There are now more than two condo sellers for every buyer in the United States, the widest gap in records going back to 2013, according to a Redfin report released Monday, Nov. 9. The figures cover September 2026 and are Redfin estimates based on listing and pending-sales data.
Redfin estimated that condo sellers outnumbered buyers by 123% nationwide in September, up from 95.5% a year earlier. Five years ago the situation was reversed: in September 2021, there were 25.1% fewer sellers than buyers. For comparison, sellers of single-family homes outnumbered buyers by 53.7% in September.
The numbers
- Estimated condo buyers: 88,460, down 2.5% from August and the lowest in at least 13 years. Buyers are down 54% over five years.
- Estimated condo sellers: 197,248, up 0.9% from August and up 36% over five years.
- Median condo sale price: about $339,000, down 0.8% from a year earlier, the first annual decline in five months.
- About 37% of condos that sold had a price cut, up from 16% five years earlier.
- The typical condo took 63 days to go under contract, compared with 35 days five years ago.
Sun Belt markets lead, Miami among them
Among the 50 most populous metro areas, San Antonio had the widest gap, with an estimated 459% more condo sellers than buyers, followed by Houston at 322%, Miami at 274% and Austin at 258%, according to Redfin. Sun Belt metros made up nine of the 10 markets with the biggest seller surpluses. Nassau County, New York, was the only seller’s market, and Chicago, Milwaukee, New Brunswick, Newark and San Francisco were roughly balanced.
Redfin pointed to rising insurance premiums, homeowners association fees and special assessments, which weigh more heavily on condos than on single-family homes, especially in Florida and Texas, where hurricane risk has pushed insurance costs higher. New construction is also adding supply in Sun Belt markets, and high prices and mortgage rates above 7% continue to keep many first-time buyers on the sidelines. Freddie Mac’s weekly average 30-year rate was 7.18% as of Nov. 5. (See: Mortgage Rates Fall for Third Straight Week as 30-Year Average Dips to 7.18%.)
In South Florida, the condo glut matches what local Realtor data showed earlier this fall. (Background: Miami-Dade Condos Tilt to Buyers as Single-Family Homes Stay Scarce.) Mortgage Professional America also reported that changes to condo project review standards required by the Federal Housing Finance Agency could make some buildings ineligible for financing backed by Fannie Mae and Freddie Mac. “The full condo review is going to absolutely show that there are not 10% reserves,” said Kimber White, a Florida-based broker and president of the National Association of Mortgage Brokers.
Buyers have more options and a better chance of finding a place they like.
Asad Khan, senior economist, Redfin
Agents told Redfin that sellers who need to move are adjusting. A Miami agent advised pricing below similar units in the same building, while a San Antonio agent said many buyers choose a house instead when the monthly payments are close.
Why it matters for families
For families shopping for a starter home, a condo market with more sellers than buyers can mean more room to negotiate on price or ask for help with closing costs. But the costs that are driving buyers away still matter. Before making an offer, families may want to:
- Ask for the association’s budget, reserve study and any planned special assessments.
- Get insurance quotes for the unit early, especially in Florida and Texas.
- Check with a lender whether the building qualifies for the loan type you plan to use.
- Compare the full monthly cost, including HOA dues, with a small single-family home nearby. (Florida owners can also read: Florida Home Insurance Rates Fall for 824,000 Policyholders as Citizens Shrinks.)
This is general information, not financial or legal advice. Talk with a licensed real estate professional, lender or attorney about your situation. Upstormed News will keep tracking the condo market as October data arrive.
Read more: Home Prices Dip for Third Straight Week as Pending Sales Hit Record Low, Redfin Says
Would you consider buying a condo in today’s market, or would you rather hold out for a house? Tell us in the comments.
More real estate from Upstormed
Sources: Redfin via PR Newswire (StockTitan), “Redfin Reports Condo Sellers Now Outnumber Buyers By More Than 2 to 1” (November 9, 2026); Mortgage Professional America, “US condo sellers outnumber buyers at widest gap since 2013” (November 9, 2026); United States Real Estate Investor, “Condo Sellers Outnumber Buyers by 123%, Widest Gap Since 2013” (November 9, 2026); Redfin, “For Every Condo Buyer in the U.S., There Are More Than Two Sellers” (November 9, 2026)
Leave a Reply