Condo Prices Dropped 2% in May—the Second Largest Decline on Record

by Jim Marks

  • Condo prices fell amid increasing HOA fees and insurance costs. Single-family home prices, by comparison, rose 0.5%. 
  • Condo sales dropped 12%—more than three times as much as sales of single-family homes.
  • Florida is the epicenter of the condo slump, with prices and sales down over 30% in some areas.

The median U.S. condo sale price fell 2.2% year over year to $354,100 in May—the second largest drop in records dating back to 2012.

The only time condo prices posted a larger year-over-year decline was in April 2023 (-2.9%), and that was largely because roughly one year prior, prices peaked (this was true across all property types). This is based on a Redfin analysis of MLS data.

Today, condo prices are falling because there are roughly 80% more condo sellers than buyers in the market. Many condo owners are trying to offload their properties because HOA fees and insurance costs have been soaring, and some homeowners’ associations are doling out hefty special assessments. Many house hunters are hesitant to purchase a condo for the same reasons. 

“It’s a slow housing market across the board, but condos have been hit particularly hard,” said Aditi Jain, a Redfin Premier real estate agent in the Boston area. “A lot of condo associations don’t allow buyers with FHA loans, which is limiting sales. Two of my clients who want to buy a condo have had to back out of a purchase because they couldn’t get financing.”

The U.S. single-family home market is cooling, but not as rapidly as the condo market; the median sale price of single-family homes rose 0.5% year over year in May to $462,206. That’s the slowest growth in nearly two years—but it’s still growth.

Condo Sales Drop 12% as Many Properties Linger on the Market


Sales of condos fell 11.9% year over year in May. That’s the largest decline since June 2024 and is over three times larger than the drop in single-family-home sales (-3.7%). Sales of both property types fell to the lowest May level since 2020. For condos, that means sales were at the second lowest level on record for the month of May.

Condos, often thought of as the affordable route to homeownership, are now viewed as an increasingly risky investment in many parts of the country. As a result, they take longer to sell than they did in the past. The typical condo that went under contract in May did so in 46 days—the longest for any May since 2015 and up seven days from a year earlier. By comparison, the typical single-family home went under contract in 38 days—the longest for any May since 2020 and up six days from a year earlier.

Because condos are sitting on the market, listings are piling up. The total supply of U.S. condos for sale (active listings) hit the highest level in a decade last month, while the supply of single-family homes for sale was at the highest level since 2019.

With prices falling and listings lingering on the market, condo buyers in many cities may be able to find sellers who are willing to give concessions and/or sell for less than their asking price. 

Condo Prices and Sales Are Falling Fastest in Florida and Texas


In
Deltona, FL, the median condo sale price dropped 32.2% year over year in May—the largest decline among the metros in this analysis. Redfin analyzed the 66 U.S. metropolitan areas that had sufficient data and at least 100 condo sales in both May 2025 and May 2024. Next came Crestview, FL (-32%), Houston (-23%), Oakland, CA (-20.3%), Tampa, FL (-19%). Of the 10 metros with the largest price declines, seven are in Florida and two are in Texas. 

There was a similar trend for sales. Condo sales fell fastest in Dallas (-33.3%), Palm Bay, FL (-32.8%), Phoenix (-32.7%), Port St. Lucie, FL (-31.5%) and Orlando, FL (-31%). Florida is home to seven of the 10 metros with the largest sales declines.

Florida and Texas have seen their housing markets slow in recent years due to an influx of supply ushered in by the pandemic homebuilding boom. Rising HOA dues and insurance costs have exacerbated the slowdown for condos. In Florida, natural disasters and heightened building regulations also contributed. The 2021 collapse of a condo building in Surfside, FL, which killed nearly 100 people, led to a new law that requires condo buildings to undergo structural inspections and shore up reserves. Many HOAs have been hiking fees and doling out hefty special assessments to comply with the new rules, reducing demand for condos.

A separate Redfin analysis found that nearly 1 in 10 for-sale condos is at risk of selling at a loss—more than double the share for single-family homes. In many parts of Florida, condos are selling for less than their asking price. In West Palm Beach, for example, the typical condo that sold in May sat on the market for 107 days and went for roughly 7% less than its asking price—the biggest discount among the metros Redfin analyzed for this report. Nine of the 10 metros where condos are most likely to sell for under asking are in Florida.

Condo Prices Are Holding Up Best in the East

 

New Brunswick, NJ saw condo prices rise 14.9% year over year in May—the largest jump among the metros Redfin analyzed. It was followed by Montgomery County, PA (14.1%), Pittsburgh (14.1%), San Francisco (8.8%) and Ocean City, NJ (8.2%). Many markets out east are still grappling with a supply crunch, which may be buoying prices. 

Condo sales are holding up best in Indianapolis, which posted a 27.3% year-over-year increase. Next came Portland, ME (19.2%), Charleston, SC (11.5%), Montgomery County (10.8%) and Ocean City (8.4%).

Metro Condo Market Summary: May 2025


Table below includes the 66 metros that had sufficient data and at least 100 condo sales in May 2025 and May 2024.

U.S. metro area Median sale price, YoY change Median sale price Average sale-to-list-price ratio Homes sold, YoY change Median days on market New listings, YoY change
Anaheim, CA  0.0% $725K 99.4% -14.0% 41 0.5%
Ann Arbor, MI  -11.0% $313K 99.7% -1.6% 35 -3.3%
Atlanta, GA  1.1% $302K 97.4% -12.4% 54 -2.3%
Austin, TX  -11.0% $356K 96.8% -9.8% 67 7.4%
Baltimore, MD  -5.6% $270K 99.0% -5.5% 34 14.7%
Boston, MA  2.2% $639K 100.8% -3.1% 20 4.5%
Cape Coral, FL  -15.9% $290K 93.4% -3.9% 99 -20.6%
Charleston, SC  -9.4% $408K 98.0% 11.5% 74 -15.3%
Charlotte, NC  1.9% $315K 97.0% -8.9% 52 -6.0%
Chicago, IL  4.1% $303K 100.4% -6.8% 45 -0.3%
Cincinnati, OH  -2.7% $218K 98.5% -2.0% 44 -8.2%
Cleveland, OH  -6.0% $188K 98.6% -7.0% 19 -7.1%
Columbus, OH  3.0% $278K 99.0% -5.8% 41 -1.3%
Crestview, FL  -32.0% $475K 94.9% -24.6% 114 -10.9%
Dallas, TX  -3.1% $278K 95.9% -33.3% 56 4.8%
Deltona, FL  -32.2% $235K 93.6% -21.5% 91 -18.0%
Denver, CO  -5.1% $337K 98.6% -14.7% 35 6.9%
Des Moines, IA  -4.4% $234K 98.5% 1.4% 32 -14.2%
Detroit, MI  -1.4% $249K 98.4% 4.0% 21 20.1%
Fort Lauderdale, FL  -6.3% $225K 93.8% -25.7% 115 -11.0%
Frederick, MD  0.0% $290K 99.7% -2.8% 36 9.8%
Grand Rapids, MI  2.5% $323K 100.0% -18.4% 16 9.6%
Honolulu, HI  1.5% $503K 97.7% -20.7% 84 1.6%
Houston, TX  -23.0% $153K 94.5% -12.0% 68 -1.7%
Indianapolis, IN  -3.2% $230K 97.3% 27.3% 21 28.8%
Jacksonville, FL  -8.1% $255K 95.5% -7.7% 76 -14.5%
Las Vegas, NV  0.0% $260K 96.9% -28.7% 63 -12.0%
Los Angeles, CA  2.4% $672K 99.0% -11.3% 50 6.8%
Louisville, KY  2.2% $230K 99.2% 1.5% 29 4.5%
Madison, WI  -10.3% $260K 100.2% -5.0% 45 -22.3%
Miami, FL  0.6% $403K 94.0% -27.7% 114 -9.8%
Milwaukee, WI  0.5% $280K 100.3% -7.8% 42 9.9%
Minneapolis, MN  0.8% $221K 97.9% -4.2% 52 -4.3%
Montgomery County, PA  14.1% $320K 100.1% 10.8% 29 0.9%
Myrtle Beach, SC  -2.9% $238K 95.9% -17.0% 100 -13.8%
Naples, FL  -11.4% $465K 93.7% -21.7% 77 -34.3%
Nashville, TN  2.4% $430K 97.7% -17.6% 91 -8.4%
Nassau County, NY  6.4% $465K 100.4% 1.4% 30 8.0%
New Brunswick, NJ  14.9% $500K 100.4% 3.7% 21 31.9%
New York, NY  -1.8% $437K 98.7% -21.6% 60 -15.5%
North Port, FL  -15.5% $300K 93.7% -28.0% 75 9.9%
Oakland, CA  -20.3% $510K 99.9% -14.7% 31 0.2%
Ocean City, NJ  8.2% $649K 97.4% 8.4% 51 1.8%
Orlando, FL  -11.4% $195K 95.2% -31.0% 70 -23.2%
Palm Bay, FL  -4.8% $257K 94.3% -32.8% 90 -13.1%
Philadelphia, PA  5.8% $320K 97.4% 4.3% 61 -0.8%
Phoenix, AZ  -8.7% $290K 96.6% -32.7% 76 -5.7%
Pittsburgh, PA  14.1% $268K 97.0% -10.7% 56 16.4%
Port St. Lucie, FL  -1.9% $265K 93.7% -31.5% 93 -20.3%
Portland, ME  2.2% $450K 100.4% 19.2% 31 15.7%
Portland, OR  -5.3% $323K 98.6% -6.7% 51 -0.4%
Providence, RI  7.6% $371K 100.0% 2.0% 27 14.9%
Riverside, CA  -5.9% $480K 97.8% -12.2% 55 3.1%
Rockingham County, NH  -0.3% $550K 100.7% -8.9% 33 -5.5%
Sacramento, CA  -1.8% $358K 98.4% -17.2% 31 14.3%
Salt Lake City, UT  -4.2% $352K 98.2% -22.4% 43 -13.4%
San Diego, CA  -1.0% $620K 99.2% -11.0% 30 -4.4%
San Francisco, CA  8.8% $1100K 101.2% -11.0% 33 -13.9%
San Jose, CA  -1.3% $804K 100.2% -21.2% 25 -11.0%
Seattle, WA  -3.2% $494K 99.0% -12.4% 21 7.6%
St. Louis, MO  0.9% $208K 98.3% -22.6% 20 9.9%
Tampa, FL  -19.0% $205K 94.8% -29.0% 67 -12.3%
Virginia Beach, VA  2.0% $329K 99.4% -12.1% 35 5.8%
Warren, MI  5.1% $258K 99.1% -14.5% 22 -8.9%
Washington, DC  3.9% $395K 98.9% -20.1% 40 0.3%
West Palm Beach, FL  -5.2% $275K 93.3% -18.4% 107 -12.8%

The post Condo Prices Dropped 2% in May—the Second Largest Decline on Record appeared first on Redfin Real Estate News.

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