Multifamily is where the action is

There’s been plenty of news about how well multi-family housing has been doing, at least compared to single-family properties. It’s not just an anecdotal trend — here’s an interesting piece of information about Virginia property sales.

I looked at two simple sets of data, each comprising a year’s worth of sales:

  1. Statewide sales from May 1, 2010 to April 30, 2011 (aka, last year)
  2. Statewide sales from May 1, 2011 to April 30, 2012 (aka, this year)

Looking at those two sets of numbers, sales of single-family homes dropped about 2%. Condo sales were down almost 3%. Land sales were down more than 9%.

And multi-family sales were up 16.6%.

Note that this is the number of properties sold, not the total value. Also note that the total number of multi-family sales (about 224,000 in the past 12 months) is about half that of single-family homes.

Still, to see such a big disparity between multi-family sales and everything else is at least worth thinking about, no?


Class 05/01/2010 – 04/30/2011 05/01/2011 – 04/30/2012 % Change
Single-Family 240,000 235,000 (2.08%)
Condo/Town 206,000 200,000 (2.91%)
Land 55,000 49,900 (9.27%)
Multi-Family 119,000 138,725 16.58%
Totals 229,900 223,900 (2.61%)

About Andrew Kantor

Andrew is VAR's editor and information manager, and -- lessee now -- a former reporter for the Roanoke Times, former technology columnist for USA Today, and a former magazine editor for a bunch of places. He hails from New York with stops in Connecticut, New Jersey, Cincinnati, Columbus, and Roanoke.
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