Florida’s condo market is going through a home price correction, new data shows

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After the Surfside condo collapse in June 2021, which killed 98 people, Florida passed new building safety regulations, requiring more inspections and more money for repairs set aside by the end of 2024. these costs.

That added pressure on home purchases, following a period of heating up home prices and mortgage shocks, has put much of Florida’s coastal condo market—especially older buildings—into renovations.

According to a ResiClub analysis, condo prices declined year-over-year in 18 of Florida’s 25 markets, while single-family home prices declined year-over-year in only six of those 25 markets.

In 24 of Florida’s 25 markets, the year-over-year change in condo prices is weaker than the year-over-year change in single-family home prices.

Here’s an in-depth look at recent changes in condo prices and single-family home prices across the country—and across the country.

Nationally, condo home prices rose 2.4% year-over-year (YoY).

Among the 300 largest housing markets, condo prices rose the most in these five markets:

1. Torrington, CT: +11.8%
2. Hartford, CT: +11.6%
3. Atlantic City, NJ: +11.3%
4. Norwich, CT: +10.9%
5. New Haven, CT: +10.5%

At the same time, condo prices have fallen significantly in these housing markets:

1. Lafayette, LA: -9.1%
2. Clarksville, TN: -7.6%
3. New Orleans, LA: -7.4%
4. Punta Gorda, FL: -7.4%
5. Austin, TX: -6.2%

Several Florida condo markets were just outside the top five with the largest declines, including North Port, FL (-5.8%), Cape Coral, FL (-5.5%), and Panama City, FL (-4.9%).

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Nationally, single-family home values ​​increased by +3.5% year-over-year.

Among the 300 largest markets, single-family home prices rose the most in these areas:

1. San Jose, CA: +12.2%
2. Rockford, IL: +11.6%
3. Syracuse, NY: +11.4%
4. Hartford, CT: +10.2%
5. San Diego, CA: +10.0%

And here’s where single family prices have fallen the most year over year:

1. New Orleans, LA: -5.8%
2. Lake Charles, LA: -4.7%
3. Punta Gorda, FL: -4.4%
4. Austin, TX: -4.4%
5. Alexandria, LA: -4.3%

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Main image: US single-family home prices (up 3.5% year-over-year) have outperformed condo prices (up 2.4% year-over-year) over the past year—and it’s not just Florida.

Just take a look at this interactive scatterplot we made below.

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Note that there is not a single major market with rising prices for both condos again falling single-family home prices. However, there are several markets with lower condo prices again rising single-family home prices.