There Are 72% More Condo Sellers Than Buyers in the U.S.

• High costs. Near-record prices and high mortgage rates mean sellers outnumber buyers across all property types, but the gap is especially large for condos because condo-specific costs are rising. Slow condo sales have pushed prices down slightly, but prices haven’t plummeted: The typical condo sold for $350,000 in August; down 1% year over year. Mortgage rates are still double pre-pandemic lows. HOA fees are rising in many metro areas, as are insurance costs and special assessments. For some people, that means the math of owning a condo is no longer in their favor. 
• New condo rules and regulations. Owning a condo has become not only increasingly expensive, but also increasingly complex. For example, Florida has instituted several new HOA regulations in the wake of the tragic 2021 Surfside condo collapse, including heightened inspection requirements and increased reserve funding. As another example, California has instituted new requirements about balcony inspections that can increase HOA fees and trigger special assessments. Additional costs and complications may encourage buyers to opt for a single-family home or townhouse with no homeowner’s association.
• Florida. The Sunshine State has about 1.5 million condos; by some estimates, that’s about one-fifth of the nation’s condos.  Among the 50 biggest U.S. metros, 5 of the 10 metro areas with the biggest surplus of condo sellers over buyers are in Florida. The rising costs and new rules mentioned above, along with intensifying natural disaster risks, are causing many Florida condo owners to list and pushing buyers away. There are also a fair amount of new condo buildings adding to supply.
• Risk of condos losing value. On a long-term basis, condo price growth is somewhat stagnant; condo prices rose 3% from spring 2022 to spring 2025, much lower than the inflation rate for that period. One in 10 U.S. condos are at risk of selling at a loss, a higher share than other property types, according to a recent Redfin analysis. 
• Investor exits. Some condo investors are cashing out because the long-term and short-term rental markets have cooled, and investors are hesitant to buy for the same reason. Investor purchases of U.S. condos dropped 13% year over year in the second quarter–the biggest drop in two years. 

The imbalance of condo sellers and buyers is one factor in the overall gap between home sellers and buyers in the U.S. There were an estimated 35.2% more home sellers than buyers overall in August, the second-biggest gap on record. For single-family homes, the gap was 29.7%, and for townhouses, it was 37.6%.

Some Condo Sellers Are Starting to Retreat–But Not Nearly As Fast As Buyers

The gap between condo sellers and buyers is large, but it has started to shrink. The 72% gap in August–259,638 sellers versus 150,693 buyers–is down from a peak of 81% in April. 

Some would-be condo sellers, those who don’t need to sell now, have started backing off due to slow demand. Many of them don’t want to sell for less money than they want, and/or keep their condo on the market for a long time.

The typical U.S. condo that sold in August went for 2% less than its asking price, and took 58 days to go under contract, roughly two weeks longer than a year earlier and the highest August level in 12 years. 

Buyers Who Want A Condo Can Get a Deal

Redfin economists say that for people who can afford it and don’t plan to sell in the next few years, it’s a good time to consider a condo if you find a listing that interests you. More condo listings than condo demand means buyers have negotiating power.

“With condo buyers in the driver’s seat and rents poised to rise as multifamily construction declines, it may be a good time to make the switch from renting an apartment to owning a condo,” said Asad Khan, a senior economist at Redfin. “Condo buyers can negotiate prices down and ask sellers for concessions, and they have a lot of options to choose from. Even though condo prices are still fairly high and HOA fees are rising, condos are still more affordable than single-family homes. That’s especially true for people planning to hold onto their condo for several years. With some would-be condo sellers pulling back, buyers may not have this much negotiating power for long.”

Meme Loggins, a Redfin Premier agent in Portland, OR, said some house hunters are starting to turn to condos. “Condo traffic has picked up slightly over the last few months because people are bargain hunting,” Loggins said. “Buyers are frustrated because costs are high; I’ve seen several people shift their search from a single-family home to a condo because that’s how they can afford a monthly payment.”

Condo buyers should do their research ahead of time on HOAs in general, and the specific building they’re interested in, to ensure they won’t be in for surprise special assessments or big cost increases. It’s a good idea to talk to a mortgage lender about bundling all the monthly costs of owning a condo, including principal, interest, taxes, insurance, HOA fees, and any potential special assessments to assess affordability in advance. 

It’s also important to note that condo loans differ from traditional mortgages because lenders review both the buyer’s personal finances and those of the condo complex. This recent article from Rocket Mortgage explains condo loans in detail, and this one delves into the pros and cons of buying a condo versus a single-family home.

The Gap Between Condo Sellers, Buyers Is Biggest in Texas and Florida

In San Antonio, there were 585 condo sellers in August and just 120 buyers, nearly four times more sellers than buyers–the biggest gap of the 50 most populous U.S. metros. Next comes Miami, where there were 11,486 condo sellers and 3,270 buyers, i.e. 251% more sellers. 

Next comes Tampa, with 5,183 condo sellers and 1,519 buyers (241% more sellers). Rounding out the top five are Nashville, TN (1,682 sellers versus 518 buyers, 225% more) and Austin (1,998 sellers versus 617 buyers, 224% more). 

“Condo sellers are in a difficult situation,” said Cecilia Cordova, a Miami Redfin Premier agent. “I’d say we have enough condo inventory for two years worth of buyers; condo listings have been piling up since the Surfside building tragedy. That scared prospective buyers away from condos both because of legitimate safety fears and because it changed condo laws, which upped HOA and insurance fees. My message for people who are interested in a Miami condo: Buy it now with no competition, if you have the buffer to afford future hikes in HOA fees and special assessments.”

There are more condo sellers than buyers in all but seven of the 50 most populous metros. In Nassau County, NY, there were 2,069 condo buyers in August, roughly double the 1,079 condo sellers, the biggest surplus of buyers over sellers. Next comes Newark, NJ, where there were 641 buyers and 396 sellers. They’re followed by three other eastern metros: Montgomery County, PA (501 buyers versus 323 sellers), New Brunswick, NJ (1,197 buyers versus 855 sellers), and Cleveland (803 buyers versus 747 sellers).