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This study analyzed the factors that affect the occurrence of unsold apartments after completion of construction in Busan Metropolitan City, which has the highest rate of unsold apartments nationwide from 2017 to 2019. Logistic regression analysis showed that the probability of unsold apartments after completion was reduced when the following factors are higher: total number of households, terraced porch structure, the adoption of district heating, construction by high-rank corporation, residential and commercial complexes, proximity to urban railways, entrance rate of special-purpose and autonomous private high schools, and net entry rate of high schools. However, the number of parking spaces per generation, proximity to elementary schools, and existence of representative equilibrium have no significant effects. This study is expected to provide implications for the decision-making of operators considering new supply and consumers for investment and residential purposes.