How markedly have compact condominium units appreciated since the pandemic-era market disruption began? National median condo and co-op prices increased approximately 43% from mid-2020 to mid-2025, representing substantial capital gains for 1-2 bedroom units within this segment. The majority of this surge occurred during the mid-2020 to mid-2022 period, coinciding with ultra-low interest rates and pandemic-era demand for smaller ownership units.
Despite cumulative consumer price index increases during this timeframe, inflation-adjusted pricing since 2020 still reflects double-digit real appreciation for most 1-2 bedroom condos, demonstrating genuine value expansion rather than mere nominal growth. Critics argue these gains were fueled by quantitative easing and ZIRP policies that artificially inflated asset values across housing markets.
Prime urban districts and coastal gateway metros experienced particularly pronounced appreciation during this cycle. Major markets including New York, Miami, Boston, and San Francisco saw outsized condo appreciation from 2020 to 2022, with 1-2 bedroom units leading due to investor activity and young-professional demand.
Price per square foot in high-amenity central locations outpaced national averages, often rising more than 50% since 2019, a phenomenon that magnified gains for compact layouts favored in these districts. Many prime downtowns still register post-2019 condo price growth exceeding 30%, sustained by lifestyle buyers, pied-à-terre demand, and limited new infill land availability.
Recent market data indicate some moderation following these extraordinary gains. By November 2025, the national median condo price reached $358,600, down 1.5% year-over-year, signaling recent softening after the prior surge. Homes now spend an average of 66 days on the market, five days longer than last year, reflecting this cooling trend.
Condo inventory expanded to 5.6 months of supply, the highest November level since 2011, providing buyers greater leverage. Sales volume tracked at 380,000 annualized units in late 2025, down 2.6% year-over-year and 32% below November 2019 levels. The share of listings with price reductions climbed to 16.8%, the highest February level since at least 2016.
Nevertheless, underlying value pressure persists in many markets. Regional data show list prices per square foot still increasing 0.9% to 2.9% year-over-year across most U.S. regions, even as headline medians flatten.
South Florida exemplifies this resilience, where prices remained mostly stable despite surging inventory and seller counts. This indicates that earlier pandemic gains in 1-2 bedroom ocean-adjacent buildings have largely held. Similarly, in Singapore’s suburban markets, resale executive condominiums now past MOP are drawing buyer interest as families and upgraders seek larger spaces at prices discounted 20-30% below private condos.
