Condos Could Be a Win for Today’s Buyers

Not everyone is looking for the biggest house on the block. Some buyers prefer something simpler, more affordable, and easier to maintain—especially in today’s market where every dollar counts. That’s where condos come into play.

For first-time buyers, condos can be a smart way to enter homeownership without overstretching your budget. For those downsizing or seeking a low-maintenance lifestyle, condos offer less space to care for, along with the flexibility to stay in desirable locations.

Right now, condos are among the most buyer-friendly options on the market. 

 

Condo Inventory Is Growing, Giving Buyers More Choices

According to the National Association of Realtors (NAR), there are currently 194,000 condos for sale across the country. That’s the second highest level we've seen in the past three years. While this number varies depending on your local market, it generally means you'll find more options and less competition.

Instead of rushing into a purchase or waiting anxiously for something to appear, you’ll have a wider selection to choose from. If you have specific preferences regarding layout, location, or amenities, now is a great opportunity to be selective.

This marks a significant shift from the market frenzy of just a few years ago. Compared to early 2022, the available condo inventory has nearly doubled—giving buyers more breathing room to find the perfect fit.

Prices Are Cooling, Giving Buyers More Negotiating Power

With more condos on the market, many sellers are now more open to negotiations. This means you might be able to secure a better price or ask for concessions, like assistance with closing costs. 

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.”

Additionally, condo prices are starting to soften in many areas. According to Intercontinental Exchange (ICE), condo prices fell by 1.3% in June compared to last year. Over half of the top 100 U.S. metros experienced slight year-over-year declines in condo prices.

 

Data from Redfin supports this downward trend, making condos more affordable than they’ve been in recent years. This price softness also shifts the power dynamic, allowing buyers to negotiate more effectively and potentially secure additional benefits.

The Bottom Line

Condos are no longer just a fallback option—they are a strategic choice in today’s market. With increased options, softer prices, and greater negotiation leverage, now might be the ideal time to consider a condo as your next move.

Could a condo check more boxes than you expected? Let’s explore your options and find out what’s possible for you.