Condos Could Be a Win for Today’s Buyers
Not every buyer is looking for the biggest house on the block. Many want something simpler, easier to maintain, and more affordable—especially when every dollar matters. That’s where condos come in.
For first-time buyers, condos can be a smart way to step into homeownership without pushing your budget too far. For downsizers, they offer less upkeep while still keeping you close to the action.
And right now, condos are one of the most buyer-friendly opportunities in real estate.
Condo Inventory Is Up, Giving Buyers More Options
According to the National Association of Realtors (NAR), there are 194,000 condos for sale today. That’s the second-highest level we’ve seen in the past three years (see graph below):
Keep in mind, that’s the national picture. Availability will vary depending on where you’re searching. But overall, buyers today have far more choices and less competition than just a few years ago.
That means you don’t need to feel pressured to rush an offer just to beat other buyers. Instead, you can be selective about the location, layout, and amenities that matter most to you.
Compared to early 2022, condo inventory has nearly doubled. That shift gives you more breathing room to find the right fit for your lifestyle and budget.
Prices Are Cooling, and Buyers Hold More Negotiating Power
More inventory also means sellers are more willing to negotiate. As Redfin explains:
“. . . condo buyers in many cities may be able to find sellers who are willing to give concessions and/or sell for less than their asking price.”
Condo prices are starting to cool in many markets. According to Intercontinental Exchange (ICE), condo prices dropped 1.3% in June compared to last year. And over half of the top 100 U.S. metros saw condo prices drop slightly year-over-year.
Here’s a look at what that shift in prices looks like, based on Redfin data (see graph below):
This trend doesn’t just help with affordability—it also gives you leverage. Buyers are in a stronger position to ask for concessions, like help with closing costs, or negotiate a better overall deal.
Bottom Line
Condos aren’t just a fallback option. In today’s market, they’re one of the smartest ways to buy. With more inventory, softening prices, and added negotiating power, now could be the right time to take advantage.
If you’re wondering whether a condo might check more boxes than you expected, Tim is here to help you explore the possibilities and find the right fit.
The information and opinions in this article are not investment advice. Tim Stice makes no guarantees about accuracy or completeness. Always do your own research and consult a professional before making financial decisions. Tim Stice is not liable for any loss or damage resulting from reliance on this content.
The information and opinions in this article are not investment advice. Tim Stice makes no guarantees about accuracy or completeness. Always do your own research and consult a professional before making financial decisions. Tim Stice is not liable for any loss or damage resulting from reliance on this content.
