Condo prices in 30 major U.S. cities fell 15-33% from peaks, with some returning to 2006 levels, Zillow data show. Declines spread across markets.
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Condo prices in 30 major U.S. cities have fallen 15% to 33% from their recent peaks, according to Zillow Home Value Index data compiled by Wolf Street. Nine of those markets recorded declines of 21% to 33%. Most peaks occurred between 2022 and 2024.
In several markets, condo prices have dropped below their 2006 highs, the peaks of the previous housing bubble. Some are now at levels not seen in 20 years. In others, prices are close to those 2006 peaks.
The declines follow a large run-up. Prices had surged 50% to 70% from mid-2020 to mid-2022, and 180% to 350% over the prior decade, the data show.
The 30 markets include cities like Oakland, where prices fell 32% from peak, and Fremont, down 15%. San Mateo County, which covers northern Silicon Valley, also saw steep declines. The list includes four counties and one metropolitan statistical area, Lakeland-Winter Haven in Florida, where the cities are too small to be tracked individually.
In another 39 larger cities, condo prices have dropped 8% to 14% from their peaks. Several of those, including Houston and Dallas, are close to the 15% threshold, Wolf Street noted.
The Zillow index uses seasonally adjusted three-month averages of mid-tier condos and co-ops. It draws from public records, MLS, brokerages, and other sources, including off-market and for-sale-by-owner deals.
The correction follows a period of heavy speculative buying, Wolf Street said.
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