The Orlando condominium market is experiencing a noticeable slowdown, driven by a surge in insurance premiums and homeowners association (HOA) fees that have increasingly priced out prospective buyers. The trend is reflective of a broader national cooling in the housing market, but data shows Orlando condos are feeling the pressure more acutely.
In February, condo listings in Orlando surged 30.7% year over year, more than double the 15.3% national increase, signaling a growing supply in the face of waning demand. At the same time, the typical Orlando condo sold for just 90.8% of its original list price, a steep drop from 94.1% in February 2023—meaning most units sold for nearly 10% below asking.
This sharp decline in sale-to-list ratios underscores how much bargaining power buyers have gained as inventory grows and affordability shrinks. Condos, in particular, have been hit hardest as monthly HOA fees and insurance rates climb, especially in Florida where recent safety regulations have further inflated costs.
Nationally, 68.4% of condos sold in February went for below their original list price, up from 63.3% the year prior and marking the highest level for the month in five years. Townhouses and single-family homes have also seen upticks in price reductions, but at smaller rates. The share of townhouses selling for below asking rose to 59.4%, and single-family homes reached 64.2%—both also at multi-year highs, but not as severe as the condo market.
Redfin agents note that while the housing market is gradually returning to pre-pandemic patterns, condos are leading the way. The share of condos sold below list in February was just 3.5 percentage points shy of 2019 levels, compared to 4.1 and 4.9 points short for single-family homes and townhouses, respectively.
In Orlando, the trend reflects a broader shift. Even as the city continues to grow in population and attract new residents, affordability concerns are pushing buyers toward other options—or keeping them on the sidelines entirely. With more inventory coming online and buyers regaining leverage, sellers of Orlando condos may need to adjust expectations in the months ahead.
For now, the condo market in Orlando is navigating a turning point—one shaped not only by traditional supply and demand, but by the mounting costs of ownership that are reshaping the landscape of affordability in the Sunshine State.