By Aglaia Pikounis

Here’s one thing people searching for a new home in this spring market might want to keep in mind: the difference between home prices and condo prices has shrunk significantly in recent years.

 The median single-family home price in Massachusetts was only $30,000 more than the median condo price in 2008.

So far this year, the median home price is about $34,000 more than the median condo price, according to The Warren Group.

That’s a big difference from the scenario buyers faced just four years ago.

Back in 2005, the median price for a single-family home peaked at $355,000, which was $72,000 higher – or about 25 percent more — than the median condo price of $283,000.

That meant that many home searchers looked at condos as the more affordable option, and condos became a key gateway to homeownership for many Bay State residents.

Today, home prices have dipped enough that owning a single-family home is within reach of more home buyers.

This entry was posted on Monday, April 13th, 2009 at 8:27 am and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.