{"id":239661,"date":"2026-04-21T00:07:17","date_gmt":"2026-04-21T00:07:17","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-fl\/239661\/"},"modified":"2026-04-21T00:07:17","modified_gmt":"2026-04-21T00:07:17","slug":"condo-prices-dropped-by-12-to-31-in-31-bigger-markets-some-are-where-theyd-been-20-years-ago-such-as-oakland","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-fl\/239661\/","title":{"rendered":"Condo Prices Dropped by 12% to 31% in 31 Bigger Markets. Some Are where They\u2019d Been 20 Years ago, such as Oakland"},"content":{"rendered":"

\t\t Condos face some special challenges. Oakland (-31%), St. Petersburg, FL (-28%), Austin (-26%) \u2026 the names pile up.
\nBy\u00a0Wolf Richter<\/a>\u00a0for\u00a0WOLF STREET<\/a>.<\/p>\n

In 31 bigger markets, prices of mid-tier condos through March have dropped between -12% and -31% from their respective peaks. In five of them, prices dropped by over 20%. The 27 most salient of those markets are shown in charts below, plus the City of Chicago, though it doesn\u2019t belong on this list, but like other cities, it has a condo market where prices are back where they\u2019d been 20 years ago.<\/p>\n

Expanding the range of drops to -10%, the list expands to 38 bigger markets.<\/p>\n

Expanding the range of drops to -7%, the list expands to 51 markets, which are shown in the list below.<\/p>\n

Not included are smaller markets, such as Killeen, TX, a city with about 160,000 people, where condo prices have collapsed by 51% over the past three years through March, including by another 1.9% in March from February and by 20% year-over-year. Condo markets, which are very speculative and attract a lot of investors during boom times, can get rough quickly.<\/p>\n

Most of the markets here a \u201ccities.\u201d But it also includes five counties. And it includes one metropolitan statistical area, the Phoenix-Mesa-Chandler metro (cities of Phoenix, Mesa, Chandler, Scottsdale, Glendale, Gilbert, Tempe, and others), because the cities are roughly moving in lockstep with each other.<\/p>\n

In some densely populated markets, such as Manhattan or San Francisco, condos and co-ops make up a big part or the majority of home sales. In many other markets, condos are a much smaller portion of home sales.<\/p>\n

The 51 bigger markets where condo prices fell by 7% to 31% from their peaks:<\/p>\n

Market
\nSince peak
\nYear of peak<\/p>\n

1
\nOakland, CA
\n-31%
\n2022<\/p>\n

2
\nSt. Petersburg, FL
\n-28%
\n2022<\/p>\n

3
\nAustin, TX
\n-26%
\n2022<\/p>\n

4
\nSarasota County, FL
\n-24%
\n2022<\/p>\n

5
\nLee County, FL (Cape Coral, Fort Myers)
\n-23%
\n2022<\/p>\n

6
\nJacksonville, FL
\n-19%
\n2022<\/p>\n

7
\nTampa, FL
\n-19%
\n2021<\/p>\n

8
\nDetroit, MI
\n-19%
\n2021<\/p>\n

9
\nGarland, TX
\n-19%
\n2022<\/p>\n

10
\nCollier County (Naples), FL
\n-17%
\n2022<\/p>\n

11
\nManhattan, NY
\n-17%
\n2022<\/p>\n

12
\nArlington, TX
\n-17%
\n2024<\/p>\n

13
\nPort Saint Lucie, FL
\n-16%
\n2024<\/p>\n

14
\nDenver, CO
\n-16%
\n2022<\/p>\n

15
\nAurora, CO
\n-16%
\n2022<\/p>\n

16
\nOrlando, FL
\n-16%
\n2024<\/p>\n

17
\nSan Mateo County (northern Silicon Valley), CA
\n-15%
\n2022<\/p>\n

18
\nReno, NV
\n-15%
\n2022<\/p>\n

19
\nRaleigh, NC
\n-15%
\n2022<\/p>\n

20
\nQueens, NY
\n-14%
\n2022<\/p>\n

21
\nSeattle, WA
\n-14%
\n2022<\/p>\n

22
\nPlano, TX
\n-14%
\n2022<\/p>\n

23
\nHouston, TX
\n-13%
\n2024<\/p>\n

24
\nSan Antonio, TX
\n-13%
\n2024<\/p>\n

25
\nBoise, ID
\n-13%
\n2022<\/p>\n

26
\nPortland, OR
\n-13%
\n2022<\/p>\n

27
\nPhoenix-Mesa-Chandler metro, AZ
\n-13%
\n2024<\/p>\n

28
\nSan Francisco, CA
\n-12%
\n2022<\/p>\n

29
\nSacramento, CA
\n-12%
\n2022<\/p>\n

30
\nFort Lauderdale, FL
\n-12%
\n2022<\/p>\n

31
\nHuntsville, AL
\n-12%
\n2022<\/p>\n

32
\nDallas, TX
\n-11%
\n2023<\/p>\n

33
\nColorado Springs, CO
\n-11%
\n2022<\/p>\n

34
\nNew Orleans
\n-11%
\n2022<\/p>\n

35
\nStockton, CA
\n-11%
\n2022<\/p>\n

36
\nHenderson, NV
\n-11%
\n2022<\/p>\n

37
\nCorpus Christi, TX
\n-11%
\n2023<\/p>\n

38
\nLas Vegas, NV
\n-10%
\n2022<\/p>\n

39
\nSalt Lake City, UT
\n-9%
\n2022<\/p>\n

40
\nNashville, TN
\n-9%
\n2022<\/p>\n

41
\nSpokane, WA
\n-9%
\n2022<\/p>\n

42
\nWashington, DC
\n-9%
\n2022<\/p>\n

43
\nAtlanta, GA
\n-9%
\n2023<\/p>\n

44
\nFort Worth, TX
\n-8%
\n2024<\/p>\n

45
\nMiami, FL
\n-8%
\n2023<\/p>\n

46
\nMemphis, TN
\n-8%
\n2024<\/p>\n

47
\nSt. Louis, MO
\n-8%
\n2023<\/p>\n

48
\nSan Diego, CA
\n-7%
\n2023<\/p>\n

49
\nOklahoma City, OK
\n-7%
\n2023<\/p>\n

50
\nSan Jose, CA
\n-7%
\n2022<\/p>\n

51
\nLos Angeles, CA
\n-7%
\n2022<\/p>\n

Some people buy condos to live in an urban center, close to work, or along the shore, with big views, nice amenities, without having to worry about maintenance, repairs, and yardwork. They are like other homeowners and provide some stability.<\/p>\n

But other people buy condos as rental properties \u2013 a popular way for mom-and-pop investors to get into multifamily rentals. Others operate condos as short-term vacation rentals. Others, especially nonresident foreign investors, buy condos to park some cash in the US and watch the price appreciate while the condo sits empty. Condos are popular second homes and vacation homes, including for Canadians in Florida. And there are reports about Canadians having soured recently on their condos in the US, and on buying condos in the US.<\/p>\n

These investors can make condos very speculative, with big mind-bending manias followed by big crashes, as the charts below show.<\/p>\n

Condo prices in many of these cities had exploded by 50%, 60%, 70% or more in the two years from mid-2020 through mid-2022, driven by mindboggling absurd buying behavior, investor-mania, and Free Money, such as in Cape Coral (+76%), Fort Myers (+71%), Phoenix (+70%), Huntsville (+67%), Sarasota (+66%), Tampa (+61%), Austin (+56%), Las Vegas (+52%), Raleigh (+52%), Jacksonville (+50%), etc., etc.<\/p>\n

In the 10 years to the peak, prices had soared by 180% (Oakland), 200% (Jacksonville, Tampa), 260% (Arlington, TX), 300% (Detroit, Aurora, Chandler), 350% (Phoenix, Mesa), and by 500% in San Bernardino, CA, where prices just started to decline, and it hasn\u2019t made it on this list yet.<\/p>\n

The biggest year-over-year price declines.<\/p>\n

These are the markets, among our 51 markets, with the biggest year-over-year price declines in March.<\/p>\n

Lee County (Cape Coral, Fort Myers): -14.3%
\nSt. Petersburg: -13.2%
\nOakland, CA: -13.1%
\nGarland, TX: -13.0%
\nSarasota County: -12.0%
\nTampa, FL: -10.4%
\nOrlando, FL: -9.5%
\nJacksonville, FL: -9.4%
\nCollier County (Naples): -9.4%
\nPort Saint Lucie, FL: -9.1%
\nPlano: -8.5%
\nRaleigh: -7.9%
\nAurora, CO: -7.6%
\nHuntsville, AL: -7.5%
\nHouston: -6.6%
\nDetroit: -6.6%
\nSan Mateo County (northern Silicon Valley): -6.6%
\nDenver, FL: -6.4%
\nArlington, TX: -6.4%
\nStockton: -6.4%
\nDallas: -6.2%
\nSan Jose (part of southern Silicon Valley): -6.0%
\nLas Vegas: -6.0%
\nSan Diego: -5.6%
\nAustin: -5.5%
\nSeattle: -5.1%<\/p>\n

Methodology and data: These prices here are seasonally adjusted three-month averages of \u201cmid-tier\u201d condos and co-ops from the Zillow Home Value Index (ZHVI), which is based on millions of data points in Zillow\u2019s \u201cDatabase of All Homes,\u201d including from public records (tax data), MLS, brokerages, local Realtor Associations, real-estate agents, and households across the US. It includes pricing data for off-market deals and for-sale-by-owner deals.<\/p>\n

The Condo Bust by market in 27 charts, plus Chicago.<\/p>\n

The tables for each market below show from left to right: price decline from the peak, change from prior month (MoM), change year-over-year (YoY), and remaining increase since January 2000.<\/p>\n

Oakland, CA, City, Condo Home Prices<\/p>\n

From May 2022 peak
\nMoM
\nYoY
\nSince 2000<\/p>\n

-31%
\n-0.7%
\n-13.1%
\n142%<\/p>\n

Lowest since August 2015, over a decade ago, and below the peak of Housing Bubble 1 in mid-2006, 20 years ago!<\/p>\n

\"\"<\/p>\n

St. Petersburg, Fl, City, Condo Prices<\/p>\n

From Oct 2022 peak
\nMoM
\nYoY
\nSince 2000<\/p>\n

-28%
\n-0.1%
\n-13%
\n183%<\/p>\n

\"\"<\/p>\n

Austin, TX, City, Condo Prices<\/p>\n

From Jul 2022 peak
\nMoM
\nYoY
\nSince 2000<\/p>\n

-26%
\n-0.5%
\n-5.5%
\n108%<\/p>\n

\"\"<\/p>\n

Sarasota County, FL, Condo & Co-ops Prices<\/p>\n

From Jun 2022 peak
\nMoM
\nYoY
\nSince 2000<\/p>\n

-24%
\n-0.8%
\n-12.0%
\n134%<\/p>\n

Prices are below where they\u2019d been at the peak of Housing Bubble 1.
\"\"<\/p>\n

Lee County (Cape Coral, Fort Myers), FL, Condo & Co-ops Prices<\/p>\n

From Jun 2022 peak
\nMoM
\nYoY
\nSince 2000<\/p>\n

-23%
\n-1.0%
\n-14.3%
\n113.7%<\/p>\n

Condo prices in the City of Cape Coral itself have plunged by 32% and are below where they\u2019d first been 20 years ago in October 2005, below the peak of Housing Bubble 1. Cape Coral is the epicenter of the Florida condo bust.<\/p>\n

In the City of Fort Myers, condo prices plunged by 27%.
\"\"<\/p>\n

Detroit, MI, City, Condo Prices<\/p>\n

From Sep 2021 peak
\nMoM
\nYoY
\nSince 2000<\/p>\n

-19%
\n-0.7%
\n-6.6%
\n247%<\/p>\n

Lowest since June 2018.
\"\"<\/p>\n

Garland, TX, City, Condo Prices<\/p>\n

From July 2022 peak
\nMoM
\nYoY
\nSince 2000<\/p>\n

-19%
\n0.0%
\n-3.1%
\n196.9%<\/p>\n

In the decade between 2012 and 2022, prices had shot up by 320%.
\"\"<\/p>\n

Manhattan, NY, Condo & Co-Op Prices<\/p>\n

From Jun 2022 peak
\nMoM
\nYoY
\nSince 2000<\/p>\n

-17%
\n0.4%
\n1.4%
\n211%<\/p>\n

Prices in the Borough of Manhattan (New York County) are where they\u2019d first been in August 2014.
\"\"<\/p>\n

\u00a0<\/p>\n

Arlington, TX, City, Condo Prices<\/p>\n

From Jun 2024 peak
\nMoM
\nYoY
\nSince 2000<\/p>\n

-17%
\n-0.3%
\n-6.4%
\n229%<\/p>\n

In the four years between mid-2020 and mid-2024, prices exploded by 63%, after having already shot up in the prior decade.<\/p>\n

\"\"<\/p>\n

Collier County (Naples), FL, Condo & Co-ops Prices<\/p>\n

From Jun 2022 peak
\nMoM
\nYoY
\nSince 2000<\/p>\n

-17%
\n-0.4%
\n-9.4%
\n158%<\/p>\n

\"\"<\/p>\n

Denver, CO, City, Condo Prices<\/p>\n

From Jul 2022 peak
\nMoM
\nYoY
\nSince 2000<\/p>\n

-16%
\n-0.8%
\n-6.4%
\n133%<\/p>\n

\"\"<\/p>\n

Aurora, CO, City, Condo Prices<\/p>\n

From Jul 2022 peak
\nMoM
\nYoY
\nSince 2000<\/p>\n

-16%
\n-0.6%
\n-8%
\n198%<\/p>\n

\"\"<\/p>\n

Orlando, FL, City, Condo Prices<\/p>\n

From Jan 2024 peak
\nMoM
\nYoY
\nSince 2000<\/p>\n

-16%
\n-0.4%
\n-9.5%
\n152.2%<\/p>\n

\"\"<\/p>\n

Port Saint Lucie, FL, City, Condo Prices<\/p>\n

From July 2022 peak
\nMoM
\nYoY
\nSince 2000<\/p>\n

-16%
\n-0.2%
\n-9.1%
\n229.2%<\/p>\n

\"\"<\/p>\n

Reno, NV, City, Condo Prices<\/p>\n

From Jun 2022 peak
\nMoM
\nYoY
\nSince 2000<\/p>\n

-15%
\n-0.2%
\n-4.2%
\n241%<\/p>\n

\"\"<\/p>\n

San Mateo County, CA, Condo & Co-op Prices<\/p>\n

From Jun 2022 peak
\nMoM
\nYoY
\nSince 2000<\/p>\n

-15%
\n-0.2%
\n-6.6%
\n197%<\/p>\n

San Mateo County, just south of San Francisco, encompasses the northern part of Silicon Valley. There are no big cities in the county, but lots of smaller ones, packed together, such as Redwood City, Menlo Park, San Mateo, Daly City, San Carlos, and others.
\"\"<\/p>\n

Raleigh, NC, City, Condo Prices<\/p>\n

From July 2022 peak
\nMoM
\nYoY
\nSince 2000<\/p>\n

-15%
\n-0.5%
\n-7.9%
\n135.3%<\/p>\n

\"\"<\/p>\n

Seattle, WA, City, Condo Prices<\/p>\n

From Jun 2022 peak
\nMoM
\nYoY
\nSince 2000<\/p>\n

-14%
\n-0.4%
\n-5.1%
\n135%<\/p>\n

\"\"<\/p>\n

Queens, NY, Condo & Co-Op Prices<\/p>\n

From Jun 2022 peak
\nMoM
\nYoY
\nSince 2000<\/p>\n

-14%
\n0.0%
\n1.9%
\n191%<\/p>\n

Prices in the NYC Borough of Queens (Queens County) are back where they\u2019d first been in March 2018.
\"\"<\/p>\n

Houston, TX, City, Condo Prices<\/p>\n

From Aug 2023 peak
\nMoM
\nYoY
\nSince 2000<\/p>\n

-13%
\n-0.4%
\n-6.6%
\n67%<\/p>\n

\"\"<\/p>\n

\u00a0<\/p>\n

Phoenix-Mesa-Chandler MSA, AZ, Condo Prices<\/p>\n

From Aug 2022 peak
\nMoM
\nYoY
\nSince 2000<\/p>\n

-13%
\n-0.4%
\n-3.5%
\n207%<\/p>\n

The Phoenix metropolitan statistical area includes the cities of Phoenix, Mesa, Chandler, Scottsdale, Glendale, Gilbert, Tempe, and many others. Condo prices have moved very similarly, all down between 13% to 14%. So it makes sense to show prices at the metro level.<\/p>\n

If these cities were tracked separately, it would raise the number of cities that dopped by -12% or more to over 37.<\/p>\n

\"\"<\/p>\n

San Antonio, TX, City, Condo Prices<\/p>\n

From Aug 2023 peak
\nMoM
\nYoY
\nSince 2000<\/p>\n

-13%
\n-0.2%
\n-4.5%
\n125%<\/p>\n

\"\"<\/p>\n

Portland, OR, City, Condo Prices<\/p>\n

From Jun 2022 peak
\nMoM
\nYoY
\nSince 2000<\/p>\n

-13%
\n-0.2%
\n-3.8%
\n109%<\/p>\n

Lowest since May 2016, a decade ago.
\"\"<\/p>\n

Boise, ID, City, Condo Prices<\/p>\n

From Jun 2022 peak
\nMoM
\nYoY
\nSince 2001<\/p>\n

-13%
\n-0.2%
\n0%
\n221%<\/p>\n

\"\"<\/p>\n

San Francisco, CA, City, Condo Prices<\/p>\n

From May 2022 peak
\nMoM
\nYoY
\nSince 2000<\/p>\n

-12%
\n0.9%
\n2.8%
\n152%<\/p>\n

\"\"<\/p>\n

Sacramento, CA, City, Condo Prices<\/p>\n

From Jun 2022 peak
\nMoM
\nYoY
\nSince 2000<\/p>\n

-12%
\n-0.6%
\n-4.8%
\n275%<\/p>\n

\"\"<\/p>\n

The City of Chicago doesn\u2019t fit on this list because in March, condo prices were just a hair below the record of mid-2022. But it\u2019s like some other markets in the US that are now about where they\u2019d been 20 years ago.<\/p>\n

Chicago, IL, City, Condo & Co-op, ZHVI<\/p>\n

MoM
\nYoY
\nSince 2000<\/p>\n

0.5%
\n1.2%
\n73.3%<\/p>\n

\"\"<\/p>\n

And a reminder of the special issues that condos confront:<\/p>\n

Over the long term, land appreciates, most buildings depreciate to zero and are eventually torn down. The land that big condo buildings sit on can be very valuable, but each condo owner only owns a tiny slice of it. The rest of their investment is in the building. A single-family house may sit on less valuable land, but the homeowner gets 100% of any appreciation of the land.
\nPrices that exploded over the past few years ended up being way too high, once the mania settled down.
\nHefty special assessments \u2013 or the fear of them \u2013 for long-neglected major repairs dog some older condo buildings.
\nBig increases in HOA fees at many properties, partly driven by spiking insurance costs in natural disaster zones, add substantially to the monthly costs of condos.
\nIf a condo building is on Fannie Mae\u2019s Blacklist, financing a unit in that building gets very difficult, and sales may be limited to cash buyers who\u2019ll exact their pound of flesh.
\nThe Free Money has ended, and mortgage rates are roughly back to a normal range. Buyers of single-family homes face the same issue.
\nForeign-based owners who\u2019ve had it with the US and want to sell. And there are fewer foreign-based buyers.
\nInvestors in condos as rental properties are facing stiff competition from a wave of newly completed higher-end apartment buildings that developers are trying to find tenants for.<\/p>\n

And in case you missed it:\u00a0\u00a0 The Most Splendid Housing Bubbles in America: Price Drops & Gains in 33 Big Expensive Cities, March 2026<\/a><\/p>\n

Enjoy reading WOLF STREET and want to support it? You can donate. I appreciate it immensely. Click on the mug to find out how:<\/p>\n

\n\"\"<\/a>\n<\/p>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"Condos face some special challenges. Oakland (-31%), St. Petersburg, FL (-28%), Austin (-26%) \u2026 the names pile up.…\n","protected":false},"author":2,"featured_media":239662,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[202,204,203,199,201,200],"class_list":["post-239661","post","type-post","status-publish","format-standard","has-post-thumbnail","category-st-petersburg","tag-st-pete","tag-st-pete-headlines","tag-st-pete-news","tag-st-petersburg","tag-st-petersburg-headlines","tag-st-petersburg-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/239661","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/comments?post=239661"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/239661\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media\/239662"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media?parent=239661"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/categories?post=239661"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/tags?post=239661"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}