Condos Could Be a Win for Today’s Buyers

Not every homebuyer aims for the biggest house in the neighborhood; many seek a cozy, budget-friendly option that’s easy to care for, especially when every dollar counts. That’s where condos shine! For first-time buyers, they offer a fantastic opportunity to step into the housing market without straining their finances. 

Plus, for those looking to downsize, condos present an excellent way to simplify living while remaining in a great location. Embracing condo living can genuinely enhance your lifestyle, bringing both comfort and convenience!

And right now, condos are one of the most buyer-friendly parts of the market.

Condo Inventory Is Up, And That Means More Choice

According to the National Association of Realtors (NAR), there are 194,000 condos for sale right now. That’s the second-highest amount we’ve seen in the last three years (see graph below):

Just keep in mind that this is a national figure. The exact number of available options will vary depending on where you are looking to buy. Generally speaking, you will have more options and less competition.

You won’t have to wait for properties to become available or rush into making an offer just to outbid someone else. You can take your time to choose from a variety of options. If you have specific preferences regarding layout, location, or amenities, this is your opportunity to be selective.

This represents a significant change from the market frenzy of just a few years ago. Compared to early 2022, there are now nearly twice as many condos available. This increase gives you more leeway to find the right fit for your needs.

Prices Are Cooling, and Buyers Hold More Negotiating Power

With more homes available for sale, many sellers are currently more open to negotiation. Therefore, you might be able to secure a better price. 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 ease in many markets. According to Intercontinental Exchange (ICE), condo prices dipped 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.

Data from Redfin shows what the recent dip in prices looks like (see graph below):

That doesn’t just help with affordability, it also shifts the power dynamic. Condo buyers in many markets are now in a position to negotiate on price and ask for concessions, like help with closing costs.