Condo Sellers Still Outnumber Buyers. One State Is Driving The Divide
It’s one of the worst times in a decade to be selling condos.
Condo sellers outnumbered buyers by 72.3% in August, according to a Redfin analysis released Monday. It is the fifth straight month where condo sellers outnumbered buyers by at least 70%, by far the widest gap of any home type, as rising costs and new construction tip the scales.
The 108,945-unit gap is a small improvement from an April peak, when sellers outnumbered buyers by 81%. Still, Redfin analysts said the trend made the start of 2025 the weakest market for sellers since 2013, with the exception of the start of the pandemic.
The $350K median nationwide condo sale price has edged down in 2025 but remains near record pricing, along with the broader housing market. Mortgage prices remain high. Insurance costs are climbing, and fees for homeowners associations are rising in some metros. Against an uncertain macroeconomic backdrop, potential condo buyers are instead holding back, Redfin reported.
High costs, new regulations, lackluster price appreciation and investor exits are cited as contributing factors. But analysts also said much of the imbalance was coming from one place: Florida.
The state has roughly a fifth of the nation’s condo supply, and five of the 10 cities with the largest surplus of condos for sale are in the Sunshine State. A wave of new construction is coming online in the state at the same time that existing owners are seeing their cost of ownership skyrocket.
Reforms to condo safety laws passed in the wake of the partial collapse of a condo tower in Surfside, Florida, that left 98 people dead have led to owners facing steep repair bills and, in turn, looking to sell. Miami, a pandemic-era migration hot spot, has 14 months of available condo inventory, more than double the level seen as balanced.
Condos, often bought as second homes for vacations and investment, have also been losing value against inflation. Prices rose 3% from spring 2022 to spring 2025, and 1 in 10 condos are selling for a loss, the highest share of any property type, according to Redfin. A cooling short-term rental market has also led some investors in the space to look for the exits.
“Condo sellers are in a difficult situation,” Miami Redfin agent Cecilia Cordova said in a statement. “My message for people who are interested in a Miami condo: Buy it now with no competition, if you have the buffer to afford future hikes in HOA fees and special assessments.”
Miami has 251% more sellers than buyers, joined by Jacksonville and Tampa in Florida and Austin, Dallas and Houston in having a more than a 200% surplus of sellers. Denver, Las Vegas, Nashville, Orlando, Phoenix and others had at least 150% more sellers than buyers in August.
Single-family homes have 30% more sellers than buyers, while townhouses have a 38% surplus.
The handful of markets where sellers continue to have pricing power are concentrated in the Northeast. Nassau County, New York, had 2,069 condo buyers and 1,079 sellers, the greatest buyer surplus of any region. Newark, New Jersey, was second, followed by Montgomery County, Pennsylvania, New Brunswick, New Jersey, and Cleveland.
