\nThere were an estimated 72.3% more condo sellers than buyers (108,945 more) nationwide in August, according to a new r<\/a>epo<\/a>r<\/a>t<\/a> from Redfin<\/a>, the real estate brokerage powered by Rocket. That marks the fifth straight month in which there have been at least 70% more condo sellers than buyers in the U.S. housing market.<\/p>\n
\nThat makes spring and summer 2025 the strongest buyer\u2019s market for condo buyers in records dating back to 2013, with the exception of April 2020, when the start of the pandemic halted homebuying activity.<\/p>\n
\nThis is according to proprietary Redfin data. A \u201cbuyer\u2019s market\u201d means there are at least 10% more sellers than buyers, not that it\u2019s necessarily affordable to buy a condo. See a more detailed methodology here<\/a> and view an interactive dashboard here<\/a>.<\/p>\n There are several reasons why there aren\u2019t nearly enough condo buyers for all the condos on the market:<\/b><\/p>\n \nThe 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 <\/i>in August, the second-biggest gap on record. For single-family homes, the gap was 29.7%, and for townhouses, it was 37.6%.<\/p>\n Some Condo Sellers Are Starting to Retreat\u2013But Not Nearly As Fast As Buyers<\/b><\/p>\n \nThe gap between condo sellers and buyers is large, but it has started to shrink. The 72% gap in August\u2014259,638 sellers versus 150,693 buyers\u2014is down from a peak of 81% in April.<\/p>\n \nSome would-be condo sellers, those who don\u2019t need to sell now, have started backing off due to slow demand. Many of them don\u2019t want to sell for less money than they want, and\/or keep their condo on the market for a long time.<\/p>\n \nThe 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.<\/p>\n Buyers Who Want A Condo Can Get a Deal<\/b><\/p>\n \nRedfin economists say that for people who can afford it and don\u2019t plan to sell in the next few years, it\u2019s 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.<\/p>\n \n\u201cWith 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,\u201d said Asad Khan<\/a>, a senior economist at Redfin. \u201cCondo 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\u2019s 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.\u201d<\/p>\n \nCondo buyers should do their research ahead of time on HOAs in general, and the specific building they\u2019re interested in, to ensure they won\u2019t be in for surprise special assessments or big cost increases. It\u2019s 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.<\/p>\n\n
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