Yes. But not much. Usually.
That’s the short answer, based on historical data going back to 1977. In 38 years of data, median single family home prices decreased in only 11 years. Just two of those 11 years had declines of more than 4%: 1998 (-9.84%) and 2009 (-7.05%).
Have a look at this handy chart:
As you can see, median condominium sales track very closely with single family homes, and average sales of each also look quite similar.
And that raises the question: What’s the normal annual increase in prices?
Looking at median data over the full 38 years, single family home prices have increased at 6.31% per year while condos have gone up 5.70% per year.
If we focus only on the last 20 years, for which we have both median and average...