Condo Buyers Gain Leverage as Sellers Flood U.S. Market

Condo shoppers had unusual bargaining strength nationwide in September. Redfin estimated 123% more sellers than buyers, the largest imbalance in its records going back to 2013. The difference was 95.5% a year earlier. An estimated 88,460 buyers were active, while 197,248 sellers listed condos. Buyer activity fell 2.5% from August, and listings rose 0.9%. This is firmly a buyer’s market under Redfin’s definition, though that does not make every condo affordable.

The market has changed sharply since September 2021, when buyers outnumbered sellers. Since then, the buyer count has dropped 54% and the seller count has increased 36%. Higher insurance bills, HOA charges and special assessments are adding to ownership costs, especially in Florida and Texas. Those expenses can make condos harder for first-time buyers, even when the purchase price is below that of a single-family home.

For buyers who can manage the full cost, sellers may be more willing to reduce prices. The typical condo spent 63 days under market scrutiny before going under contract, compared with 35 days five years earlier. About 37% of September condo sales involved a price cut. San Antonio had the widest gap among large metro areas, followed by Houston and Austin; Miami also ranked near the top.