Not every homebuyer is looking for the largest house on the street. Many people are seeking something more manageable, cost-effective, and easier to care for—especially in a time when financial mindfulness is key. That’s where condominiums truly shine.

For first-time buyers, condos offer a wonderful entry point into homeownership without overextending financially. For those looking to downsize, they provide a low-maintenance lifestyle while allowing you to stay in the heart of desirable communities.

Right now, the condo market is one of the most favorable segments for buyers.

More Condo Inventory Means More Opportunities

According to the National Association of Realtors (NAR), there are currently 194,000 condos listed for sale. This is the second-highest number seen in the past three years (see graph below):

Keep in mind that this figure reflects national data, and local availability will depend on your specific market. However, in general, buyers are seeing a broader selection and less competition.

This means you’re less likely to feel pressured to act fast or settle for less just to close a deal. Instead, you can take your time, compare options, and find a condo that meets your exact preferences—whether it’s the right floor plan, location, or amenities.

This is a refreshing change from the fast-paced market of recent years. Compared to early 2022, condo availability has nearly doubled. That gives you more breathing room and more time to make a confident decision.

Cooling Prices Put Buyers in the Driver’s Seat

With more condos on the market, many sellers are more open to negotiations—which can work to your advantage. According to Redfin:

“. . . 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 showing signs of moderation in several areas. Intercontinental Exchange (ICE) reports that condo prices dropped 1.3% in June compared to the same time last year. In fact, over half of the top 100 U.S. metro areas experienced slight year-over-year price declines.

Redfin’s data illustrates this recent trend in pricing (see graph below):

This trend doesn’t just improve affordability—it also gives you more negotiating leverage. Buyers today are in a better position to request price reductions or even concessions like help with closing costs.

The Bottom Line

Condos aren't just a secondary option—they're a smart and strategic choice in the current housing landscape. With increased inventory, softening prices, and greater negotiating room, today’s market offers favorable conditions for buyers ready to make a move.

You might find that a condo checks more boxes than you initially thought. For personalized advice and to explore your options, reach out to Mike Panza and the team at Panza Home Group. They’re here to guide you every step of the way. Learn more or get in touch here: https://panzarealestate.com/team/mike-panza