5 Tips for Selling Your Condo in 2024’s Real Estate Market

If you’re looking to sell a condo, you might be wondering how long it’ll be on the market before it sells, compared to a single-family detached home.

Aaron Tobias, a top real estate agent specializing in condo sales in Columbus, Ohio, says not to worry — condos appeal to a specific group of people: buyers who like perks. “When dealing with a condo, you’re dealing with a buyer who wants completely maintenance-free living, not just on the outside but on the inside,” he says.

We’ll share our top 5 tips for selling your condo in 2024. We’ll cover things like setting a price, highlighting community amenities, and what upgrades attract buyers the most.

5 Tips for selling your condo

1. Price your condo based on availability and your unit’s special features

With home prices remaining elevated and budgets constrained by inflation and interest rates, condos remain an enticing option considering the median sales price for a condo sits at $337,900 — much less than a single-family home in many U.S. markets.

For many condo buyers, the appeal of owning a condominium is that it has all the advantages of homeownership but comes with perks that reduce the hassles of homeownership. For example, buyers can seek out a condo in an amenity-rich community, such as light maintenance and access to shopping and public transportation.

Also, owning a condo can be more affordable than renting and allows owners to build equity. When someone signs a lease, the renter is subjected to regular rent increases. However, condo owners have a fixed-rate loan where monthly payments stay the same, regardless of what the rental market does.

For those who want to have the lifestyle that comes from living in a metro area, the price difference between renting and owning could be more significant and worth the trade-off in terms of square footage.

Although these factors can help sell your condo quickly, the trick is nailing down the right listing price.

Be realistic when comparing your unit to other condos in the complex

It’s widely known that real estate agents will run a comparative market analysis (CMA) to help set an asking price. Appraisers also look at comparable units to assess your property’s fair market value.

When you’re selling a condo, the pricing of comparable properties (also called “comps”) can range widely — even when comparing units within the same building or complex. This is because each unit’s layout and view can impact each unit’s value.

You’ll need to work with your agent, who will factor in items such as where precisely your unit is located, the view from the unit, yard access, and so on.

Supply and demand also impact your pricing strategy

If inventory in your area is low, “Don’t be afraid to price it based on demand,” Tobias says. As of May 2024, NAR reveals there’s only 4.70 months’ supply of condos listed for sale nationwide.

You can be sure that you’re pricing your condo reasonably, but for top dollar, ask your agent for advice. “Chances are, somebody’s probably willing to pay more because you’re the only condo for sale in that particular community,” reports Tobias.