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Condo Prices Are on the Rise in Florida

More buyers are turning their attention to condos and townhomes these days. Priced out of the single-family market, more buyers are now turning their attention toward this more affordable alternative.

Realtor.com’s top 10 list for growth in condo and townhouse prices includes six Florida cities.

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.

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

See the full list 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).

You’ll need a great Agent to help navigate this Real Estate market.

What’s more?

There are lots of other great outdoor activities waiting for you at Panama City Beach:

  • playing golf on the beautiful courses
  • fishing for the best catch
  • taking tours and boat rides to other (equally beautiful) areas of Panama City Beach

… and many more!

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