If the overall housing market is feeling a bit cool, the condo market is practically freezing.
According to new analysis from Redfin, in August, the ratio of condo sellers to buyers was 72%, marking the fifth consecutive year that this figure has surpassed 70%. This indicates that Spring and Summer 2025 could be the most favorable market for condo buyers in over a decade—except for a brief period in April 2020 when the pandemic briefly boosted home sales nationwide.
The gap between the supply and demand for condos is significantly larger than in other housing sectors. In August, there were roughly 30% more sellers than buyers of single-family homes and 38% more sellers than buyers of townhouses, as found by Redfin.
Similar to the broader market, condo prices are being affected by high mortgage rates and nearly record-high prices. However, condos also face their own set of unique challenges.
Rising Home Owners Association (HOA) fees and increased insurance costs are among the issues, coupled with new regulations in states like Florida and California that complicate ownership without making it more affordable, Redfin pointed out.
Price growth for condos has stagnated, raising questions about their viability as a long-term investment. From spring 2022 to spring 2025, condo values increased only 3%, which is significantly lower than the inflation rates during that same time frame. Additionally, U.S. condo investors saw a 13% drop in purchases in the second quarter year-on-year, according to Redfin.
In August, the typical U.S. condo took 58 days to sell—the longest duration in 12 years. This situation, while frustrating for sellers, gives buyers more leverage to negotiate.
“Condo buyers have the upper hand—they can negotiate prices and ask for concessions. There are plenty of options available to them,” stated Asad Khan, a senior economist at Redfin.
While prices have dipped slightly due to slow sales, they haven’t seen drastic declines. The typical condo sold in August went for $350,000.
Florida Leads the Condo Slowdown
The decline in condo sales is particularly noticeable in Florida, which represents a significant portion of the nation’s supply.
Florida is home to approximately 1.5 million condos, accounting for about one-fifth of the total in the U.S., as noted by TD Economics.
Currently, five of the ten U.S. metro areas with the largest surplus of condo sellers compared to buyers are located in Florida, according to Redfin. For instance, in Miami, there were 11,486 sellers versus just 3,270 buyers in August, while Tampa experienced a staggering 240% discrepancy with 5,183 sellers and 1,519 buyers.
“Condo sellers are really facing tough times,” remarked Cecilia Cordoba, a premier agent with Redfin in Miami. “I think we have enough condo inventory to last us about two years.”
Cordoba mentioned that the condo market has been skewed ever since the tragic Surfside building collapse in 2021, which killed 98 people. The event heightened safety concerns and led to stricter inspection protocols, not to mention a spike in HOA and insurance fees.
Additionally, risks associated with natural disasters and a boom in new construction are also shifting the balance in Florida’s condo market more in favor of buyers.
Texas reflects a similar trend, with a notable gap between condo sellers and buyers, driven in part by new construction. Cities like San Antonio and Austin are among those with a substantial number of sellers exceeding buyers.
Nationwide, there were around 260,000 condo sellers and 150,000 buyers in August, leading to a 72% surplus. While this gap has slightly narrowed from an 81% peak in April, some sellers are beginning to back away due to sluggish demand.
Redfin based its buyer estimates on internal data and MLS records concerning active listings and pending sales, while the seller count reflects active MLS listings.
