that were experiencing a shortage of apartments in 2016 were in the South.
“It is evident that the housing affordability crisis is reaching the South,” the report says.
For now, the housing shortage in the Southeastern United States is not expected to have a lasting effect on the economy, as the recession and unemployment have not affected the demand in the region.
But if the housing bubble burst, it would create a domino effect in the Northeast, which would also cause an