5 Cities for Retirees To Consider Buying a Condo, According to Real Estate Experts

Condos are the perfect solution for retirees looking for both homeownership and less maintenance. From endless amenities and security to a sense of community, condos provide what many retirees are looking for, and finding a one in a new city might be the last thing holding you back from retirement .

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Here are five cities in which retirees can consider buying a condo, according to real estate experts.

Also see how much the average condo costs in each state.

Scottsdale, Arizona

Scottsdale is an attractive destination for retirees because of the year-round sun, warm weather and many recreational activities. Nearly a quarter of Scottsdale residents are 65 and older. But the quality of life isn’t the only aspect adding to the increase in retirees to Scottsdale. Condo prices have also become more affordable.

The average condo price in Scottsdale decreased from $450,000 in June 2022 to $400,000 in June 2024. In addition, you have more leverage in the current Scottsdale market compared with last year, with the average days on the market increasing from 55 to 60. Similarly, 30.1% of condos on the market have had price drops, meaning you can likely bargain for a better purchase price. All of these factors combined make purchasing a condo in Scottsdale appealing for retirees.

“Scottsdale’s condo market is diverse, offering everything from luxury high-rise condos to more affordable options in well-maintained communities,” said Daniel Rivera, real estate expert at Proactive Property Management . “Many of these condos are part of active adult communities that provide a range of amenities, such as golf courses, fitness centers and social clubs, making it easy for retirees to stay active and engaged.”

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Palm Springs, California

Are you looking for a combination of warm weather and outdoor activities like golf, tennis and hiking? Palm Springs offers these and more, making it a popular retirement location. The condo market in Palm Springs is similar to Scottsdale, with a median sales price of around $400,000.

Plus, in the past year, the median amount of time a house stays on the market has also shot up by 25 days to 75 days, indicating lower competition and more room for negotiation. With 28.7% of condos having price drops, entering the Palm Springs market has never been easier. If you are interested in a California retirement community, check out Palm Springs.

“Palm Springs has a busy downtown with shopping, dining and entertainment along Palm Canyon Drive,” said Matt Morgan, real estate agent at Inland Pacific Advisors . “New luxury condo communities offer resort-style amenities like pools, spas, golf courses and tennis courts that cater to active seniors. The natural hot spring spas, midcentury modern architecture and 350 days of sunshine provide an inviting atmosphere.”

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Rancho Mirage, California

Rancho Mirage is filled with natural greenery and is conveniently located near shopping centers and recreational activities in the Coachella Valley. Retirees enjoy the sunrises and relaxing lifestyle in Rancho Mirage. However, the condo market is more expensive, mainly due to the small supply and few homes on the market.

Expect to pay about $576,000 for a condo in Mirage. However, as in most parts of California, the market has begun to cool, with the median days on the market currently at 71. Despite home prices up 2.8% in the past year, Rancho Mirage is still a great place to call home during retirement.

“Rancho Mirage has attracted many retirees to gated golf course communities,” Morgan said. “Healthcare facilities affiliated with Eisenhower Medical Center provide high quality care for seniors. Condos are often located right on the golf courses with panoramic mountain views. Residents can enjoy an upscale yet relaxed lifestyle at country clubs, boutiques and restaurants along Highway 111.”

Naples, Florida

Moving east, Naples makes our list of retirement cities to purchase a condo. Naples is an up-and-coming destination for retirees, with white sand beaches and blue waters. This makes it no surprise that 54.6% of the population is over 65. The condo market in Naples has cooled off over the past year, down from an average price of $1,575,000 in December 2023 to $822,500 in June 2024.

The location of your condo will play a significant role in the price. If you are looking to reside beachfront, expect to pay more. Nevertheless, with the median days on the market increasing to 65 and 18.8% of homes having price drops, it’s an ideal time to secure a condo in Naples. With low competition and declining prices, you might be able to snag your dream condo in the perfect retirement community.

“Naples is also known for its top-tier healthcare facilities, which is a critical consideration for retirees,” Rivera said. “The city’s proximity to several major medical centers ensures that residents have easy access to high-quality healthcare services.”

Greensboro, North Carolina

Sometimes, you just can’t pass up Southern charm. Greensboro offers retirees a small-town feel, an affordable cost of living, and a convenient location between Charlotte and the East Coast. The condo market in Greensboro is affordable, with a median sale price of $169,000. Due to affordability, competition is higher, with a median days on the market of 27.

Nevertheless, the number of condos sold above the list price has dropped 25% in the past year to 28.6%. If you are looking for a new place to call home with favorable retirement taxes, lower condo prices and a convenient location, Greensboro should be at the top of your list.

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The Bottom Line

Have you considered purchasing a condo in these five retirement cities? With the housing market starting to cool off, now is a great time to purchase your dream condo. When making a decision, you will need to consider price, location and amenities. In addition, it’s important to understand how condo fees factor into the overall price.

This article originally appeared on GOBankingRates.com : 5 Cities for Retirees To Consider Buying a Condo, According to Real Estate Experts