U.S. Condo Markets See Sharp Price Declines, with Some Cities Returning to 20-Year Lows
In the U.S., mid-tier condominium prices have decreased between 7% and 31% from their highest points. Oakland, California, leads with a 31% decline, followed by St. Petersburg, Florida, at 28%, and Austin, Texas, at 26%. Over 20% drops were noted in five markets, while 51 larger markets experienced declines of at least 7%. Year-over-year reductions through March include Lee County at -14.3%, St. Petersburg at -13.2%, and Oakland at -13.1%. The Phoenix-Mesa-Chandler region has seen declines ranging from 13% to 14%. This downturn is linked to rising mortgage rates, more competition from new apartments, and increased HOA fees. Data comes from Zillow's Home Value Index, reflecting seasonally adjusted averages for mid-tier condos.
Key facts
- Oakland, CA condo prices dropped 31% from peak, the largest decline among 31 major markets.
- 51 larger U.S. markets experienced condo price declines of 7% to 31% from their peaks.
- Lee County (Cape Coral, Fort Myers) saw the biggest year-over-year decline at -14.3% through March.
- Condo prices in some cities, including Oakland and Chicago, have returned to levels seen 20 years ago.
- During the 2020-2022 boom, some markets saw price increases exceeding 70%, with Cape Coral up 76%.
- The Phoenix-Mesa-Chandler metro area experienced coordinated price drops of 13% to 14% across its cities.
- Market analysis uses Zillow Home Value Index data based on millions of data points including off-market deals.
- Condo markets face additional pressures from special assessments, rising HOA fees, and financing restrictions.
Entities
Institutions
- Zillow
- Fannie Mae
- WOLF STREET
Locations
- Oakland
- California
- St. Petersburg
- Florida
- Austin
- Texas
- Chicago
- Illinois
- Killeen
- Phoenix
- Mesa
- Chandler
- Scottsdale
- Glendale
- Gilbert
- Tempe
- Arizona
- Manhattan
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- San Francisco
- Cape Coral
- Fort Myers
- Lee County
- Garland
- Sarasota County
- Tampa
- Orlando
- Jacksonville
- Collier County
- Naples
- Port Saint Lucie
- Aurora
- Colorado
- Huntsville
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- Daly City
- San Carlos
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