With home prices still higher than many buyers expected, it's easy to feel like homeownership is out of reach. Especially if you're buying for the first time.
But that doesn't always mean you have to put your plans on hold. Sometimes, it simply means looking at a different type of home.
Condos and townhomes can offer a more affordable way to become a homeowner. And right now, there are two big reasons they're worth considering.
There Are More Condos and Townhomes Available
If your search for a single family home hasn't turned up many good options, it may be time to expand your search. Many buyers automatically focus on detached homes and overlook condos and townhomes, even though they can offer great value.
According to HousingWire Data, there were 233,030 condos and townhomes on the market this June. That's the highest June inventory in at least the past decade and more than twice as many as were available in 2022.
With more homes to choose from, buyers often have more flexibility, less competition, and a better chance to negotiate.
Keep in mind that inventory varies by market, but overall, buyers have more opportunities in this segment than they have in years.
They Usually Come With a Lower Price Tag
Affordability is another major advantage. According to the National Association of Realtors (NAR), the median condo price in June was $380,000, while the median single family home price reached $446,400.
That's a savings of more than $66,000. One reason is simple. Condos are typically smaller than detached homes, making them a more budget friendly option for many buyers.
If you don't need extra bedrooms or a large yard, choosing a smaller home could make buying much more attainable.
Condo vs. Townhome: What's the Difference?
If you're deciding between the two, here's a quick comparison.
Single Family Home
You own both the home and the land beneath it. There are no shared walls, giving you the most privacy and space. You'll also be responsible for all maintenance and repairs, and these homes typically come with the highest purchase price.
Townhome
You own the home and the lot it sits on. Most townhomes have multiple levels and share one or two walls with neighboring homes. They often provide more living space than condos while still offering a lower price than many detached homes. Owners generally handle more of the maintenance.
Condo
You own the interior of your unit, while the building and shared amenities are maintained by the homeowners association. Many condos include access to features like pools, fitness centers, or clubhouses. They usually require less maintenance, though you'll have HOA fees and less control over exterior decisions.
Bottom Line
If buying a single family home feels out of reach right now, a condo or townhome could be a smart first step toward homeownership.
With more inventory and generally lower prices, now may be a great time to explore all your options. Connect with a local real estate professional to see what's available in your area and find the home that best fits your needs and your budget.