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ondo prices remain steep, yet they’re easing in major markets and still cheaper than other home types. Buyers now hold more bargaining power. Even with lower mortgage rates and slower price growth, many still find single‑family homes out of reach, while condos offer a more attainable option.
A recent Redfin report shows a nationwide gap of nearly 109,000 more condo sellers than buyers. For five consecutive months the seller‑to‑buyer ratio has stayed above 70%, peaking over 80% in April— the strongest buyer advantage for condos since 2013. This imbalance gives buyers significant leverage, yet condo prices have not fallen dramatically. In August the median price was $350,000, a modest 1% drop year‑over‑year.
Additional hurdles include stricter HOA rules, higher insurance costs, and investor cash‑outs. Florida, home to about 20% of U.S. condos, drives market trends. After the 2021 Surfside collapse, the state tightened inspection standards and reserve requirements. Properties in disaster‑prone areas—Florida, Texas, California—face a Fannie Mae “blacklist” of underinsured buildings, complicating insurance procurement. Even when coverage is available, Florida buyers confront steep premiums and limited insurers as companies exit the state.
Florida also supplies a surplus of listings. Redfin notes that five of the ten largest metro markets with the biggest seller‑buyer gaps are in Florida. This excess supply has pushed Florida condo prices lower than the national average. The Florida Realtors association reported a 6.1% year‑over‑year decline in the second‑quarter median sale price of $310,000.
Renters eyeing equity can view condos as a stepping stone. “Despite high prices and rising HOA fees, condos remain more affordable than single‑family homes,” says Redfin senior economist Asad Khan. “For those planning to stay several years, the current buyer advantage may not last long as sellers pull back.”
Nationally, the median condo price of $350,000 falls below the townhouse median of $378,000 and the single‑family median of $460,000. Redfin estimates that townhouse sellers outnumber buyers by 37.6%, while single‑family sellers exceed buyers by 29.7%.
Regional disparities are stark. San Antonio leads with 585 sellers versus 120 buyers; Miami follows with 11,486 sellers to 3,270 buyers. Tampa, Nashville, and Austin also show large seller surpluses. Conversely, seven of the 50 largest metros—mostly in the Northeast—have more buyers than sellers, led by Nassau County, NY, with nearly double the buyers, followed by Montgomery County, PA; Newark, NJ; and New Brunswick, NJ.
