Condo Buying: Great News for Buyers Who Feel Priced Out

Condo buying is one of the most underrated paths to homeownership for buyers in North County who feel like the market has priced them out. And right now, two things are making condos and townhomes worth a serious look for anyone struggling to find something that fits their budget.

A lot of buyers start their search looking exclusively at single-family detached homes without realizing how much that narrows their options. Expanding that search into condo buying territory opens up a significantly larger pool – and in today’s market, that pool is deeper than it has been in years.

More Condo Buying Options Than You Might Think

According to HousingWire Data, there were 233,030 condos and townhomes for sale this June. That is more than any June in at least the past decade – and more than double the number available back in 2022.

More inventory means less competition, more time to consider your options, and more room to negotiate. For first-time buyers especially, that kind of breathing room is rare right now. As we explored in our recent post on smaller homes, buyers are finding more value in a smaller footprint than they expected – and condos are leading that trend.

Condo Buying Comes With a Lower Price Tag

Price is the other major draw for condo buying. According to the National Association of Realtors, the median condo price in June was $380,000 – compared to $446,400 for the median single-family home. That is a difference of more than $66,000.

A big part of that gap comes down to size. Condos are typically smaller than single-family homes – and smaller square footage usually means a smaller price tag. If extra space is not a priority right now, that lower entry price could be exactly what gets you through the door. And with the down payment options we covered recently, the upfront cost on a $380,000 home looks very different from one on a $446,000 home.

Condo or Townhome: Understanding the Difference

Before diving into a condo buying search, it helps to know how these options compare. With a single-family detached home, you own the house and the land it sits on with no shared walls – the most privacy and space, but typically the highest price tag and all maintenance falls on you. With a townhome, you own the building and lot, share one or two walls with neighbors, and have more say over how your home looks and how repairs get done. More space than a condo, but more maintenance responsibility too.

With a condo, you own the interior of your unit and often have access to shared amenities like a pool or fitness center. The building and common areas are shared by all residents, which means lower day-to-day maintenance for you – but also HOA fees to cover those shared costs and less control over building decisions. For buyers who want to get into the market while keeping maintenance manageable, condo buying can be a genuinely smart trade-off. It is another version of what we covered in our look at co-buying a home – sometimes the best path to ownership means rethinking what that ownership looks like.

Bottom Line

A condo or townhome could be your path into homeownership without stretching every last dollar. More options, a lower price point, and less maintenance are a compelling combination for any buyer who has been feeling priced out of the market.

If you are a buyer in North County ready to explore your condo buying options, let’s connect and we will figure out what fits your lifestyle and your bottom line.

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Jess & Co. Real Estate, LLC does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Jess & Co. Real Estate, LLC will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.