Start with your county assessor and recent sales nearby

Your county assessor's office has a public record of what your condo sold for last, and when. That number is a floor — it tells you the price someone paid, not what the market says it's worth now. To find the current value, you need to know what similar condos in your building or neighborhood have sold for in the last three to six months.

Search your county assessor's website (search "[your county] assessor property records" or "[your county] property appraiser") and enter your address. You'll see the last sale price, the year it sold, and the assessed value for tax purposes — which is often lower than market value and should not be your estimate. Then search real estate sites like Zillow, Redfin, or Realtor.com for recent sales of condos in your complex or within a few blocks. Filter by "sold" listings and set the date range to the last six months. Note the price per square foot and the final sale price of each one.

Key Takeaways

  • Your county assessor's records show the last price your condo sold for, but that's historical data, not current market value.
  • Recent sales of similar units in your building or neighborhood are the most reliable way to estimate what yours is worth now.
  • A real estate agent can pull comparable sales data and give you a written estimate, though their incentive is to list your property.
  • A professional appraisal costs $300 to $500 and is required by lenders, but unnecessary if you're only trying to understand your home's value.
  • Condo values depend heavily on building condition, HOA fees, and whether the building is in good financial standing — factors that raw sale prices don't capture.

Understand why condo values move differently than single-family homes

A condo's value is tied to the building itself in ways a house is not. If the roof needs replacement, the foundation is cracking, or the HOA is in financial trouble, every unit loses value — even if your own unit is in perfect condition. Buyers factor in the building's age, the reserve fund balance, and whether special assessments are coming.

Before you estimate your condo's worth, pull your HOA financial statements and reserve study if you have them. Ask your HOA board or property manager for the reserve fund balance and whether any major repairs are planned. A building with a healthy reserve fund and no pending assessments will appraise higher than an identical unit in a building that's underfunded. This is why two condos with the same square footage and finishes can have different market values — the building's condition matters as much as the unit itself.

Use a comparative market analysis from a real estate agent

A real estate agent can pull a formal comparative market analysis (CMA) at no cost to you. They'll gather sales data on similar units that sold recently, adjust for differences in size and condition, and give you a written estimate. The CMA is more detailed than what you'll find on a public website because agents have access to the MLS (Multiple Listing Service), which includes sale prices that may not appear on Zillow for weeks.

Contact two or three agents who specialize in condos in your area and ask for a CMA. They'll want to visit your unit to assess its condition, so be prepared for that. The estimate they give is their opinion of what the market will bear — it's not binding, and different agents may give you different numbers. This is normal. The range they give you is usually more useful than any single number. Keep in mind that agents have an incentive to estimate high if they want to list your property, so treat their estimate as one data point, not the final word.

Order a professional appraisal if you need an official number

A professional appraisal is a formal document prepared by a licensed appraiser and is what lenders require before they'll approve a mortgage or refinance. If you're refinancing your condo, your lender will order the appraisal and you'll pay for it — typically $300 to $500, sometimes more in high-cost areas. If you're not borrowing money, you don't need an appraisal unless you're settling a divorce, handling an estate, or need the number for insurance purposes.

To order an appraisal on your own, search "[your state] licensed appraiser" or contact your state's appraisal board for a list of may have access to professionals. You can also ask a local real estate agent or mortgage broker for a referral. The appraiser will visit your unit, measure it, photograph it, and compare it to recent sales of similar condos. They'll produce a written report that includes their estimate of value, the comparable sales they used, and their reasoning. This document carries weight with lenders and courts, but it's not free and it's not necessary just to know what your condo is worth.

Check online estimates, but treat them as a starting point

Zillow's Zestimate, Redfin's estimate, and similar automated tools use algorithms to predict home values based on public records, recent sales, and property characteristics. They're fast and free, but they're often wrong — especially for condos, because the algorithm can't easily account for building condition, HOA fees, or the quality of recent comparable sales. A Zestimate might be off by 5 percent or by 20 percent depending on how much recent sales data is available in your area.

Use these estimates to get a ballpark range, not as your final answer. If Zillow says your condo is worth $400,000 but the last three sales in your building were $380,000, $385,000, and $390,000, the recent sales are more reliable. If you see a big gap between the online estimate and the actual sales prices, that's a sign the algorithm doesn't have good data for your specific building or neighborhood.

Factor in your condo's specific condition and features

Two condos with the same floor plan can have very different values if one has been recently renovated and the other hasn't. Walk through your unit and note what's been updated: kitchen, bathrooms, flooring, HVAC system, windows, appliances. Then look at the recent sales you found and see whether those units had similar upgrades. If the comparable sales all have granite counters and yours has laminate, your unit is probably worth less. If yours is the only one with a recently replaced roof or new electrical panel, that's a selling point.

Also note location within the building. A corner unit or one with a view typically sells for more than an interior unit on a lower floor. A unit on a noisy street or next to the dumpsters will be worth less. These details don't show up in the raw sales price, but they matter to buyers, so adjust your estimate accordingly.

Understand the difference between appraised value, assessed value, and market value

Appraised value is what a licensed appraiser says your condo is worth — this is what lenders use to decide how much they'll lend you. Assessed value is what your county assessor says it's worth for property tax purposes, and it's often lower than market value because assessors use different methods and update values on a schedule, not continuously. Market value is what a buyer would actually pay for your condo right now, based on recent sales of similar units.

For your own purposes, market value is what matters. That's the number you get from looking at recent comparable sales and adjusting for your unit's condition and features. The assessed value is useful to know because it affects your property taxes, but it's not a reflection of what your condo is worth on the open market. The appraised value matters if you're borrowing money, but it's not necessary if you're just trying to understand your home's value.

Frequently Asked Questions

How often should I check what my condo is worth?

Market values change slowly in most neighborhoods — typically a few percent per year. You don't need to check more than once a year unless you're actively considering selling or refinancing. If your neighborhood is changing rapidly (new development, major employer moving in or out), checking every six months makes sense.

Why is my condo worth less than the house next door?

Condos typically sell for less per square foot than single-family homes in the same area because buyers pay for the building's condition and HOA fees. You also have less control over the exterior and common areas. If the HOA fees are high or the building has deferred maintenance, that depresses value compared to a house where the owner controls everything.

Can I use my condo's value to borrow money?

Yes, if you have equity. A lender will order an appraisal and lend you a percentage of that value, usually 80 to 90 percent. You'll need to be current on your mortgage and HOA fees, and the building must meet the lender's standards. Some lenders won't lend on condos in buildings with low reserves or high HOA fees, so shop around.

What if my condo is in a building that's having financial problems?

A building with a depleted reserve fund or pending special assessments will see lower values because buyers know they'll face higher costs soon. Get the HOA's financial statements and reserve study, and factor that into your estimate. If major repairs are coming, your condo's value may drop until the work is done and the reserve fund is replenished.

Should I get an appraisal just to know what my condo is worth?

No, unless you need the official document for a specific reason like a divorce settlement or insurance claim. A CMA from a real estate agent is free and gives you a solid estimate. An appraisal costs $300 to $500 and is only necessary if a lender requires it or you need a formal, defensible number.