What are the common types of residential real estate?

Residential real estate encompasses a variety of property types that are primarily used for living purposes. The correct answer identifies the common types of residential real estate as single-family homes, condominiums, townhouses, and multi-family units.

Single-family homes are standalone structures designed to house one family, offering privacy and independence. Condominiums, often referred to as condos, are individual units within a larger building or complex that share common facilities. Townhouses are multi-story homes that share one or two walls with adjacent properties while maintaining their own entrances. Multi-family units, such as apartment buildings, are structures designed to house multiple families, with each unit serving as a separate living space.

These classifications cover a broad range of residential living options, catering to different lifestyles and preferences, which is why they are recognized as common types of residential real estate. Understanding these types is essential for anyone involved in real estate, as they encompass the various living scenarios that people choose.