Not every homebuyer wants the biggest house on the block. Some want something simpler, more affordable, and easier to maintain, especially in a market where every dollar counts. That’s where condos come in.
For first-time buyers, they can be a smart way to get into homeownership without stretching your budget. For downsizers, they offer less space to maintain with the flexibility to stay in a great location.
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 remember, this is the national figure. The exact number is going to vary based on where you’re looking to buy. But, generally speaking, you have more options and less competition.
You’re not stuck waiting for something to pop up or rushing into an offer just to beat someone else to it. You’ve got plenty to choose from. And if you’re particular about layout, location, or amenities, this is your chance to be selective.
That’s a big shift from the market frenzy of just a few years ago. Compared to early 2022, we’ve got nearly double the condos available now. That gives you more breathing room to find the right fit.
Prices Are Cooling, and Buyers Hold More Negotiating Power
And since there are more for sale, many sellers are more open to negotiating right now. So, you may be able to get 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.
Bottom Line
Condos present a compelling opportunity for today’s buyers navigating a complex housing market. With inventories rising and single-family homes remaining expensive and competitive, condos offer access to desirable locations and amenities at a more attainable price point, making homeownership more accessible for a greater number of buyers. Additionally, the slight cooling in overall home prices and prolonged days on market mean condo buyers can negotiate favorable deals and avoid the intense bidding wars that still affect the single-family sector.
Unlike detached homes, condo purchases typically come with lower maintenance responsibilities, appealing to buyers in stages of life where convenience and simplicity are paramount. For first-time homeowners, downsizers, or anyone seeking to live closer to urban centers, condos provide flexibility and financial relief compared to renting or buying traditional houses.
The evolving real estate landscape, as reflected in 2025’s trends, continues to favor condo purchases in metro areas, especially as the market gradually rebalances and inventory surges in many regions. While mortgage rates remain elevated, the relative affordability of many condo options helps buyers overcome these headwinds and enter the market confidently.
In conclusion, condos can be a smart move—balancing accessibility, affordability, and convenience. As buyers grow more selective and inventory rises, condos offer stability and value in a shifting market, positioning today’s purchasers to thrive now and for years ahead.
Could a condo check more boxes than you expected? Let’s talk through your options and find out.
