My son is trying to find a condo in that area. Every time he puts in an offer on one, he is outbid. This is because apartment dwellers are flocking to the condo market to escape their onerous rents.
The lack of apartments and condos is why the multifamily sector of home building around the country will continue to be strong. Even as single family prices decrease from over supply in a lot of markets.
The baby boomers are increasingly looking to downsize. They do not need 2500-3500 square foot houses anymore. However, they do want a free standing or semi detached condo where they do not need to mow the lawn or clear snow from the driveway up north in the winter.
In addition, the millenials and generation X did not buy a house for ten years after the Great Recession. Also, many 30 somethings have chosen NOT to have children. So, this all points to a increasing demand for condos, multifamily and semi detached houses.
Single family detached home prices are already going down in some markets(like Boise) in the country due to oversupply. I sell the biggest home builder in Idaho. They primarily build first time home buyer single family homes. Their business is down about 50% from a year ago. However, their multifamily business is strong.
Keep in mind real estate markets like Boise literally went up 100% in less than three years. That type of increase is never sustainable.