Are you thinking of buying a condo in Florida? If so, it’s important to be strategic about where you search for the best condo deals. You need an advantage as a buyer to get the best deals. That’s why, targeting housing markets that are in a buyer’s market is key. I’ve analyzed the most recent Florida real estate data from April 2024 to identify the condo markets in Florida with the cheapest condo prices that are in a buyer’s market.
Places in Florida with the Cheapest Condo Prices in a Buyer’s Market
Orange Park is the cheapest place to buy a condo in Florida right now. With a median condo price of just $75,000, this suburb of Jacksonville is experiencing a significant drop in condo prices, where condo prices have gone down by 50% compared to last year. It’s also taking a long time to sell condos in Orange Park right now, taking 177 days to sell. There could be some real estate deals to be had!
Following closely is Silver Springs Shores, located in Central Florida near Ocala and Orlando, where the median condo price stands at $105,000. This community is currently in a buyer’s market, with homes taking around 60 days to sell.
Florida Ridge, Palm Springs, and Grenelefe rank as the third most affordable places to buy a condo, with a median price of $125,000. Lauderdale Lakes is not far behind, with a median condo price of $130,000. Followed by Sebring, Lauderhill, West Lealman, and Bayshore Gardens, all have median condo prices of less than $150,000.
Top 10 Cheapest Places to Buy a Condo in Florida Right Now
Below is a list of the 10 cheapest places to buy a condo right now. The list is based on the median sale price of condos in April 2024. All these places are currently in a buyer’s market, with months of supply greater than 6. In the real estate industry, months of supply is the metric used to determine if a market is in a buyer’s market or seller’s market, with anything greater than 6 indicating a buyer’s market.
1. Orange Park, FL
- Median Sale Price: $75,000
- Median Sale Price YoY: -50%
- Months of Supply: 9
- Days on Market: 177
Orange Park, a suburb near Jacksonville, is currently the most affordable place to buy a condo in Florida. The median sale price has dropped significantly by 50% year over year, now standing at $75,000. It’s in a buyer’s market, with condos taking an average of 177 days to sell.
2. Silver Springs Shores, FL
- Median Sale Price: $105,000
- Median Sale Price YoY: -7.9%
- Months of Supply: 8.4
- Days on Market: 60
Silver Springs Shores, located in central Florida near Orlando, currently ranks as the second most affordable place to buy a condo in Florida. The median sale price has slightly decreased, dropping by 7.9% to $105,000 compared to the previous year. It’s in a buyers’ market right now, with condos spending an average of 60 days on the market.
3. Florida Ridge, FL
- Median Sale Price: $125,000
- Median Sale Price YoY: -26.2%
- Months of Supply: 8
- Days on Market: 97
Florida Ridge, located in the Vero Beach area, has some of Florida’s most affordable condo prices. The median sale price decreased significantly by 26.2% compared to the previous year, now at $125,000. It’s a buyer’s market, with condos typically taking about 97 days to sell.
4. Palm Springs, FL
- Median Sale Price: $125,000
- Median Sale Price YoY: -19.8%
- Months of Supply: 7.9
- Days on Market: 70
Palm Springs, a village in Palm Beach County, is currently one of Florida’s most affordable places to buy a condo. The median sale price has dropped by 19.8% year over year, reaching $125,000. It’s a buyer’s market, with properties in this area typically spending an average of 70 days on the market.
5. Grenelefe, FL
- Median Sale Price: $125,000
- Median Sale Price YoY: -21.9%
- Months of Supply: 7.3
- Days on Market: 85
Grenelefe, located in central Florida near Orlando, is one of the most affordable places to buy condos in Florida right now. The median sale price dropped by 21.9% to $125,000 compared to the previous year. It’s currently a buyer’s market, with condos staying on the market for an average of 85 days.
6. Lauderdale Lakes, FL
- Median Sale Price: $130,000
- Median Sale Price YoY: 8.3%
- Months of Supply: 7.6
- Days on Market: 67
Lauderdale Lakes, near Fort Lauderdale, is one of the cheapest places to buy a condo in Florida. Despite the increase in median sale price year over year, rising by 8.3%, it’s still cheap to buy a condo there with a median price of $130,000. It’s currently a buyer’s market, and properties in this area typically spend an average of 67 days on the market.
7. Sebring, FL
- Median Sale Price: $140,500
- Months of Supply: 8.5
- Days on Market: 59
Sebring, located in south central Florida, is one of the most affordable places to buy a condo in the state. It’s currently a buyer’s market, with a median sale price of $140,500, and condos typically spend an average of 59 days on the market.
8. Lauderhill, FL
- Median Sale Price: $143,000
- Median Sale Price YoY: 2.9%
- Months of Supply: 10.1
- Days on Market: 63
Lauderhill, located in South Florida near Miami, has some of the cheapest condos in the state, right now. It’s currently a buyer’s market, with the median condo price standing at $143,000. On average, condos in this area spend about 63 days on the market.
9. West Lealman, FL
- Median Sale Price: $143,450
- Median Sale Price YoY: -36.4%
- Months of Supply: 6.3
- Days on Market: 45
West Lealman, located near St. Petersburg, is one of Florida’s most affordable places to buy a condo. The median sale price has decreased significantly compared to the previous year, dropping by 36.4% to $143,450. It’s currently in a mild buyer’s market, bordering on a balanced market. Condos are typically spending an average of 45 days on the market.
10. Bayshore Gardens, FL
- Median Sale Price: $147,000
- Median Sale Price YoY: 8.9%
- Months of Supply: 7.5
- Days on Market: 48
Bayshore Gardens, a community near Sarasota, is one of the most affordable places to buy a condo in Florida. With a median price of $147,000, it is currently in a buyer’s market, with condos typically spending an average of 48 days on the market.
More Places in Florida with Median Price of $200K or Less
Inverness, FL
- Median Sale Price: $153,000
- Months of Supply: 12.5
- Days on Market: 28
Golden Glades, FL
- Median Sale Price: $153,500
- Median Sale Price YoY: -14.70%
- Months of Supply: 17.5
- Days on Market: 63
Royal Palm Beach, FL
- Median Sale Price: $153,750
- Median Sale Price YoY: -31.40%
- Months of Supply: 6.8
- Days on Market: 53
Charlotte Harbor, FL
- Median Sale Price: $156,500
- Median Sale Price YoY: 11.90%
- Months of Supply: 13.7
- Days on Market: 48
Margate, FL
- Median Sale Price: $157,500
- Median Sale Price YoY: 5.00%
- Months of Supply: 6.2
- Days on Market: 76
Kenneth City, FL
- Median Sale Price: $162,250
- Median Sale Price YoY: 35.20%
- Months of Supply: 10.5
- Days on Market: 65
Lake Magdalene, FL
- Median Sale Price: $163,950
- Median Sale Price YoY: 2.50%
- Months of Supply: 8
- Days on Market: 164
East Lake-Orient Park, FL
- Median Sale Price: $164,000
- Median Sale Price YoY: -21.90%
- Months of Supply: 17
- Days on Market: 4
Sunrise, FL
- Median Sale Price: $165,000
- Median Sale Price YoY: -0.60%
- Months of Supply: 9.7
- Days on Market: 66
Deltona, FL
- Median Sale Price: $165,000
- Median Sale Price YoY: -10.80%
- Months of Supply: 9
- Days on Market: 5
Altamonte Springs, FL
- Median Sale Price: $167,500
- Median Sale Price YoY: -8.20%
- Months of Supply: 6.8
- Days on Market: 44
Bunnell, FL
- Median Sale Price: $170,000
- Months of Supply: 7
- Days on Market: 150
Ojus, FL
- Median Sale Price: $172,000
- Median Sale Price YoY: -3.60%
- Months of Supply: 7.2
- Days on Market: 96
Palm Bay, FL
- Median Sale Price: $175,000
- Median Sale Price YoY: -23.10%
- Months of Supply: 18
- Days on Market: 15
Zephyrhills, FL
- Median Sale Price: $177,975
- Median Sale Price YoY: 14.80%
- Months of Supply: 9
- Days on Market: 21
Daytona Beach, FL
- Median Sale Price: $180,000
- Median Sale Price YoY: -10.40%
- Months of Supply: 9.3
- Days on Market: 149
Ferry Pass, FL
- Median Sale Price: $192,500
- Median Sale Price YoY: 24.20%
- Months of Supply: 16
- Days on Market: 103
Oakland Park, FL
- Median Sale Price: $192,500
- Median Sale Price YoY: -18.10%
- Months of Supply: 9.3
- Days on Market: 58
South Bradenton, FL
- Median Sale Price: $196,450
- Median Sale Price YoY: -3.20%
- Months of Supply: 6.9
- Days on Market: 49
Pensacola, FL
- Median Sale Price: $196,500
- Median Sale Price YoY: -59.90%
- Months of Supply: 8.3
- Days on Market: 94
Titusville, FL
- Median Sale Price: $200,000
- Median Sale Price YoY: 15.90%
- Months of Supply: 9.5
- Days on Market: 86
Port Richey, FL
- Median Sale Price: $200,000
- Median Sale Price YoY: -20.00%
- Months of Supply: 9.3
- Days on Market: 93
Wesley Chapel, FL
- Median Sale Price: $200,000
- Median Sale Price YoY: -44.40%
- Months of Supply: 8
- Days on Market: 12
20 Most Affordable Beach Towns in Florida
9 Reasons Why People Regret Moving to Florida
37 Places in Florida Where Condos are Selling Like Hotcakes (Sold in 1 Day)
10 Common Mistakes People Make When Buying a House in Florida
5 Places in Florida Where Home Prices Doubled in Just 5 Years