Redfin Reports Condo Sellers Now Outnumber Buyers By More Than 2 to 1

The weekly average mortgage rate was 7.18% as of November 5, while home prices remained near historic highs.

Rhea-AI Summary

Redfin, powered by Rocket (RKT), reported an estimated 123% more U.S. condo sellers than buyers in September. The gap was the widest in records dating to 2013, up from 95.5% a year earlier. Estimated buyers fell 2.5% from August to 88,460, while sellers rose 0.9% to 197,248.

The national median condo sale price fell 0.8% year over year to about $339,000, its first annual decline in five months. About 37% of condos sold had a price reduction, compared with 16% five years earlier. Typical time before going under contract increased to 63 days from 35 days over that period. Redfin cited rising insurance premiums, homeowners association fees and special assessments as ownership-cost pressures.

Among the 50 most populous metros, San Antonio had the widest gap, with an estimated 459% more sellers than buyers. Nassau County, NY, was the only seller's market, with 32% fewer sellers than buyers.

News Explained

Redfin’s September condo-market report says the condo seller surplus contributed to a buyer’s market across condos, townhouses and single-family homes; single-family sellers outnumbered buyers by 53.7%, less than half the condo-market gap.

Key Figures

Condo seller-buyer gap: 123% more sellers than buyers Condo buyers: 88,460 buyers (estimated) Condo sellers: 197,248 sellers +3 more

Condo seller-buyer gap

123% more sellers than buyers

Nationwide in September; widest gap since 2013

Condo buyers

88,460 buyers (estimated)

September; lowest level in at least 13 years

Condo sellers

197,248 sellers

September; up 0.9% from the prior month

Median condo sale price

Down 0.8%

September; first year-over-year decline in five months

Sales with price reductions

37%

Condos sold in September, compared with 16% five years earlier

Days on market

63 days

Typical condo sold in September, up from 35 days five years earlier

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• There were 123% more condo sellers than buyers nationwide in September, the widest gap since 2013, giving buyers extraordinary negotiating power
• The number of condo buyers fell to its lowest level in 13 years, while the number of sellers ticked up
• Only three metros had more condo buyers than sellers, led by Nassau County, NY, Newark, NJ and Milwaukee, WI

SEATTLE, Nov. 9, 2026 /PRNewswire/ -- There were an estimated 123% more condo sellers than buyers nationwide in September, the largest gap in records dating back to 2013. That's according to a new report from Redfin, the real estate brokerage powered by Rocket. The gap widened from 95.5% a year earlier.

The condo market has undergone a dramatic reversal since the pandemic-era homebuying boom. In September 2021, there were 25.1% fewer sellers than buyers. Five years later, the number of buyers fell 54%, while the number of sellers rose 36%. The shift has left sellers competing for a much smaller pool of potential buyers.

The number of condo buyers fell to an estimated 88,460 in September, down 2.5 % from August and the lowest level in at least 13 years. Meanwhile, condo sellers totaled 197,248, up 0.9 % from the prior month.

Several factors are weighing more heavily on the condo market than on the single-family home market. Rising insurance premiums, homeowners association (HOA) fees and special assessments are making condos increasingly expensive to own, particularly in Florida and Texas, where hurricane risks and other natural disasters have contributed to higher insurance costs. That's a problem for first-time buyers, who often turn to condos as a more affordable entry point into the housing market but lack equity from a previous home sale.

While the condo market is challenging for buyers, those who can afford housing costs will have more power in negotiations.

"For renters who have saved for a down payment and are ready to build equity, these buyer-friendly conditions are an opportunity," said Asad Khan, a senior economist at Redfin. "Buyers have more options and a better chance of finding a place they like. Although condo prices and HOA fees remain relatively high, buyers have more room to negotiate price cuts, and condos are still generally more affordable than single-family homes."

The single-family market saw a similar trend in September, with the number of buyers dropping to a record low since 2013. Sellers outnumbered buyers by 53.7%—a wide gap, but less than half as wide as what's happening in the condo market.

The huge surplus of condo sellers over buyers is contributing to the record-breaking buyer's market in the overall housing market, which encompasses condos, townhouses and single-family homes.

Falling Condo Prices Offer Buyers Opportunities

The national median condo sale price fell 0.8% to about $339,000 in September, the first year-over-year decline in five months.

House hunters should keep in mind that the costs of buying and owning a condo extend beyond its purchase price, and those ongoing expenses can put additional pressure on buyers' budgets. Rising HOA fees and insurance premiums can push up the total monthly cost of ownership. Buyers should also consider the possibility of special assessments to cover major repairs or improvements to a building's common areas.

But for buyers who can afford the upfront costs of a condo and plan to stay put for several years, today's buyer's market may offer an opportunity.

"Find a motivated seller and there are a lot of them," said Cecilia Cordova, a Redfin Premier agent in Miami, who lives in a condominium herself. Researching the buildings you'd like to live in is the key to finding a financially healthy community and avoiding surprise assessment bills later, she said.

Condo buyers have more options than they did years ago. "We have enough inventory for the next three to four years," said Cordova.

For prospective sellers? Cordova suggests considering renting their condo out for the time being. "If you really need to sell, the strategy is to list it lower than anybody else in the same building. It's not time for you to try to experiment with a higher price," she said.

Today's home prices and mortgage rates have made it harder for first-time homebuyers to enter the market, reducing demand for condos, which have traditionally served as an entry point to homeownership. The weekly average mortgage rate was 7.18% as of November 5, and home prices remain near historic highs.

Sellers are increasingly dropping their asking prices to attract buyers, Redfin data shows. About 37% of condos that sold in September had a price reduction, compared with 16% during the pandemic-era housing boom five years earlier.

The typical condo that sold in September spent 63 days on the market before going under contract, up from 35 days five years earlier.

Texas Has the Country's Most Buyer-Friendly Condo Markets

Condo buyers in Texas had more negotiating power than anywhere else in the country in September. San Antonio had the widest seller-buyer gap among the 50 most populous U.S. metro areas, with an estimated 459% more sellers than buyers. Houston followed with 322% more sellers than buyers, then came Austin, with 258% more.

Miami also had one of the nation's widest gaps, with an estimated 274% more condo sellers than buyers in September, ranking third.

"San Antonio condos may have an attractive purchase price, but buyers are looking at the total monthly payment. Because we have so many affordable single-family homes available, many buyers choose a house when the payments are close," said Derrell Skillman, a Redfin Premier agent in San Antonio, TX.

Meanwhile, new construction is adding to the softness in Sun Belt markets. The Sun Belt is home to nine of the 10 metros where condo sellers outnumber buyers most.

Nassau County Is the Only Seller's Market for Condos

Nassau County, NY, was the only metro area among the 50 analyzed that was a seller's market for condos in September. There were 32% fewer sellers than buyers, with an estimated 1,545 buyers compared with 1,052 sellers.

Five other metros—Chicago, Milwaukee, New Brunswick, Newark and San Francisco—had balanced condo markets, where the difference between buyers and sellers was within 10%.

San Francisco's condo market, for example, is heating up, with the median sale price jumping 20% year over year to nearly $1.2 million in September. Khan, the Redfin senior economist, ties the area's renewed housing demand to the AI boom, which is attracting highly paid workers and fueling homebuying.

To view the full report, including charts, more metro-level data and methodology, please visit:
https://www.redfin.com/news/condo-fall-2026/

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 https://www.redfin.com/news. For more information about Rocket Companies, visit https://www.rocketcompanies.com.

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SOURCE Redfin

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much did condo sellers outnumber buyers in Redfin's September report?

U.S. condo sellers outnumbered buyers by an estimated 123% in September, the widest gap in records dating back to 2013. There were an estimated 88,460 buyers and 197,248 sellers. The gap had been 95.5% a year earlier.

How much did condo prices fall in Redfin's September report?

The national median condo sale price fell 0.8% year over year to about $339,000 in September. This was the first year-over-year decline in five months.

Which condo markets were balanced in Redfin's September report?

Chicago, Milwaukee, New Brunswick, Newark and San Francisco had balanced condo markets in September. In each, the difference between buyers and sellers was within 10%.