Across our work, two property types stand out for how few properties have been available to buy: apartment and multifamily buildings and industrial property.
Many owners who bought or refinanced when financing was cheaper have little reason to sell, and replacing a property is hard when there is so little else on the market. Rental housing demand has stayed strong, and industrial space remains in demand from both investors and businesses that want to own their own buildings.
The result has been a persistent lack of inventory, which has driven strong increases in sale prices per square foot for both property types. When we appraise apartment and industrial property, we rely on the most recent local sales and pay close attention to how quickly the market has moved, because comparables from even a couple of years ago can understate today's values.
These notes are general market observations, not an appraisal of any specific property.