Not every homebuyer is looking for the biggest house in the neighborhood. Many prefer something simpler, more affordable, and easier to take care of—especially when every dollar matters. That’s where condos fit perfectly.

For first-time buyers, these homes are a great option to step into owning a home without breaking the bank. For those looking to downsize, they provide a cozier space that's easier to manage while still letting you enjoy a fantastic location.

Right now, condos are some of the easiest homes for buyers to find.

Condo Inventory Is Up, And That Means More Choice

Right now, there are 194,000 condos on the market, which is the second highest number we've seen in the past three years, according to the National Association of Realtors (NAR).

Keep in mind, that’s the national average. The exact number will change depending on the area you’re interested in. But overall, you’ll usually find more choices and less competition.

You don’t have to wait around hoping something shows up, or rush to make an offer just to outpace someone else. There are plenty of options available. If you have specific preferences for layout, location, or amenities, now’s the perfect time to be picky.

The market has really changed a lot since just a few years back. Compared to early 2022, there are almost twice as many condos available now. That means you have more options and can take your time finding the perfect place.

Prices Are Cooling, and Buyers Hold More Negotiating Power

With more homes available on the market, sellers are often more willing to negotiate these days. That means you might have a better chance of landing a great deal. As Redfin points out:

““. . . 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.”
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— Redfin

Condo prices are beginning to come down in a number of markets. Data from the Intercontinental Exchange (ICE) shows that condo prices fell by 1.3% in June compared to the previous year. In fact, more than half of the top 100 metro areas in the U.S. experienced a small year-over-year decline in condo prices.

Redfin’s data gives a clear picture of the recent drop in home prices (check out the graph below).

It’s not just about making homes more affordable; it also changes who holds the cards. In many areas, condo buyers now have the upper hand to negotiate prices and even request perks like assistance with closing costs.

Bottom Line

Condos aren’t just a backup plan anymore. Nowadays, they’re actually one of the smartest ways to buy. With more choices available, prices starting to ease up, and greater flexibility to negotiate, now might be the perfect moment to make your move.

Thinking a condo might fit your needs better than you thought? Let’s explore your options together and see what works best for you.