The improvement in thermal insulation of building envelopes minimizes the problem of water vapor condensation on their internal surfaces. However, the probability of water vapor condensation on the external surfaces increases. This may take place under radiative cooling conditions when the temperature on these surfaces drops below the air temperature. The aim of this article is to analyze the influence of different factors on the possibility of external condensation. Relevant computational examples and practical insights based on real-life observations are shown. It was found that the basic factors contributing to the condensation of water vapor on the external surfaces are the horizontal or oblique placing of the envelopes, no wind, cloud-less sky and low thermal transmittance of the envelopes. The described phenomenon can be mitigated by covering the surfaces with a low-emission coating.