Priced out of the single-family market, more buyers are now turning their attention toward often a more affordable alternative—condominiums and townhouses. Over the past year, sales have rapidly been on the rise, whether for a permanent residence or even as a second home.
Twice as many condos sold in May than a year earlier, according to realtor.com® data. However, that is being measured against a 46% drop in condo sales in May 2020 compared to 2019. Condo demand plummeted during the first couple of months of the pandemic. More people were desiring space and distance from neighbors—single-family homes in the suburbs and exurbs surged.
Realtor.com®’s data team evaluated cities with at least 250 condo, cooperative, and townhouse listings and looked at which ones saw the largest median list price growth from August 2020 to August 2021. Six coastal cities in Florida made realtor.com®’s top 10 list for growth in condo and townhouse prices.
“People from the Northeast are saying, ‘If I’m going to get stuck because of mandatory quarantines, I’d rather have that happen in Florida than in New York,’” Brad Hunter, the head of Hunter Housing Economics, a market advisory firm, told realtor.com®.
The following condo markets are seeing the largest price growth, according to realtor.com®’s list:
1. Destin, Fla.
- Annual condo price growth: 67%
- Median condo/townhouse price: $694,050
2. Panama City, Fla.
- Annual condo price growth: 58%
- Median condo/townhouse price: $395,570
3. Naples, Fla.
- Annual condo price growth: 37%
- Median condo/townhouse price: $425,050
4. Park City, Utah
- Annual condo price growth: 37%
- Median condo/townhouse price: $900,500
5. Panama City Beach, Fla.
- Annual condo price growth: 32%
- Median condo/townhouse price: $515,000
6. Aspen, Colo.
- Annual condo price growth: 31%
- Median condo/townhouse price: $1.1 million
7. North Miami Beach, Fla.
- Annual condo price growth: 22%
- Median condo/townhouse price: $192,550
View the full list about booming condo markets at realtor.com®.Source: “Condos Are Back! Here Are the Cities Where They’ve Become the Hottest Thing in Real Estate,” realtor.com® (Oct. 4, 2021)
