Tired of Being Priced Out? Condos and Townhomes Might Be Your Secret Weapon
If you’re a first-time buyer looking at single-family home prices right now, it’s easy to feel like homeownership is slipping out of reach. But what if the key to unlocking your first set of house keys isn’t waiting for prices to drop, but shifting what you’re looking for?
If you’ve been focusing solely on single-family detached homes, you might be missing out on the sweetest spot in today’s real estate market: condos and townhomes.
Here are two major reasons why these properties deserve a serious look right now.
1. You Have More Options Than You Think
Feeling like you’ve scrolled through every listing in town and come up empty? You're not alone, but you might just be searching with the wrong filters.
According to data from HousingWire, there were 233,030 condos and townhomes for sale this past June.
A 10-Year High: That is more inventory in this category than any June in at least a decade.
Double the Inventory: That’s more than double the options available back in 2022.
Why this matters for you: More inventory on the market means you’re in the driver’s seat. Instead of getting caught in stressful bidding wars, a larger pool of options gives you:
Less competition from other buyers.
More time to make a thoughtful decision.
Better leverage to negotiate price and terms.
2. The Price Tag Is Significantly Lower
Let’s talk numbers. The biggest hurdle for most first-time buyers is the upfront cost.
According to data from the National Association of Realtors (NAR), the median price for a single-family home in June sat at $446,400. Meanwhile, the median price for a condo was $380,000.
The Savings: Choosing a condo or townhome could save you over $66,000 on the purchase price right off the bat.
Because condos and townhomes are generally smaller than single-family properties, they come with a smaller price tag. If you don't need a massive yard or endless square footage, taking a smaller footprint can mean making your dream of owning a home a reality much sooner.
Condo vs. Townhome: How Do They Compare?
Before you start setting up viewings, it helps to know how these options stack up against each other and a traditional house:
🏡 Single-Family Home
The Setup: You own the house and the land it sits on, with no shared walls.
The Pros: Maximum space, total control, and complete privacy.
The Trade-Offs: The highest price tag and 100% of the maintenance is on you.
🏢 Townhome
The Setup: You own the multi-level structure and the lot, typically sharing one or two side walls with neighbors.
The Pros: More space than a condo, lower prices than a house, and more say over your exterior space and repairs.
The Trade-Offs: Moderate privacy and you'll still handle a good chunk of exterior maintenance.
🔑 Condo
The Setup: You own just the interior of your individual unit, sharing walls (and sometimes ceilings/floors) with neighbors.
The Pros: The most affordable entry price, shared community amenities (like pools or gyms), and very little maintenance hassle.
The Trade-Offs: Less privacy, higher HOA fees, and less control over building-wide decisions.
The Bottom Line
You don't have to wait years to buy your first home or stretch your budget to the breaking point for a single-family house. A condo or townhome could be your smartest, most affordable stepping stone into the market.
Ready to see what’s out there? Reach out to a local real estate agent today to explore current listings in your area and find the perfect home for your budget and lifestyle!
