Mid-Tier Condo Prices Fall 15% to 33% in 24 U.S. Markets

U.S. markets, according to data compiled through April. The largest drop occurred in Cape Coral, Florida, where prices fell 33 percent from the 2022 peak. Oakland, California, recorded a 31 percent decline from its 2022 high.

Markets with Largest Declines St.

Austin, Texas, recorded a 27 percent decline from the same year. Fort Myers, Florida, posted a 26 percent drop from its 2023 peak. Sarasota County, Florida, declined 24 percent from 2022 levels. Garland, Texas, Jacksonville, Florida, and Detroit, Michigan, each declined 19 percent from peaks reached in 2021 or 2022.

Collier County, Florida, Denver, Colorado, Arlington, Texas, and the Lakeland-Winter Haven metropolitan area in Florida each recorded 17 percent to 18 percent declines. In several markets, current prices have fallen below the 2006-2007 peaks reached during the first housing bubble and returned to levels last seen approximately 20 years ago.

The data cover cities where condos represent a significant share of home sales as well as three counties and one metropolitan statistical area where individual cities were too small for separate inclusion.