Florida Condo Prices Dropping

12 Places in Florida Where Condo Prices are Falling Fast

Condominium prices in Florida are falling, unlike most places in the US where home prices are on the rise. Below, we will discuss the reasons why condo prices in Florida have been dropping, and also list the places in Florida where condo prices are dropping the most. To provide this information, we analyzed the most recent metro sales data and compared it year over year to see where condominium prices are dropping the most in Florida. The condo sales data we looked at is January 2023 versus January 2024.

Reasons Why Condo Prices are Falling in Florida

Florida’s condo prices are decreasing due to the increasing cost of maintaining a condo. The high costs of HOA (Homeowners Association) fees and high homeowner’s insurance are making it difficult for buyers to afford condos. As a result, condos are taking longer to sell and receiving less interest from buyers. 

High HOA

The reason why HOA fees are increasing in Florida is due to new condo regulations that were put in place after the 2021 Surfside condo collapse. These regulations require HOAs to regularly assess the safety of condo buildings and collect more money for maintenance and repairs, which is causing the fees to go up.

HOA fees typically include a condo owner’s share of insurance costs for the exterior of a building, while homeowners have a separate policy covering the interior of their condo. 

High Homeowner’s Insurance

To make things worse, homeowners insurance costs are also going up in Florida due to the rising intensity of hurricanes and other natural disasters. Some insurance companies have even left the state altogether.

Homeowners’ insurance costs three times more in Florida than the national average, making it the most expensive state in the U.S. to insure a home. In 2023 alone, the average cost of homeowners insurance across Florida increased by about 40%.

Hard to Get Condo Mortgage

Another reason contributing to the slowdown in condo sales is that it’s harder to get a condo mortgage than a single-family home mortgage, even though condos are often considered a more affordable option.

Lenders require borrowers to have enough money to cover HOA dues and also consider the financial health of the condo building before approving a loan.

The rising cost of homeowner’s insurance, HOA fees, and the difficulty of getting a condo mortgage are making it harder for buyers to afford condos in Florida, resulting in lower prices.

Places in Florida Where Condo Prices are Dropping Fast

Below is a list of places in Florida where condominium prices have dropped. 

1. Sebring

  • Change: -23.70%

Sebring has experienced a significant decline in condominium home prices, dropping by 23.70% recently.

2. Homosassa Springs

  • Change: -22.55%

Homosassa Springs is witnessing a substantial decrease in condominium home prices, down by 22.55%.

3. Lakeland

  • Change: -16.67%

Lakeland is facing a decline in condominium home prices, with a decrease of 16.67%.

4. Sebastian

  • Change: -15.97%

Sebastian is observing a considerable drop in condominium home prices, down by 15.97%.

5. Palm Bay

  • Change: -7.99%

Palm Bay has seen a noticeable decrease in condominium home prices, with a decline of 7.99%.

6. Jacksonville

  • Change: -7.38%

Jacksonville is experiencing a decline in condominium home prices, with a decrease of 7.38%.

7. Tallahassee

  • Change: -6.92%

Tallahassee is undergoing a moderate decrease in condominium home prices, down by 6.92%.

8. Orlando

  • Change: -4.76%

Orlando is facing a slight decline in condominium home prices, with a decrease of 4.76%.

9. Miami

  • Change: -2.53%

Miami is seeing a modest drop in condominium home prices, down by 2.53%.

10. Crestview

  • Change: -1.02%

Crestview has experienced a marginal decline in condominium home prices, with a decrease of 1.02%.

11. Tampa

  • Change: -0.84%

Tampa has seen a minimal decrease in condominium home prices, down by 0.84%.

12. Naples

  • Change: -0.29%

Naples is witnessing a very slight decline in condominium home prices, with a decrease of 0.29%.

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