Florida’s housing market is a tale of two states. On the coast, condo prices are falling with residents being driven out by high insurance costs and assessment fees, while inland, the cost of single-family homes is holding steady.
Local experts say this divergence is driven by soaring insurance premiums and rising assessment fees under new state regulations, which have significantly affected condo owners.
“I am feeling a major slowdown in the market,” says Realtor.com® senior economist Joel Berner. “I feel like it’s a buyer’s market right now, unless the house is perfect and perfectly priced.”
After years of demand and robust equity gains, Florida’s housing market is changing—but it might not be on a downturn. Realtor.com has analyzed the data to provide insights into the current state of Florida’s housing market.
Why the fuss over Florida?
Florida is the biggest housing market in the country, with the most homes for sale. Despite California having almost twice as many residents, Florida has nearly double the number of home listings in any given year, accounting for about 1 out of every 8 listings in the U.S.
“Florida remains a bellwether state,” Jenny Lenz, the managing director of Dolly Lenz Real Estate in Naples, FL, says of the state’s reputation. “Consistently attracting people from around the globe due to its significant tax advantages, perfect weather, and booming economy.”
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