Citing MLS data, a recent report from Redfin says condo prices are falling because there are roughly 80% more condo sellers than buyers in the market. They point out that the only time condo prices posted a larger year-over-year decline was back in April, 2023. Condo sales were down 11.9% in May – the largest decline since June, 2024. In addition, the report says many condo owners are trying to offload their properties because of higher HOA fees and insurance costs as well as special assessments.
“It’s a slow housing market across the board, but condos have been hit particularly hard…A lot of condo associations don’t allow buyers with FHA loans, which is limiting sales…” Said Aditi Jain, a Redfin Premier real estate agent in the Boston area.
Click here to read the full report at Redfin.
