In the past five years I have had two clients move to Florida and a third who moved here from Florida so I tend to follow their real estate market. (Plus, who doesn't love the beaches there!) At the other coast they are experiencing an even more challenging real estate market than ours.
According to a recent Realtor.com article, "Though overall list rates remain about 50% higher than pre-pandemic levels, the numbers for April 2025 showed a significant downward trend, with the median home price statewide coming in at $412,734. In May, there was a slightly smaller decrease, at -2.2% year over year, but prices are still trending lower with a median list price in Florida of $439,999.
According to Brad O’Connor, Florida Realtors® chief economist, that 4% drop is the largest year-over-year percentage decline observed for Florida single-family home prices going all the way back to October 2011—so it’s worthy of attention."
Locally we are seeing stagnant sales and a price drop in condos but detached home prices are primarily flat depending on the zip code. Why is Florida being hit harder? The article sites high inventory and hyper-inflation (which we also have.) I think there are several additional reasons which range from difficulty in getting insurance coverage and high insurance prices (again, we also face this) to hurricanes and other severe storms which have decimated homes there in recent years. Still, with a median home price just over $400,000, Florida is a value play for many people including my retiring clients. Of course, you have to live through hurricane season which is a non-starter for many people.
