Florida's townhouse and condo market recorded a 9% year-over-year jump in second-quarter sales, driven by outsized gains among entry-level buyers and luxury purchasers alike, with several Gulf Coast metros leading the charge.
Source: Original report
A Tale of Two Markets
Florida's townhouse and condo sector turned in a notably strong second quarter, with overall closed sales climbing 9% compared to the same period a year ago. The statewide total reached 27,106 transactions, yet the headline number understates just how polarized the momentum was: the sharpest gains were concentrated at the lowest and highest rungs of the price ladder.
Entry-Level and Luxury Segments Lead Growth
Townhouse and condo sales priced below $200,000 climbed 18.4% year over year, reaching 6,205 closed transactions. That growth reflects persistent demand from buyers who are actively seeking more affordable entry points into homeownership in the state.
At the opposite end of the market, properties selling at $1 million or above surged 29.5%, totaling 2,195 sales. Within that luxury bracket, the gains intensified at progressively higher price tiers:
- $1.25M–$1.49M: up 33%
- $1.5M–just under $2M: up 37.4%
- $2M–$2.99M: up 39.4%
- $5M–just under $10M: up 48.8%
- $10M and above: up 59.3%, reaching 43 sales
Middle of the Market Sees Modest Gains
Price ranges in between showed quieter improvement. Sales in the $200,000–$299,999 bracket rose 3.2%, while those priced between $300,000 and $399,999 edged up 1.8%. The lone segment to post a decline was the $800,000–$899,999 range, where sales dipped 3.2%. The statewide median sale price held steady at $310,000, unchanged from a year earlier.
Gulf Coast Metros Post Outsized Gains
Several Florida metropolitan areas substantially outpaced the statewide average. Panama City recorded the largest percentage increase among metros, with sales rising 40.1%. Punta Gorda followed at 31.6%, while Cape Coral-Fort Myers posted a 26.9% gain. Sebastian-Vero Beach climbed 26.6% and Naples rose 21.3%.
Median prices across those leading markets varied considerably. During the second quarter, the median townhouse and condo price was $255,000 in Punta Gorda, $285,000 in Cape Coral-Fort Myers, $367,000 in Panama City and $465,000 in Naples, illustrating the range of buyers drawn to each corridor.
What the Data Suggests
The Q2 results indicate that demand is being driven by two distinct buyer pools operating largely independently of each other. Affordability-focused buyers are gravitating toward lower-priced inventory, while a separate wave of high-net-worth purchasers continues to target Florida's luxury coastal and resort-oriented condo stock. The middle tier, by contrast, remains more subdued—consistent with broader national patterns where financing costs weigh most heavily on median-priced buyers. Whether these dual-ended trends persist into the second half of 2025 will depend largely on mortgage rate direction and the ongoing evolution of Florida's condo association fee and reserve requirements.
