The terms had not been released, The New York Times reported Friday. The homeowners' association at The Retreat at Twin Lakes in Sanford, Fla., did not admit any responsibility for 17-year-old Trayvon's death.
Zimmerman, who says he acted in self-defense, is awaiting trial on a second-degree murder charge. Trayvon's parents, Tracy Martin and Sybrina Fulton, have said they plan to sue him for wrongful death later.
Zimmerman's lawyer, Mark O'Mara, said Trayvon's parents turned down $1 million from the homeowners association earlier this year.
The settlement was filed with the court in Seminole County.
Trayvon, who was staying with a relative in the gated community, was killed on Feb. 26, 2012, as he walked home from a store. Zimmerman, a neighborhood watch volunteer who apparently ignored a police dispatcher's suggestion to back off, says Trayvon attacked him.