Florida’s real estate market is showing signs of cooling but remains complex. Inventory is rising from historic lows, offering more options for buyers, but still below pre-pandemic levels in many areas.

* **Median home prices:** Remain elevated compared to pre-pandemic levels, but price growth has slowed significantly or even seen slight decreases in some regions. Specific numbers vary widely based on location (e.g., South Florida vs. Central Florida).
* **Interest rates:** Elevated interest rates impact affordability and buyer demand, putting downward pressure on prices. Current mortgage rates hovering around 7-8% significantly increase monthly payments compared to the 3% rates seen in 2021.
* **Days on Market:** Homes are staying on the market longer, indicating less urgency among buyers.
* **Inventory:** Increasing, offering more choices for buyers. The Months’ Supply of Inventory (MSI) is a key indicator to watch; a balanced market typically has 5-6 months’ supply.
* **Migration:** Florida continues to attract new residents, particularly from other states, but the influx has slowed compared to the peak of the pandemic.
* **Foreclosure Rates:** Remain low compared to historical averages, but slightly increasing, indicating potential distress in the market.
* **Rental Market:** Rental rates are stabilizing or decreasing in some areas after significant increases. This influences investment property considerations.
* **Seller Strategy:** Price reductions are becoming more common, and sellers may need to offer concessions to attract buyers.