Looking for a More Affordable Way to Buy? A Condo or Townhome Could Be the Perfect First Step
If you've been searching for your first home and feeling discouraged by today's prices, you're not alone. Many buyers are wondering if homeownership is still within reach. The good news? It often is - it may just look a little different than you originally imagined.
While many buyers begin their search focused on single-family homes, expanding your options to include condos or townhomes could open the door to more opportunities that better fit your budget and lifestyle.
More Inventory Means More Opportunities
One of the biggest challenges buyers have faced over the past few years has been limited inventory. Fortunately, that's beginning to change - especially for condos and townhomes.
According to HousingWire, there were more than 233,000 condos and townhomes available for sale nationwide in June, the highest June inventory in at least the past decade. That's more than double the number available in 2022.
More inventory gives buyers several advantages, including:
More homes to choose from
Less competition from other buyers
More time to make confident decisions
Greater negotiating opportunities
While inventory varies by location, buyers in many markets are seeing more options than they've had in years.
A More Budget-Friendly Way to Own
Affordability is another reason condos and townhomes deserve a closer look.
According to the National Association of Realtors, the median condo price in June was $380,000, compared to $446,400 for a single-family home - a difference of more than $66,000.
For many buyers, that lower purchase price can make a meaningful difference in monthly payments, down payment requirements, and long-term affordability.
If you don't need a large backyard or extra square footage right away, choosing a condo or townhome can be a smart way to begin building equity while staying within your comfort zone.
Condo, Townhome, or Single-Family Home: Which Is Right for You?
Every type of home offers its own advantages, and the best choice depends on your lifestyle, priorities, and long-term goals.
Single-Family Home
If privacy and outdoor space are high on your list, a detached home may be the right fit. You'll own both the home and the land, giving you the most flexibility—but you'll also be responsible for all maintenance and repairs.
Townhome
Townhomes often provide a great balance between space and affordability. You'll typically own both the home and the land beneath it, enjoy multiple levels of living space, and have more control over your property than you would with a condo. While you'll likely share one or two walls with neighbors, you'll also have more maintenance responsibilities.
Condominium
Condos can be an excellent option for buyers looking for lower-maintenance living. You'll own the interior of your unit while the homeowners association manages the exterior and shared amenities, which may include features like fitness centers, pools, or community spaces. Keep in mind that HOA fees and community rules are important factors to consider when deciding if a condo is the right fit.
Homeownership May Be Closer Than You Think
Buying your first home doesn't always mean purchasing a detached house. For many buyers, a condo or townhome provides an affordable way to start building wealth through homeownership while enjoying the benefits of owning a place to call their own.
At the Price Group, we're here to help you explore every option available and find a home that fits your lifestyle, goals, and budget. Whether you're considering a condo, townhome, or single-family home, our team will guide you through every step of the buying process and help you make a confident decision.