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U.S. Condo Prices Plummet Up to 28% Nationwide

10/22/2025

27 6 Full Breakdown

Summary

Story summary

Condo prices in major U.S. cities have fallen 12%–28% from recent peaks, with Oakland and Cape Coral posting the largest drops at 28%.
Year-over-year, prices declined in 22 of 23 tracked cities, with Boise unchanged, due in part to inflated prior prices, rising HOA fees, and stricter financing.
As mortgage rates stabilize and new apartment development increases, the market faces ongoing challenges.

History

Historical Context

The U.S. housing market crash began in 2006, following a dramatic 124% increase in home prices from 1997 to 2006. By 2008, average prices had dropped by 30%, leading to over 10 million foreclosures. The crisis, fueled by risky subprime mortgages, significantly impacted cities like Las Vegas and Miami, and its effects continue to challenge housing affordability today.

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Story summary

Condo prices in major U.S. cities have fallen 12%–28% from recent peaks, with Oakland and Cape Coral posting the largest drops at 28%.
Year-over-year, prices declined in 22 of 23 tracked cities, with Boise unchanged, due in part to inflated prior prices, rising HOA fees, and stricter financing.
As mortgage rates stabilize and new apartment development increases, the market faces ongoing challenges.

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