Residential real estate encompasses any type of real estate that people live in. Here are some of the more common types of residential real estate for sale.
For many people, single-family homes are the first type of property that comes to mind when they consider residential real estate. The single-family home is a freestanding house for an immediate family, and it's the quintessential American dream home in many ways. The house can vary in size, features, and price, but it's almost always surrounded by a yard.
Single-family homes are widely available throughout the country, and they can be found for sale at all times of the year. The summer is the busiest month for home sales, but there are plenty of these available during the other months of the year as well.
Condominiums are single-family units that are housed in a larger building with other units. Their walls adjoin the next unit's walls, and the building or complex often has common spaces for all condominium owners to use.
In many ways, condominiums frequently look like apartments. There's an important difference between the two, though. Whereas apartments are leased, condominiums are owned just like houses often are.
While condominiums can be found throughout the country, they're most popular in places where real estate is in high demand. You're likely to find condominiums for sale in major cities and vacation destinations, for example — especially if the epicenter of a city or main attraction of a destination is a fairly small section of real estate.
Mobile homes are so-named because they're able to be moved. They aren't moved very often, and their portability isn't anywhere near that of a camper or RV. They get built in a factory, however, and then they're transported by rail or truck. After they're set up on a site, they can be moved again but doing so is a fairly expensive endeavor.
Because mobile homes are constructed in a factory and not on-site, the construction costs of these tend to be less than those of single-family homes. As a result, the purchase price of a mobile home is often significantly lower.
Townhomes are similar to condominiums, except they resemble a house more than a typical apartment. Townhomes commonly have multiple floors, and they don't have any other units above or below them. This makes townhomes a little quieter than some condominiums.