AI Summary
The essentials at a glance
A sharp imbalance between condo sellers and buyers is creating negotiating opportunities, though insurance, HOA fees and assessments still weigh on affordability.
A sharp imbalance between condo sellers and buyers is creating negotiating opportunities, though insurance, HOA fees and assessments still weigh on affordability.
📝 Key Takeaways
- Condo buyers face a seller surplus: Condo buyers had considerably more leverage in September as sellers outnumbered them nationwide by 123%.
- Condo buyers weigh falling prices: The national median condo sale price fell 0.8% to about $339,000 in September, marking its first year-over-year decline in five months.
- Condo shoppers see wide local gaps: Texas had several of the most buyer-friendly condo markets among the 50 largest U.S. metropolitan areas.
✅ Fact-Check Snapshot
- Condo sellers outnumbered buyers nationwide by 123% in September.
- The national median condo sale price fell 0.8% to about $339,000 in September.
- San Antonio had 459% more condo sellers than buyers in September.
Condo buyers face a seller surplus
Condo buyers had considerably more leverage in September as sellers outnumbered them nationwide by 123%. Redfin said that was the widest gap in records dating back to 2013, with the number of buyers falling to its lowest level in at least 13 years while listings increased slightly.
That imbalance can give shoppers more room to compare properties, request repairs or press for a lower price. It does not, by itself, make a condo affordable: the monthly payment also depends on the loan, insurance and building charges.
Condo buyers weigh falling prices
The national median condo sale price fell 0.8% to about $339,000 in September, marking its first year-over-year decline in five months. Condos that sold also took longer to go under contract, spending 63 days on the market compared with 35 days five years earlier.
The softer market comes with costs that are easy to miss in a listing price. Higher HOA fees, insurance premiums and possible special assessments can raise the total cost of ownership, particularly when a building needs major repairs. A lower purchase price may therefore provide less relief than it first appears.
Condo shoppers see wide local gaps
Texas had several of the most buyer-friendly condo markets among the 50 largest U.S. metropolitan areas. San Antonio recorded 459% more sellers than buyers in September, followed by Houston at 322% and Austin at 258%. Miami recorded 274% more sellers than buyers.
Conditions were not uniform across the country. Nassau County, New York, was the only metro area in the analysis with more condo buyers than sellers, while Chicago, Milwaukee, New Brunswick, Newark and San Francisco were classified as balanced. Local inventory, financing rules and the cost of owning a building can make the negotiating picture very different from the national one.
