Condo prices across the US are plummeting — with some areas seeing values sink by a staggering one-third in just a year.
The average condo sale price in the US fell 2.2 percent year over year to $354,100 in May, a new report shows — making it the second largest drop in records dating back to 2012.
The only steeper drop occurred in April 2023, shortly after the market’s post-pandemic peak, according to Redfin.
The biggest condo price drops are hitting Florida and Texas. In May, Deltona, Florida saw prices fall over 32 percent year-over-year — the steepest decline nationwide.
Crestview, Florida (down 32 percent), Houston, Texas (down 23 percent), Tampa, Florida (down 19 percent), and Oakland, California (down 20 percent) also faced sharp drops.
Seven of the top ten metros with the largest price declines were in Florida, two in Texas. Sellers in parts of Florida have had to drop prices below $10,000.
Sales are sliding just as fast. Markets like Dallas, Palm Bay, Port St. Lucie, and Orlando saw condo sales drop over 30 percent year-over-year, with Florida again dominating the list of hardest-hit areas.
Condo prices are falling for a number of reasons. One major factor is that the market is flooded. There are 80 percent more condo sellers than buyers.