Condo Sellers Now Outnumber Buyers By 123% The Widest Gap On Record, With 37% Of Condos Cutting Their Price And Redfin Calling It An Opportunity

If you own a condo, or have been eyeing one for a place in the sun, the latest numbers from Redfin may make you sit up. Sellers now outnumber buyers by 123%, the widest gap in records that go back to 2013.

A three-story apartment building with wooden balconies beside a grassy lawn

A year earlier the gap stood at 95.5%. In other words, the market has tilted even further toward the buyer.

The data comes from a Redfin report by Dian Zhang and Asad Khan, published Nov. 9, 2026 and covering September.

An Estimated 88,460 Buyers Are Chasing 197,248 Condo Sellers

The estimated number of condo buyers was 88,460. That is down 2.5% from August and the lowest in at least 13 years.

The estimated number of condo sellers was 197,248, up 0.9% from August. So you have about two sellers for every buyer in the market.

That is a very lopsided room. When a seller has to compete for every shopper who walks through, something has to give, and that something is usually the price.

Condo Prices Slipped And 37% Of Sold Condos Took A Price Cut

The national median condo sale price fell 0.8% to about $339,000. It was the first yearly decline in five months.

About 37% of condos that sold had a price cut before they did. Five years earlier, the figure was 16%.

Time matters, too. The typical condo took 63 days to go under contract, compared with 35 days five years earlier.

San Antonio, Houston, Miami And Austin Are The Toughest Places To Sell

The gap is not the same everywhere. The biggest seller surpluses were in San Antonio at 458.5%, Houston at 321.6%, Miami at 273.6% and Austin at 257.6%.

At the other end, Nassau County, New York was the only seller’s market among the 50 most populous metro areas. For a condo seller there, the tide is still in their favor.

Single-family homes are cooling too, though not as sharply. Single-family sellers outnumbered buyers by 53.7%.

“An Opportunity” Is What Redfin’s Economist Calls It

Asad Khan, a Redfin senior economist, put a positive spin on the numbers. He said, “these buyer-friendly conditions are an opportunity.”

For buyers, that is easy to understand. More choices, longer shopping time and more room to negotiate all work in your favor.

For sellers, the message is harder. It does not mean you should panic, but it does mean you should plan.

Why The Rules Of Condo Living Matter More When The Market Is Soft

A slow market puts a spotlight on what is inside the building. Owners who want to sell at a fair price depend on a healthy association, and buyers and lenders tend to look hard at how an association manages its money.

Before you sign anything, ask for the budget, recent meeting minutes and a statement of any planned special assessments, which are extra charges owners must pay for big repairs. A building that has put off maintenance can surprise a new owner with a large bill.

It also helps to ask how many units in the building are rented out rather than lived in by their owners. Lenders often care about that number, and it can affect how easy it is to get a mortgage on a unit when you want to sell.

None of this means a condo is a bad choice. For many retirees and downsizers, a condo is a sensible way to trade a big yard and a long to-do list for a smaller place with shared upkeep.

It simply means that in a market where sellers outnumber buyers by 123%, the person who does the homework is the person who gets the best deal.

If You Are Thinking Of Buying A Condo

A condo is not just the unit. It also comes with monthly association fees, shared rules and a building that needs to be looked after, so read the association’s documents carefully before you make an offer.

Ask how much the monthly dues are, what they cover, and whether the association keeps healthy savings for big repairs such as roofs and elevators. A cheap price can look less cheap once the dues are added in.

With 37% of sold condos taking a price cut, there is room to negotiate. Look at how long a unit has been listed and what it asked for at first.

Take your time with the walkthrough, too. Visit at different hours, listen for noise from neighbors, and look at the parking, the laundry and the common areas, because those everyday details matter long after the closing.

If You Already Own A Condo And Are Thinking Of Selling

Do not assume your neighbor’s old price is your price. If condos nearby are taking 63 days or more to go under contract, a realistic asking price on day one may beat a series of reductions.

Make the unit easy to love. A clean, bright, uncluttered space photographs better and shows better, which matters when buyers have so many other listings to compare.

If you do not need to sell right now, patience may be a perfectly fine plan. A market with this many sellers does not always stay that way.

Either way, the numbers send a clear message. For the moment, the person holding the checkbook has the advantage.

Willow and Hearth