Why Condos Are a Smart Move in Today’s Market
Not every buyer in Summit NJ, Short Hills, Chatham, or New Providence is looking for the biggest house on the block. For many, the goal is something simpler, more affordable, and easier to maintain - especially in a market where every dollar matters. That’s where condos come in.
For first-time buyers in Union and Morris County, condos can be a practical way to step into homeownership without overextending your budget. For downsizers in Summit NJ and nearby towns, they offer less maintenance and the flexibility to stay in a desirable community. And right now, condos are one of the most buyer-friendly parts of the market.
According to the National Association of Realtors (NAR), there are currently 194,000 condos for sale nationwide - the second-highest number in the past three years.
While the exact numbers vary by location, the trend is clear: more condo inventory means more choice for buyers. If you’re searching in Summit, Chatham, or Short Hills, you’ll likely notice more options and less competition than just a few years ago.
Instead of feeling rushed to make an offer, buyers today have the breathing room to find the right fit. If you’re particular about layout, location, or amenities, this could be the perfect time to be selective. Compared to the frenzied market of early 2022, today’s condo market is offering far more balance.
With more inventory, sellers are often more open to negotiation. Condo prices dipped 1.3% in June compared to last year (Intercontinental Exchange), and over half of the top 100 U.S. metros saw slight year-over-year declines.
That trend is visible here in Summit NJ real estate too. Sellers of condos in our area are increasingly willing to negotiate on price or offer concessions, like covering part of closing costs. This creates a valuable window of opportunity for condo buyers looking to maximize their budget.
Condos aren’t just a fallback option, they’re a smart strategy in today’s market. Buyers in Summit, Short Hills, Chatham, and surrounding communities are choosing condos to:
Enter homeownership at a more affordable price point (great for first-time buyers)
Downsize without giving up location or lifestyle (ideal for empty nesters and Baby Boomers)
Leverage today’s buyer-friendly conditions with more inventory and negotiation room
If you’ve been considering a move in Summit NJ or the surrounding towns, don’t overlook the condo market. With more options, softer prices, and greater flexibility to negotiate, now could be the right time to find your perfect fit.
At the Price Group, a top real estate team in Summit NJ, we specialize in helping buyers and downsizers navigate the condo market across Summit, Short Hills, Chatham, and beyond. Whether you’re purchasing your very first home or downsizing to something simpler, our team can guide you every step of the way.