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Property Types

Housing products can be described by a variety of terms, many of which are marketing-oriented, regional in nature or reflect local market jargon. Essentially, there are two main types of housing: Single-family and multi-family. The basic definition calls for single-family homes to be those that are not attached to another home, while multi-family units are, in various configurations. Both are wholly-owned properties, and both may have a condominium form of ownership. Quite often builders will refer to an attached product, such as a townhome, as a single-family home and the term "condominium" has been colloquially utilized to describe a type of dwelling, i.e., an apartment that is part of a large multi-family building. While this is, in essence accurate, it is misleading. The following attempts to clear the muddle with respect to residential property types.