What it costs to buy 2 bedrooms, 3, 4 and more
What's the cheapest way to buy a home if your aim is as many bedrooms as possible? Aim for attached housing.
In October, townhouses and rowhouses in the Baltimore region sold for substantially less than single-family houses in comparable bedroom categories. In fact, the average three-bedroom townhome or rowhome sold for about $15,000 less than the average house with two bedrooms or fewer.
And the average house with four bedrooms or more sold for nearly twice the average townhome/rowhome with that many bedrooms -- $395,000 vs. $202,000.
Here's the price breakdown from low to high, according to Metropolitan Regional Information Systems' stats arm, RealEstate Business Intelligence:
Townhouse/rowhouse, two bedrooms or fewer: $115,000
Townhouse/rowhouse, three bedrooms: $168,000
Single-family house, two bedrooms or fewer: $183,000
Townhouse/rowhouse, four bedrooms or more: $202,000
Single-family house, three bedrooms: $246,000
Single-family house, four bedrooms or more: $395,000
Homes tend to be cheaper in Baltimore than its suburbs, and Baltimore has a lot of rowhouses. That's undoubtedly one factor keeping the regionwide average for attached homes so much lower than the average for single-family houses.
There are other factors, obviously. Single-family homes are more likely to have bigger yards, driving up the price. Plenty of buyers are willing to pay extra for no attached walls. And since number of bedrooms doesn't necessarily tell you much about the square footage, some of the single-family premium could be about extra interior space. (MRIS doesn't issue statistics tracking sales price by square feet, more's the pity.)
But it's interesting, isn't it, that the average price buyers in October paid for a four-bedroom-plus townhome or rowhome was just $19,000 more than the average price buyers paid for a house with two bedrooms or fewer.
If you're wondering where condos fit into all this, I'm afraid that's not clear. MRIS tracks condos as a whole without breaking them out by number of bedrooms.
Average price for condos in October: $208,000. That's pricier than the averages for each of the categories of townhouse/rowhouse, but less expensive than the single-family categories for three bedrooms and four-plus.
Do you prefer condos, townhouses/rowhouses or single-family houses?