Condo buyers gain their strongest negotiating advantage in more than a decade
The U.S. condominium market is experiencing one of its sharpest reversals in more than a decade, with sellers outnumbering buyers by 123% in September, creating an increasingly favorable negotiating environment for prospective purchasers.
The imbalance represents the widest gap between condo buyers and sellers since 2013, according to a new analysis by Redfin. The number of prospective condo buyers fell to its lowest level in at least 13 years, while the supply of sellers continued to increase, leaving thousands of properties competing for a shrinking pool of purchasers.
An estimated 197,248 condo sellers were in the market nationally in September, compared with just 88,460 buyers. That translates into more than two sellers for every prospective buyer. The gap widened considerably from 95.5% in September 2025, underscoring how rapidly market conditions have shifted.
The reversal is particularly striking when compared with the pandemic-era housing boom. In September 2021, condo sellers were outnumbered by buyers, with 25.1% fewer sellers than purchasers. Over the subsequent five years, the number of buyers declined 54%, while sellers increased 36%.
The result is a market in which sellers increasingly must compete on price, condition and financial incentives to attract buyers.
Rising Ownership Costs Reshape Condo Demand
Several economic and structural factors are contributing to the deterioration in condo demand, particularly the escalating cost of owning and maintaining condominium properties.
Rising homeowners association fees, higher insurance premiums, special assessments and concerns about building maintenance have made condominium ownership considerably more expensive in many markets.
The pressure has been especially pronounced in Florida and Texas, where exposure to hurricanes and other natural disasters has contributed to rising insurance costs. For prospective buyers, the purchase price is increasingly only one component of a much larger monthly financial commitment.
These additional expenses are particularly challenging for first-time buyers, who have traditionally relied on condominiums as a more affordable entry point into homeownership. Unlike existing homeowners, first-time purchasers generally lack accumulated home equity that can help offset higher acquisition and ownership costs.
Elevated mortgage rates and historically high home prices are adding another layer of affordability pressure. The average weekly mortgage rate reached 7.18% as of November 5, further constraining purchasing power.
According to Redfin, the imbalance is also evident in transaction activity. Approximately 37% of condos sold in September had undergone at least one asking-price reduction, compared with just 16% during the pandemic housing boom five years earlier.
Properties are also taking considerably longer to sell. The typical condo that sold in September spent 63 days on the market before going under contract, up from 35 days in September 2021.
Buyers Gain Leverage as Prices Begin to Retreat
The growing inventory of available properties is beginning to translate into downward price pressure.
The national median condominium sale price declined 0.8% year over year to approximately $339,000 in September, marking the first annual decline in five months.
While that reduction remains relatively modest, the combination of falling prices, longer marketing periods and increasing seller competition suggests that buyers are gaining leverage beyond what headline pricing alone might indicate.
“Find a motivated seller and there are a lot of them,” said Cecilia Cordova, a Redfin Premier agent in Miami.
Cordova said prospective purchasers should carefully investigate a condominium association’s financial condition, insurance coverage, maintenance obligations and potential special assessments before committing to a purchase.
For sellers who are not under immediate financial pressure, renting their properties rather than accepting a discounted sale may be worth considering. Those who need to sell, however, face an increasingly competitive environment in which pricing aggressively against comparable listings may be essential.
Redfin senior economist Asad Khan said the current conditions could create an opportunity for renters who have accumulated enough savings to enter the housing market.
Although condominium prices and association fees remain significant considerations, buyers now have more properties to choose from and greater opportunities to negotiate purchase prices.
Texas and Florida Lead the Buyer’s Market
The imbalance between condo buyers and sellers is especially pronounced across several Sun Belt metropolitan areas, where new construction, affordability challenges and elevated ownership expenses are combining to increase competition among sellers.
San Antonio recorded the nation’s widest seller-to-buyer imbalance among the 50 largest metropolitan areas analyzed by Redfin. The market had an estimated 459% more condo sellers than buyers in September.
Houston followed with 322% more sellers than buyers, while Miami ranked third at 274%. Austin also experienced substantial oversupply, with sellers outnumbering buyers by 258%.
The concentration of buyer-friendly markets across the Sun Belt reflects the particular vulnerability of condominium ownership in regions where insurance expenses, association fees and competing housing alternatives have become increasingly important purchasing considerations.
In San Antonio, for example, the availability of relatively affordable single-family homes is creating additional competition for condominiums. When the total monthly cost of owning a condo approaches that of purchasing a detached house, many prospective buyers may prefer the additional space and independence of a single-family property.
Nine of the 10 metropolitan areas with the largest condo seller surpluses were located in the Sun Belt.
A Few Markets Defy the National Trend
Despite the nationwide shift, a handful of metropolitan areas continue to experience comparatively stronger condominium demand.
Nassau County, New York, was the only market among the 50 metropolitan areas analyzed where condo buyers significantly outnumbered sellers. Redfin estimated 1,545 buyers compared with 1,052 sellers, representing 32% fewer sellers than buyers.
Five other markets–Chicago, Milwaukee, New Brunswick, Newark and San Francisco–were classified as relatively balanced, with the difference between buyers and sellers falling within 10%.
San Francisco stands out in particular. Its median condominium sale price increased approximately 20% year over year to nearly $1.2 million in September, suggesting a substantial divergence from national market conditions.
Redfin attributes part of the renewed demand to the region’s artificial intelligence boom, which is attracting highly compensated technology workers and supporting housing demand.
A Structural Reset for Condominium Ownership
The widening gap between condo buyers and sellers reflects more than a temporary fluctuation in housing inventory. It highlights a broader reassessment of the economics of condominium ownership at a time when affordability, insurance exposure, building maintenance and monthly carrying costs are becoming increasingly important purchasing considerations.
For buyers with sufficient financial resources and a longer-term ownership horizon, the current environment offers opportunities to negotiate prices and secure properties that would have attracted considerably more competition during the pandemic-era boom.
For sellers, however, the equation has changed dramatically. More competing properties, fewer qualified purchasers and rising ownership expenses are making realistic pricing increasingly important.
The single-family housing market is experiencing similar demand weakness, but the imbalance remains considerably less severe. Nationwide, sellers outnumbered single-family home buyers by 53.7% in September, less than half the condominium market’s 123% gap.
The distinction suggests that condominiums are facing a particularly pronounced affordability and demand challenge, even within an already buyer-friendly national housing market.
After years of intense competition for limited inventory, the balance of power in America’s condominium market has shifted decisively. For the first time in more than a decade, the challenge for many sellers is no longer finding the highest bidder. It is finding a buyer at all.
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