Redfin Reports There Are 72% More Condo Sellers Than Buyers in the U.S.

Would-be condo buyers are spooked by high costs, including rising HOA dues and insurance fees—but the silver lining is bargaining power. The gap between sellers and buyers has shrunk since springtime, though, when there were 81% more sellers.

There were an estimated 72.3% more condo sellers than buyers (108,945 more) nationwide in August, according to a new report from Redfin, 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.

That makes spring and summer 2025 the strongest buyer's 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.

This is according to proprietary Redfin data. A "buyer's market" means there are at least 10% more sellers than buyers, not that it's necessarily affordable to buy a condo. See a more detailed methodology here and view an interactive dashboard here.

There are several reasons why there aren't nearly enough condo buyers for all the condos on the market:

• High costs. Near-record prices and high mortgage rates mean sellers outnumber buyers across all property types, but the gap is especially large for condos because condo-specific costs are rising. Slow condo sales have pushed prices down slightly, but prices haven't plummeted: The typical condo sold for $350,000 in August; down 1% year over year. Mortgage rates are still double pre-pandemic lows. HOA fees are rising in many metro areas, as are insurance costs and special assessments. For some people, that means the math of owning a condo is no longer in their favor.
• New condo rules and regulations. Owning a condo has become not only increasingly expensive, but also increasingly complex. For example, Florida has instituted several new HOA regulations in the wake of the tragic 2021 Surfside condo collapse, including heightened inspection requirements and increased reserve funding. As another example, California has instituted new requirements about balcony inspections that can increase HOA fees and trigger special assessments. Additional costs and complications may encourage buyers to opt for a single-family home or townhouse with no homeowner's association.
• Florida. The Sunshine State has about 1.5 million condos; by some estimates, that's about one-fifth of the nation's condos. Among the 50 biggest U.S. metros, 5 of the 10 metro areas with the biggest surplus of condo sellers over buyers are in Florida. The rising costs and new rules mentioned above, along with intensifying natural disaster risks, are causing many Florida condo owners to list and pushing buyers away. There are also a fair amount of new condo buildings adding to supply.
• Risk of condos losing value. On a long-term basis, condo price growth is somewhat stagnant; condo prices rose 3% from spring 2022 to spring 2025, much lower than the inflation rate for that period. One in 10 U.S. condos are at risk of selling at a loss, a higher share than other property types, according to a recent Redfin analysis.
• Investor exits. Some condo investors are cashing out because the long-term and short-term rental markets have cooled, and investors are hesitant to buy for the same reason. Investor purchases of U.S. condos dropped 13% year over year in the second quarter—the biggest drop in two years.

The 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 in August, the second-biggest gap on record. For single-family homes, the gap was 29.7%, and for townhouses, it was 37.6%.

Some Condo Sellers Are Starting to Retreat–But Not Nearly As Fast As Buyers

The gap between condo sellers and buyers is large, but it has started to shrink. The 72% gap in August—259,638 sellers versus 150,693 buyers—is down from a peak of 81% in April.

Some would-be condo sellers, those who don't need to sell now, have started backing off due to slow demand. Many of them don't want to sell for less money than they want, and/or keep their condo on the market for a long time.

The 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.

Buyers Who Want A Condo Can Get a Deal

Redfin economists say that for people who can afford it and don't plan to sell in the next few years, it's 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.

"With 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," said Asad Khan, a senior economist at Redfin. "Condo 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's 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."

Condo buyers should do their research ahead of time on HOAs in general, and the specific building they're interested in, to ensure they won't be in for surprise special assessments or big cost increases. It's 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.

The Gap Between Condo Sellers, Buyers Is Biggest in Texas and Florida

In San Antonio, there were 585 condo sellers in August and just 120 buyers, nearly four times more sellers than buyers—the biggest gap of the 50 most populous U.S. metros. Next comes Miami, where there were 11,486 condo sellers and 3,270 buyers, i.e. 251% more sellers.

That's followed by Tampa, with 5,183 condo sellers and 1,519 buyers (241% more sellers). Rounding out the top five are Nashville, TN (1,682 sellers versus 518 buyers, 225% more) and Austin (1,998 sellers versus 617 buyers, 224% more).

There are more condo sellers than buyers in all but seven of the 50 most populous metros. In Nassau County, NY, there were 2,069 condo buyers in August, roughly double the 1,079 condo sellers, the biggest surplus of buyers over sellers. Next comes Newark, NJ, where there were 641 buyers and 396 sellers. They're followed by three other eastern metros: Montgomery County, PA (501 buyers versus 323 sellers), New Brunswick, NJ (1,197 buyers versus 855 sellers), and Cleveland (803 buyers versus 747 sellers).

To view the full report, including charts, methodology and additional metro-level data, please visit: https://www.redfin.com/news/more-condo-sellers-than-buyers

About Redfin

Redfin is a technology-driven real estate company with the country's most-visited real estate brokerage website. As part of Rocket Companies (NYSE:RKT), Redfin is creating an integrated homeownership platform from search to close to make the dream of homeownership more affordable and accessible for everyone. Redfin's clients can see homes first with on-demand tours, easily apply for a home loan with Rocket Mortgage, and save thousands in fees while working with a top local agent.

You can find more information about Redfin and get the latest housing market data and research at Redfin.com/news. For more information about Rocket Companies, visit RocketCompanies.com.

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