Florida’s condominium market is experiencing its most significant downturn since the Great Financial Crisis, with the latest figures making it impossible to overlook the severity of the situation.

According to recent data from housing analyst Nick Gerli, condo values across Florida have plummeted by 9.9 percent over the last 12 months of 2025. This marks the most dramatic annual decline since 2009.

However, this statewide average obscures even more substantial decreases in certain areas, where property values have nosedived by double digits within the past year.

The Gulf Coast city of Punta Gorda has been the hardest hit, experiencing an 18.6 percent drop in condo prices compared to the previous year.

Close behind is Cape Coral, with a decline of 14.2 percent. Meanwhile, Tampa and parts of Sarasota have seen their condo prices fall between 12 and 18 percent over the same period, according to Gerli.

In South Florida, the downturn is not confined to smaller Gulf Coast markets. Broward County has experienced an 11.9 percent drop, Palm Beach has decreased by 11.4 percent, and even the bustling Miami-Dade area has seen a 7.2 percent reduction in condo values.

The scale of the declines is alarming. Double-digit price drops in a single year are rare outside of full-blown housing crashes.

Gerli said that on average, Florida condo values are down 13 percent from their peak. 

Across Florida, condo values are down 9.9 percent over the past 12 months of 2025, according to new data shared by housing analyst Nick Gerli — the steepest one-year drop since 2009

In Boynton Beach, Florida, a two-bedroom that was foreclosed on in this building is selling for just $9,000. Owners who have older condos that need upgrades and repairs are left with homes worth nearly nothing

Real estate expert Nick Gerli said the condo crisis in Florida has only gotten worse over the past year

Florida houses roughly a fifth of all US condos, and was long considered a hotspot for retirees, first-time buyers, and foreign investors. Pandemic buyers flocked to the area to work remotely, but that trend went bust this year.

The drop in condo prices comes as inventory has surged, with condos flooding the market and buyers bombarded with options.

Many condo owners are selling due to skyrocketing homeowner association fees and high insurance premiums, if they can even get insurance at all.

The problem grew even worse over the summer, when the Sunshine State’s residents who flocked there for affordable condos found themselves suddenly stuck with old properties worth virtually nothing they are desperate to escape. 

Mandatory repairs and surprise HOA fees on aging towers have also driven owners to list condos that no one wants to buy. 

In Boynton Beach for example, a three-bedroom, two-bathroom condo at Hunters Run Country Club with access to a resort-style pool and high-end amenities is listed for $49,900. The owner listed it back in February for $99,000 but slashed the price after it failed to sell. 

Another two-bedroom elsewhere in Boynton with no amenities that was foreclosed on is now selling for just $9,000. Just a few miles away, a small one-bedroom home twice wiped out by hurricanes and in a storm zone is currently listed for $9,000. 

In comparison, a new build nearby with three-bedrooms and upgraded interiors is selling for $624,900.

A home in South Florida that is for sale for $9,000. It was wiped out by local hurricanes twice and now has a new roof. It is in a spot that has been very vulnerable to storms

Rows of aging condo towers dominate Fort Lauderdale’s barrier islands, where buildings constructed long before today’s safety rules are facing soaring HOA fees, mandatory repairs and plunging resale values 

Sellers and buyers have better luck with new condos, like this one in the Gulf with upgraded interiors selling for $624,900

A three-bedroom, two-bathroom condo at Hunters Run Country Club here, with access to a resort-style pool and high-end amenities was listed for $49,900. Rows of aging condos dominate the Gulf coast of Florida

Florida houses roughly a fifth of all US condos, and was long considered a hotspot for retirees, first-time buyers, and foreign investors. Pandemic buyers flocked to the area to work remotely, but that trend went bust this year and now sellers are flooding the housing market

The threat of natural disasters has completely tanked Florida’s housing market and driven up insurance premiums, causing people to list their homes, where they sit for ages

Another two-bedroom on a golf course listed in July for $79,000 but is now selling for a rock-bottom $5,000. 

But the rock bottom prices aren’t moving inventory.

Instead, most buyers are opting for newer builds, which come with modern storm protections, new amenities, and HOA fees that won’t skyrocket due to old repairs that need to be made.

The dramatic shift comes after a Florida law was passed in response to the deadly 2021 Surfside collapse that killed 98 people, imposing strict inspection and funding requirements for aging buildings. 

Condo associations must now conduct structural safety assessments and collect hefty reserve funds for future repairs, at the cost of residents.

Gerli’s data drew responses from frustrated Floridians who are fed up with the housing market there.

As one Florida resident wrote on X: ‘When I sold my condo in 2022 the HOA was $765 a month. A year later I saw the condo for sale again and it was $965.’

Another blamed the downturn on second-home owners fleeing: ‘Taxes, insurance, maintenance, fees make second homes too costly to own.’