While replacing all of the outlets and switches in a new condo for my mother in law, I have run into a problem.
I was replacing a 3-way switch in the bathroom and I couldn't figure out why I could not get the light to turn on. I connected the multimeter to it, and it only shows 95v at the wires coming out of the wall at those switches. What might the cause of this be? This is a small condo, and the location is quite close to the box, so there should be no voltage drop.
I'm stumped.

If you were measuring from hot wire to ground you should have read 120VAC.

You were reading on a 3-way switch. I am guessing that you were reading from across the switch from the Hot leg to the switched off hot leg. The switched off hot leg is floating and not a true ground reference.