February 2026 Duval County Condo Market Update

 

Could the shift in the Duval County condo market be creating new opportunities?

After reaching a peak in July 2023, condo prices began to adjust. Rising insurance costs, structural integrity reserve studies, and special assessments added pressure for many owners. Sales slowed, and prices declined. Now that things are starting to settle, the market is leveling out.

Here’s a quick breakdown of what’s been going on, where prices are now, and what that means if you’re thinking about buying or selling.

What happened to prices? In July 2023, the average condo in Duval County sold for about $241,000, the market’s peak. Since then, prices have declined approximately 13.7%, nearly 14%.

In some areas, median sale prices overall are down about 8% to 9%, though not everywhere. A total drop of 15% to 20% from the peak would not be surprising. For example, a $200,000 condo could reflect a $30,000 to $40,000 decline from prior highs.

Why did the market shift? Several factors drove the decline:

• Rising interest rates - When rates were at historic lows, buyer demand was strong. As rates increased, affordability changed, and demand slowed.
• Insurance costs - After the well-known condo collapse in South Florida, insurance premiums increased significantly. While insurance stabilization is beginning and costs are starting to level off, the earlier spike put pressure on owners.
• Structural integrity reserve studies - Condos three stories or higher are now required to complete structural integrity reserve studies. Many associations issued special assessments to meet new requirements. These added costs led some owners to sell, but the higher fees made buyers cautious.

Is the market stabilizing? Yes, signs of stabilization are emerging. Many associations have now completed their structural integrity surveys, and fee adjustments have already been made. Insurance costs are starting to level off. While prices remain below peak levels, the sharp uncertainty of the past couple of years appears to be easing.

What does this mean for buyers? For buyers, especially younger buyers seeking an entry point, condos may offer an opportunity.

As prices decline, more units are moving. Some investors who held rental condos want to exit and are offering seller concessions, new AC units, new flooring, and other incentives just to sell.

With price adjustments and motivated sellers, condos are becoming a more realistic option again.

What does this mean for sellers? For sellers, today’s market is not as strong as it was at the peak. However, buyer interest is returning. Proper pricing and understanding your specific condo’s position in the Duval County condo market are key.

The Duval County condo market has moved past its peak and is beginning to find its balance. Prices have come down, uncertainty is easing, and buyers are slowly returning. Whether you’re buying or selling, knowing what’s happening in today’s market will help you make a smart decision.

If you have questions about a specific condo or want to know what this market means for you, feel free to reach out (904) 650-3890, email Matty@PursuitRealEstate.com, or visit mattymillerrealestate.com. I’m happy to take a closer look at your situation and help you explore your options.